The University of Georgia Foundation Reporting of Gifts and Grants :: Gift Accounting :: UGA Foundation

 


Reporting of Gifts and Grants

POLICY: 4.2
Effective Date: 01/01/2004
Last Updated: 08/11/2017
Policy Owner: Jason Burdette

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.