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Gift Accounting and Acknowledgment
Providing High Quality Professional Service
to Your Organization: A Large Shop Perspective
Presented byMichael SeymourSenior Director, Development OperationsKeck School of MedicineUniversity of Southern California [email protected]
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Presentation Goals Gift Acceptance Policies Best Gift Accounting Practices for Larger Shops Checks / Cash gifts Credit Card gifts Electronic Fund Transfers (EFTs) Acknowledgements and Receipts New(er) Technologies: barcoding and scanning Work Flow and Forms Resources
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Gift Acceptance Policies 3 ways to take gifts: - for granted - with guilt - with gratitude
Need to establish a written policy for the types of gifts your institution will and will not accept
Who can accept gifts on behalf of the institution ? President ? VP’s ? Financial Officers ? Development Officers ?
Policy is often tied to your institution’s mission and/or goals
Legal / Tax ramifications
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Best Gift Accounting Practices for Larger Shops
We adopt and implement best practices in order
to achieve:
Overall cost savings for the organization Reduce complexity Improve operational efficiency Improve communication Continued availability of service
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Checks / Cash gifts
USC KSOM prepares batches for gifts of $1 - $1,500 to be sent to Bank of America processing center. A courier comes 3 times a week. (Monday / Wednesday / Friday)
Checks over $1,500, any cash deposits and all credit card gifts get batched daily and are deposited at the Cashier’s Office via “G” receipts. Larger gifts ($25,000 / $50,000 / $100,000 +) are put onto a single G-receipt to facilitate processing of the batch.
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Credit Card gifts Credit cards are swiped daily,
copied for file documentation and batched. They are sent to the Cashier’s Office for G-receipts.
Batches are then entered onto the gift system through Restricted Fund Accounting (RFA).
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Electronic Fund Transfers
Electronic Fund Transfer gifts (EFTs) are made through the on-line giving websites. Notification of donations are made via e-mail to Sr. Director of Development Operations and he accesses the secured server for the data / transactions. 99% of these gifts are memorial donations.
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Acknowledgements and Receipts Memorial gifts get entered into a separate MS
Access database (dating back to FY94). Acknowledgements get printed in batches after entry (daily / every couple of days, etc…)
Donor gets an acknowledgement and the surviving family / relative gets an acknowledgement
Once the gift is entered into the gift system, official IRS tax receipts are generated in batch sequence (usually weekly).
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New(er) Technologies: barcoding and scanning
Some institutions are using barcoding and scanning of gifts which greatly speeds up processing time.
(example: University of Illinois Foundation contact: Christy Devocelle, Director of Gift Operations [email protected])
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Reporting
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Resources
Fundsnet -- www.fundsnetservices.com/fundrais.htm
CASE -- www.CASE.org Advancement Services section
Bentz Whaley Flessner bibliography “Gift Regulation Resources” tab