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Example Gift Policy Manual.pdf


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2202

Gift Receipt Policy

Subject: Gift Policy
Title: Gift Receipt Policy
No.: 2202
Effective: July 2003
Revised: March 2006
Last Reviewed: April 2007
Resp. Office: Treasurer
Approval: Treasurer

Purpose
To meet Internal Revenue Service requirements and donor needs for gift information

Policy
The Internal Revenue Service requires the University to forward gift receipts to donors
for all donations in the amount of $250.00 and above. The donor must be informed that
“No goods or services as defined by the IRS have been provided by the University as a
consideration for making this gift”, if that is the case. The Office of the Treasurer is the
only office with fiduciary authority to execute and issue receipts for all gifts to the
University.
If a benefit is exchanged in conjunction with the gift, such as admission or membership to
a University organization, the donor’s tax deduction is reduced by the fair market value
of the benefit. This is noted and the benefit schedule is provided to the donor on the back
of the receipt.

Copyright © 2006 Office of the VP for Finance. All rights reserved.