The Gift Accounting office is responsible for tracking all gifts to Arch for The University of Georgia. All units receiving gifts or non-exchange transactions for Arch should send the appropriate supporting documentation to Gift Accounting for proper recording upon receipt. This ensures timely entry and reporting of all gifts given to The University of Georgia.
Gift/non-exchange Requirements
Whether a gift is in the form of cash , in-kind, pledge to pay, or planned (deferred), there are five essential requirements:
- Donative Intent
- Consistent with the mission of the University
- Private Source – Only gifts from private, non-governmental sources should be reported.
- Delivery & Acceptance
- Deposit Requirements must be met
TOP
Donative Intent
The gift should be complete, voluntary, and unconditional. The gift must be intended for public benefit rather than for private interest. The donor must relinquish control over the gifted item in order for us to fulfill the mission of Arch through the use, dissemination, or other disposal of the gift. Furthermore, a donor can not unduly restrict the use of a gift. A contribution for a specific project, which is consistent with the mission of Arch , would generally be allowed. This is in contrast to a contract (i.e. exchange transaction) which is a written, often negotiated, agreement between the institution and the awarding agency and is enforceable by law. Responsibility under a contract normally involves the generation of some tangible product or service, such as a report of research, often for the exclusive or proprietary use of the contracting agency and subject to certain standards of performance and the expectation of economic benefit on the part of the grantor.
Gifts to an endowment in which a donor intends to have their gift available for “current year spending” must be brought to the attention of the Gift Accounting office. In order to ensure proper processing, please use the checklist below:
- Bold or highlight “current year spending” on the transmittal form
- If a gift (or portion thereof) is intended for a current year gift, an email from the Development Officer or -Business Manager sent to the following individuals will help ensure that appropriate steps are taken to get the gift handled properly:
a. Denise Gabriel (dgabriel@uga.edu)
b. Derek Clark (dclark95@uga.edu)
c. Ashley Caputa (acupta@uga.edu)
d. Jenny Dutton (jdutton@uga.edu)
- The donor must be the one requesting the use of their gift for current purposes. Unless we have something in writing from the donor to indicate otherwise, the assumption is that a gift made to an endowed fund is intended to be applied to the Principle.
TOP
Consistent with the mission of the Arch Foundation
All gifts must be consistent with Arch mission. In brief, Arch ’s mission is the pursuit of excellence in teaching, research and public service. TOP
Private Source
When reporting charitable contributions, a differentiation must be made between private (non-government sources) gifts and grants. For management reporting purposes only private gifts/grants are to be reported. Private gifts/grants may be awarded on the basis of an unsolicited proposal. They may be based on line-item budgets submitted to the awarding agency and may involve the institution in at least the responsibility of periodic and final reports on the uses made of the funds. A private grant, like a gift, is bestowed voluntarily and without expectation of any tangible compensation; it is donative in nature. TOP
Delivery & Acceptance
Delivery of the gift by the donor or representative to the donee and acceptance of the gift by the donee. In other words, an asset must change hands from the donor to a donee. TOP
Deposit Requirements Must be Met
The following must be deposited with the University Finance and Administration Office in a University account:
any checks made payable to The University of Georgia or a unit thereof which does not have supporting documentation requesting donation to The Arch Foundation for The University of Georgia, Inc.;
any funds which are received in accordance with the terms of a contract, grant, or other agreement for the performance of services or any other expenditures of funds by a University unit; and
unrestricted gifts designated to benefit the University of Georgia or a unit thereof.
Any checks made payable to The University of Georgia or a unit thereof cannot legally be deposited in a non-University of Georgia account.
The following must be deposited with the Gift Accounting office:
any checks made payable to The Arch Foundation for The University of Georgia, Inc;
any checks made payable to The University of Georgia or a unit thereof which has supporting documentation requesting donation to the Arch Foundation for The University of Georgia, Inc;
any funds which are received with a solicitation requesting payment be made to The Arch Foundation for The University of Georgia, Inc.; and
unrestricted gifts designated to benefit The Arch Foundation for The University of Georgia, Inc.
Any checks made payable to The Arch Foundation for The University of Georgia cannot legally be deposited in a University of Georgia account.
An account administrator must not be able to derive any direct benefit from a contribution they make. If the account administrator receives a payment from the account he or she has contributed to, and it is deemed to be a “private benefit,” the gift will be disqualified (per Internal Revenue Code Section 170(c)(2)(c)). The Account Administrator cannot be the major donor to an account for which they are an authorized signer.TOP
|
