Gift Acceptance Procedure
Purpose
To ensure that all in-kind gifts of supplies and equipment are accepted by the appropriate foundation, transferred to the College in a timely manner and accounted for properly.
Definitions
Gift Acceptance Form
The form used to accept a donation and track it through the acceptance, transfer and documentation process.
Titled Vehicle Acceptance Form
The form used for a donated piece of equipment that has a title. This form is required to accept the donation.
Procedure
Faculty or staff member accepts the donated supply or equipment item and completes the Gift Acceptance Form, including a donor signature on the form. The donor is required to provide the value of the in-kind donation.
1.1 If the donation is a titled vehicle, a Titled Vehicle Acceptance Form shall be completed rather than a Gift Acceptance Form.
- The completed Gift Acceptance Form or Vehicle Acceptance Form is forwarded to the employee’s academic dean or immediate supervisor for review and signature.
- The supervisor forwards the form to the appropriate College foundation for acceptance by the foundation.
- The foundation accepts the donation and can assist with the form as needed for completion, sends a thank you to the donor and records the donation in the foundation accounting records.
- The foundation transfers the donated item to the College, signs off on the acceptance form and forwards the form to the College accountant.
- Accountant enters the donation into the Workday system through a manual journal – do not send to SWIFT, using the appropriate leveraged equipment program, along with the correct revenue and expense category code.
- Accountant increases both the revenue and expense budget for the appropriate program through a budget amendment in Workday.
- If the gift is an automobile, truck or boat with a title, the accountant completes the SR0003UG screen in ISRS (Auto/Boat Donation Form 1098-C) using the associated ISRS cost center.
- Accountant notes Workday program number and manual journal and budget amendment transaction numbers on the form and forwards the form to the vice president of finance and facilities.
- If a donation meets the fixed asset threshold, the accountant forwards the donation information to the Accounts Payable Office for booking into the fixed asset system.
- If a titled vehicle is donated, the accountant ensures the title is transferred to the College in a timely manner.
- Vice president of finance and facilities signs off on the form indicating final acceptance of the donation.
- If the donation is larger than $50,000, the president signs off per Minnesota State policy.
- In-kind donations are reconciled between the College and appropriate foundation quarterly.
Responsibility
Employees
Ensure each donation forms is complete so it can be accepted and documented. Employees are also responsible for ensuring that accepting a donation is in the best interest of the College.
Supervisors
Ensure each donation acceptance form is signed and routed properly. A signature by the supervisor verifies they believe acceptance of the donation is in the best interest of the College.
Foundation employees
Ensure each donation is accepted by the foundation, that each donor is appropriately acknowledged and thanked, and that the donation is documented on the proper form and transferred to the College in a timely fashion, including forwarding the acceptance form.
Finance Office
Ensure each donation is documented in accounting, entered in the fixed assets system if appropriate and, if necessary, the title is transferred.
President
Accepts all gifts over $50,000.
Associated Policies
Minnesota State Community and Technical College Gift Acceptance Policy
Minnesota State system Board Policy 7.7 Gift and Grants Acceptance
Revisions
Date | Description of Change |
---|---|
|
New procedure that ensures in-kind gifts of supplies and equipment are accepted by the appropriate foundation, transferred to the College in a timely manner and accounted for properly. |
|
Procedure update to align with new process in Workday. |