Guidelines for Reporting Cash Gifts Received by Department
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To Report a Cash Gift Received by a Departmenthttp://www.sou.edu/bus_serv/CashHandlingManualOct2010_DM2.doc
Business Services
April 2016
A
gift
is defined as a donation with no legal
consideration imposed by the donor
•
Nothing is expected by the donor in return
for the gift.
•
A gift may be designated for use by the
department only or for a specific purpose,
such as the purchase of musical
instruments.
2
Definition:
Foundation Gifts
•
Donors are encouraged to route
their contributions through the
SOU Foundation
•
http://www.soufoundation.org/
•
Checks payable to the SOU
Foundation are processed
through the Foundation
Department Gifts
•
Contributions made directly to
a university department
•
Checks are payable to
Southern Oregon University
•
Procedure for depositing gifts
outlined in this presentation
must be followed
3
Payments for Sales or Services:
•
are not donations
•
should be recorded as income or as an expense
reimbursement
4
•
should be deposited
to an appropriate
non-gift index and
account code
Donations made to a department,
even if for general department use:
•
considered restricted funds
•
should not be commingled with general
fund or self-support funds
•
spent in accordance with university
regulations
•
must not be overdrawn
5
•
Used to keep track of donations
and their use.
•
A department can have as many
gift indexes as it needs.
•
More than one index might be
needed if the department
receives donations with varying
restrictions.
6
7
Step 1
•
Complete “Report of Gift
Received by Department” form
•
Include a copy of any
correspondence from the
donor(s) regarding the gift
•
Check is payable to Southern
Oregon University
Step 2
•
Bring deposit items to
Enrollment Services Center for
processing
Step 3
•
Obtain a receipt
•
Maintain copies for the
department’s records
Step 4
•
Original documentation is kept
in the Business Services Office
Step 5
•
A letter of acknowledgment is
sent to the donor(s) by the
Office of Development
8
Use a new form for each index and
account combination.
If you have multiple donors for the
same index and account, use
overflow pages.
Example: If you have 6 donations
and 5 are to the same index and
account, they are reported on
Pages 1 and 2 of the gift receipt
form.
The sixth donation is recorded on
a new form because it is for a
different index and account
9
You can use as many forms
and overflow pages as
needed.
Separate and match the
checks for each index and
account combination to each
gift form so the ESA’s can
easily and accurately process
the deposit.
The total amount on the forms
must equal the checks.
The instructions and forms are part of the Cash
Handling Manual located in the Bursar section of
the Business Services website.
10
http://www.sou.edu
/bus_serv/CashHand
lingManualOct2010_
DM2.doc
If you need a new donation index or
have questions, contact:
Service Center:
1.
Gathers initial information
2.
Forwards requests to:
Business Services, Accounting Manager
11
Learn the proper procedures for reporting cash gifts received by a department, including definitions, routing contributions through the SOU Foundation, managing donations, and steps to follow for acknowledgment and record-keeping. It emphasizes distinguishing between gifts and payments for sales or services and the importance of maintaining accurate documentation.
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Presentation Transcript
To Report a Cash Gift Received by a Department http://www.sou.edu/bus_serv/CashHandlingManualOct2010_DM2.doc http://www.sou.edu/bus_serv/CashHandlingManualOct2010_DM2.doc Business Services April 2016 Business Services April 2016
Definition: A gift is defined as a donation with no legal consideration imposed by the donor Nothing is expected by the donor in return for the gift. A gift may be designated for use by the department only or for a specific purpose, such as the purchase of musical instruments. 2
Foundation Gifts Donors are encouraged to route their contributions through the SOU Foundation Department Gifts Contributions made directly to a university department Checks are payable to Southern Oregon University http://www.soufoundation.org/ Checks payable to the SOU Foundation are processed through the Foundation Procedure for depositing gifts outlined in this presentation must be followed 3
Payments for Sales or Services: are not donations should be recorded as income or as an expense reimbursement should be deposited to an appropriate non-gift index and account code 4
Donations made to a department, even if for general department use: considered restricted funds should not be commingled with general fund or self-support funds spent in accordance with university regulations must not be overdrawn 5
Used to keep track of donations and their use. A department can have as many gift indexes as it needs. More than one index might be needed if the department receives donations with varying restrictions. 6
Step 1 Step 3 Obtain a receipt Complete Report of Gift Received by Department form Maintain copies for the department s records Include a copy of any correspondence from the donor(s) regarding the gift Step 4 Original documentation is kept in the Business Services Office Check is payable to Southern Oregon University Step 2 Bring deposit items to Enrollment Services Center for processing Step 5 A letter of acknowledgment is sent to the donor(s) by the Office of Development 7
Use a new form for each index and account combination. If you have multiple donors for the same index and account, use overflow pages. Example: If you have 6 donations and 5 are to the same index and account, they are reported on Pages 1 and 2 of the gift receipt form. The sixth donation is recorded on a new form because it is for a different index and account 8
You can use as many forms and overflow pages as needed. Separate and match the checks for each index and account combination to each gift form so the ESA s can easily and accurately process the deposit. The total amount on the forms must equal the checks. 9
The instructions and forms are part of the Cash Handling Manual located in the Bursar section of the Business Services website. http://www.sou.edu /bus_serv/CashHand lingManualOct2010_ DM2.doc http://www.sou.edu /bus_serv/CashHand lingManualOct2010_ DM2.doc 10
If you need a new donation index or have questions, contact: Service Center: 1. Gathers initial information 2. Forwards requests to: Business Services, Accounting Manager 11
