Procedure No. 300.1
Description: Receipt of College Donations
Revisions Approved: 07/10/00
Possible Types of Donations
1. Cash2. Endowments
3. Scholarships
4. Non-cash donations
5. Special collections
6. Services
All categories except Services may be eligible as deductions under current IRS tax codes. Donors should always be advised to refer to their tax consultant for current information.
Procedures:
1. Donor contacts a college office or employee to inform them of an impending donation.
2. College office or employee refers the donor to the Foundation Office. A complete, written description of the donation is prepared including: name, address and telephone number of donor, amount or type of donation and anticipated date of receipt, purpose or intent of the donation.
3. If the donation is non-cash, for example, computers, books or art work, the Foundation Office will ask the appropriate campus department to review the donation. The campus department will identify possible costs the college may incur by accepting the gift. The Foundation Office will make a recommendation on the acceptance or rejection of the donation.
4. The Foundation Office promptly issues a thank-you letter to the donor. This letter will not indicate cash or market value of the gift, but may suggest how the gift will be used. This letter serves as the donor's receipt. It is the responsibility of the donor to determine the value of the gift.
5. In the event the donation is for scholarship funds, the Foundation Office will notify Financial Aid and send a scholarship criteria form with the thank-you letter to the donor. A copy of the letter will be forwarded to the Financial Aid Office for their information.
See also:
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