When is the gift considered to have been received?

Important Note:  All UGA Foundation gift receipts from Gift Accounting will reflect the processing date and not the credit date of the gift. The date used for tax purposes is at the discretion of the donor and his/her financial advisor. The credit date, which is used for recognition purposes in the gift database, is based on various criteria, depending on the type of gift and the form of delivery as outlined below:

For Cash/Check:

1. If by mail, the date in which the check is postmarked by the US Post Office.
2. If by website, the date in which the electronic funds transfer is approved by the donee’s bank.
3. If hand delivered, the date received by a representative of the UGA Foundation.

For Credit Card Transactions:

1. If by mail, the date in which the credit card company approves the charge. Please note: this does differ from checks sent by mail which are considered received on the date postmarked.
2. If by website, the date in which the credit card processor approves the charge.

For Marketable Securities:

1. If the stock is a DTC transaction, the date the stock is recorded to UGA Foundation’s account.
2. If the stock certificate is in the name of the UGA Foundation, the date the certificate was issued.
3. If the stock certificate is delivered and is in the name of the donor, the date the irrevocable stock power is signed.

For Personal or Tangible Property:

1. The date in which a properly executed deed of gift, warranty deed, or other legal instrument transferring ownership is either recorded or delivered to a representative of the UGA Foundation.

Last Updated on June 21, 2019