Gift Accounting is responsible for
recording all gifts to the UGA Foundation. All units receiving gifts or
non-exchange transactions for the Foundation should send the appropriate
supporting documentation to Gift Accounting for proper recording upon
receipt. This ensures timely entry and reporting of all gifts given to
the UGA Foundation.
Gift/non-exchange Requirements
Whether a gift is in the form of cash, personal property, a pledge to give in
the future, or planned gift (deferred), there are five essential
requirements:
- Donative Intent
- Consistent with the mission of the University
- Private Source – Only gifts from private, non-governmental sources should be reported.
- Delivery & Acceptance
- Deposit Requirements must be met
Donative Intent
The gift should be complete, voluntary, and unconditional. The gift must
be intended for public benefit rather than for private interest. The
donor must relinquish control over the gifted item in order for us to fulfill
the mission of the Foundation through the use, dissemination, or other disposal
of the gift. Furthermore, a donor cannot unduly restrict the use of a
gift. A contribution for a specific project, which is consistent with the
mission of the Foundation, would generally be allowed. This is in
contrast to a contract (i.e. exchange transaction) which is a written, often
negotiated, agreement between the institution and the awarding agency and is
enforceable by law. Responsibility under a contract normally involves the
generation of some tangible product or service, such as a report of research,
often for the exclusive or proprietary use of the contracting agency and
subject to certain standards of performance and the expectation of economic
benefit on the part of the grantor.
Consistent with the mission of the UGA
Foundation
All gifts must be consistent with the Foundation mission. In brief, the
Foundation’s mission is the pursuit of excellence in teaching, research and
public service.
Private Source
When reporting charitable contributions, a differentiation must be made between
private (non-government sources) gifts and grants. For management
reporting purposes only private gifts/grants are to be reported. Private
gifts/grants may be awarded on the basis of an unsolicited proposal. They may
be based on line-item budgets submitted to the awarding agency and may involve
the institution in at least the responsibility of periodic and final reports on
the uses made of the funds. A private grant, like a gift, is bestowed
voluntarily and without expectation of any tangible compensation; it is
donative in nature.
Delivery & Acceptance
Delivery of the gift by the donor or representative to the donee and acceptance
of the gift by the donee. In other words, an asset must change hands from the
donor to a donee.
Deposit Requirements Must be Met
The gift must be able to be received by or deposited with the UGA Foundation.
The following must be deposited with the University Finance and Administration
Office in a University account:
- Any checks made payable to the University of Georgia or a unit thereof which does not have supporting documentation requesting donation to the Foundation;
- Any funds which are received in accordance with the terms of a contract, grant, or other agreement for the performance of services or any other expenditures of funds by a University unit;
- Unrestricted gifts designated to benefit the University of Georgia or a unit thereof; and
- Personal property donated and intended to be held by a University unit in furtherance of the University’s mission.
The following must be deposited with the Gift Accounting:
- Any checks made payable to the University of Georgia Foundation;
- Any checks made payable to the University of Georgia or a unit thereof which has supporting documentation requesting donation to the University of Georgia Foundation;
- Any funds which are received with a solicitation requesting payment be made to the University of Georgia Foundation; and
- Unrestricted gifts designated to benefit the University of Georgia Foundation.
Last Updated on June 21, 2019