Gifts

The University solicits and receives gifts from a variety of sources and for a variety of purposes. The vice chancellor for Development and Alumni Relations oversees this process. All solicitation plans require approval of the Development Office.

Definition

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.

Types of Gifts

Examples of types of gifts and how they are processed include:

All cash gifts are recorded in the Development Clearing MoCode and account by completing a CRR using the "Cashier Deposit with Gift Money," and the "Direct Deposit with Gift Money," as applicable. See forms under PS CRR.

Preparers should complete the Advice of Gift section on the Gift CRR and take the original check and CRR to Cashiers for deposit (or direct deposit if appropriate). All checks should be restrictively endorsed as follows:

Cash Gifts

Complete a CRR using the "Cashier Deposit With Gift Money" or "Direct Deposit With Gift Money," as applicable. See 2:060 for guidance on preparing the CRR. The gift CRR automatically populates the Development Clearing MoCode and PeopleSoft Account. Complete the advice of gift attachment and forward all funds to the Cashiers Office.

Send a copy of the CRR, copies of the check, and copies of any correspondence to Gift Processing in Development 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 Development System. Only after the gift has been recorded will a journal entry be prepared by the Development Office to move the money from the Development Clearing MoCode to the MoCode designated on the Advice of Gift Section of the Gift CRR.

Securities Gifts

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.

• Donor's name
• Name of stock
• Number of shares
• ChartField to receive the gift credit

Treasurer's Office processes the gift and records it in the General Ledger.

Real Property (land, homes, farms, etc.)

Notify the Center for Gift Planning and Endowments, who notifies the appropriate individuals in the Development Office. The Development Office coordinates with MU Administrative Services' Office for an evaluation of the proposed gift. After the gift is accepted, the Development 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" UMUW 9 (Jun 95) and forward to the Development Office no later than 24 hours after receipt. The Development Office records the gift in their system, which feeds an entry to the general ledger.