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FPM 5.9.4 Processing and Acknowledging Gifts

Responsible Unit(s):
Finance & Budget - Accounting Services
Responsible Unit Email(s):
FNSV-Financial-Management@arizona.edu
Manual:
Financial Policies Manual
Status:
Active

Policy

  1. The Central Gifts Office will review the Gift Transmittal Form and the accompanying documentation for:
    1. Completeness of forms and documentation,
    2. Appropriate classification of the gift,
    3. Appropriateness of account number receiving the gift, and
    4. Compliance with the Gift Policy.
  2. If, after reviewing the gift and supporting documentation provided, the Central Gifts Office determines that the funds do not meet the requirements of the Gift Policy, the Central Gifts Office will:
    1. Deposit the funds into a clearing account and forward all supporting documentation to Financial Services or Sponsored Projects Services, as appropriate, for resolution.
    2. Inform the originating department and the department's development officer, if any, of how the funds will be handled.
    3. Distribute the funds in accordance with University policy.
  3. Fund Accountants will review the gift batch and the documentation received from the Central Gifts Office and will:
    1. Assist with the creation of a new account(s) if necessary and notify the Central Gifts Office of the new account number.
    2. Inquire with the Central Gifts Office or the department with any questions pertaining to the gift information or documentation.
  4. When the gift is accepted, it must be acknowledged and receipted by the Central Gifts Office.  
    1. The Central Gifts Office is the only office that can send the official tax receipt.
    2. When applicable, the Central Gifts Office prepares and signs the IRS 8283 form for the donor.
    3. The benefiting unit should also acknowledge the gift with a thank you letter to the donor.
    4. The Central Gifts Office forwards a copy of the gift packet to the appropriate offices
  5. The official receipt date will normally reflect the date of processing. Establishing the official date of the gift is the responsibility of the donor per IRS regulations (i.e. calendar year-end).

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