Gift Processing

Cash Management

30.02         Gift Processing                                                                                  Issued: May 15, 1998


1.     Solicitation of Gifts

        All departments are encouraged to solicit gifts for the University from the private sector as a
        means of obtaining financial resources to meet the needs of the University. To help ensure
        that departments are made aware of other solicitation efforts targeting the same potential
        donors, departments should notify the Director of Institutional Development of planned
        solicitations.

2.     Receipt of Gifts

        Upon receipt of gift checks from donors, departments must prepare a Gift Transmittal form
        to properly document the designation, purpose, account, and donor information. If the
        account is not known, the account field should be left blank for the Development Office or
        Fiscal Affairs Department to complete. Departments requiring assistance in completing the
        form should contact the Development Office. All gift checks, along with the Gift Transmittal
        Form and any relevant donor correspondence, should be hand delivered as quickly as
        possible (preferably the day of receipt) to the Development Office. The Development Office
        will log the gifts on the Daily Check Log Sheet, review the Gift Transmittal for proper
        completion, update the donor files and gift tracking system, and transmit the checks to the
        Fiscal Office as quickly as possible (preferably the same day).

3.     Acknowledgment Letters

        The Development Office will prepare donor acknowledgment letters for all gifts received and
        forward to the President’s Office for signature and distribution.

4.     Gift Records and Reporting

        The Development Office will track all requisite gift and donor data for required reporting of
        gift information and will maintain permanent files on each donor. The Fiscal Office will
        deposit all gift funds into the appropriate account(s) and maintain all requisite fiscal records in
        FAMIS. The Development Office is responsible for preparing all required reports on gifts
        (including IRS Reports) for the University.

5.     Reconciliations

        Departments should reconcile all gifts from their copies of source documents to their monthly
        FAMIS statements. Additionally, the Development Office will prepare monthly
        reconciliations of their gift tracking system to FAMIS.

6.     In-Kind Gifts

        In-kind (non-cash) gifts vary but include such items as books, equipment, livestock, and
        land.  Departments notified of intended In-kind gifts must complete a Gift-In-Kind
        Information Form and submit it to the Director of Institutional Development. The Director of
        Institutional Development is responsible for obtaining the proper approval of all In-kind gifts
        and for preparing notifications of acceptance to donors. The Director of Institutional
        Development is responsible for providing requisite documentation of In-kind gifts to the
        Fiscal Office for proper recording of the gifts in FAMIS. [Note: Departments may not
        accept In-kind gifts without prior approval.] Disposal of In-kind gifts must be coordinated
        through the Development Office to ensure compliance with applicable IRS Regulations.

7.     Approvals

        Acceptance of all cash gifts must be approved by the Director of Institutional Development
        or his/her designee. Acceptance of all In-kind gifts must be recommended by the receiving
        department and approved by the Director of Institutional Development, the relevant
        dean/director and vice president. All In-kind gifts of personal property valued at $100,000
        or more and all In-kind gifts of real estate must be approved by the President. All gifts
        accepted by the University are reported to the Board of Regents for confirmation.

8.     Forms

        Gift-In-Kind Information forms and Gift Transmittal forms may be obtained from the
        Development Office.  

Contact:     Director of Institutional Development


 

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