Division of Finance
The University solicits and receives gifts from a variety of sources and for a variety of purposes. The vice chancellor for Advancement and Alumni Relations oversees this process. All solicitation plans require approval of the Advancement Office.
Expanded definition and information for this policy is available under Resources below.
A gift is defined as cash or items of value that are given to the University for which the donor does not receive any benefit in return.
The following procedures assist with ensuring compliance with the above policy:
All cash gifts are recorded in the Advancement Clearing MoCode and account by completing a Cash Receipts Report CRR as applicable.
Preparers should complete the Advice of Gift section on the Gift CRR and take the original check and CRR to Division of Finance-Cashiers for deposit (or direct deposit if appropriate).
Complete a CRR as applicable. The gift CRR automatically populates the Advancement Clearing MoCode and PeopleSoft Account. Complete the advice of gift attachment and forward all funds to the Division of Finance-Cashiers.
Send a copy of the CRR, copies of the check, and copies of any correspondence to Gift Processing in Advancement at 109 Reynolds Alumni Center. Please send envelopes for all gifts received in December and January only. These copies must be received by Gift Processing before the gift can be recorded in the Advancement System. Only after the gift has been recorded will a journal entry be prepared by the Advancement Office to move the money from the Advancement Clearing MoCode to the MoCode designated on the Advice of Gift Section of the Gift CRR.
Deliver any stock certificates or other securities received as gifts to Center for Gift Planning and Endowments for processing. If the gifts will be received electronically notify Center for Gift Planning and Endowments with the following information.
Treasurer's Office processes the gift and records it in the General Ledger.
- Donor's name
- Name of stock
- Number of shares
- ChartField to receive the gift credit
Real Property (land, homes, farms, etc.)
Notify the Center for Gift Planning and Endowments, who notifies the appropriate individuals in the Advancement Office. The Advancement Office coordinates with Division of Finance Office for an evaluation of the proposed gift. After the gift is accepted, the Advancement Office records the gift in their system and the General ledger.
Gifts in Kind (books, equipment, art treasures, coin collections, etc.)
Complete "Advice of Gift Received" UM9A and forward to the Advancement Office no later than 24 hours after receipt. The Advancement Office records the gift in their system, which feeds an entry to the general ledger.