Policy 3104 - Gift Processing
Effective Date: 8/26/2000
Responsible Office: Vice President for University Advancement
Gifts are processed immediately upon receipt according to a step-by-step procedure approved by the Foundation’s auditing firm and the Board of Directors of the Foundation. Checks and currency are deposited within 24 hours of receipt. Gifts are entered into the computerized accounting system as soon as possible, usually the same day gifts are received. Computer generated reports are used as a check and balance against the day’s deposits. Gift information, including photocopies of all checks, is filed and retained as required for tax purposes.
All pledges, including payroll deduction pledges, are entered into the accounting system, usually on the same day the pledge is received in the Foundation office.
Checks should be made payable to The Louisiana Tech University Foundation.
Departments or individuals who receive checks or cash should deliver them with accompanying memos, letters, and other items of information pertaining to the gifts, to the Foundation the same day they are received. Checks received by campus entities should NOT be endorsed by the department or individual before delivery to the Foundation.