Policy 3104 – Gift Processing, Allocation, and Receipt
Revision Date: 3/9/2021
Last Review: 3/9/2021
Original Effective Date: 8/26/2000
Responsible Office: Division of University Advancement
Checks should be made payable to the Louisiana Tech University Foundation. Online gifts may be made at www.latechalumni.org/give.
Without exception, each gift received by the Foundation is credited to the appropriate Foundation fund according to information provided by the donor. Restricted Foundation funds are established for the use of the colleges, departments, or other university units and programs. All gifts received without designation are treated as unrestricted.
Receipts are issued for every gift received regardless of the size of the gift, subject to the exceptions listed below. Receipts include information such as the donor’s name, address, identification number, date of the gift, and gift allocation. The Foundation generally sends the receipt and letter of thanks within forty-eight hours.
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. Online gifts are imported and processed daily. A digital receipt for online gifts is issued at the time of the gift. 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.
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.
Gifts to endowments that are not specified to be applied to the corpus of the endowment are allocated as follows:
- Gifts of less than $1,000 are allocated to the spendable portion of the endowment, and
- Gifts of $1,000 or more are allocated to the corpus of the endowment.
University colleges and other units are notified by the Foundation of gifts designated to their areas. Donors may also receive a letter of thanks from the designated college or unit area, University Advancement, or the office of the President of the University.
Standard receipts may not be issued in the following circumstances:
- The standard receipt is usually not sent for gifts-in-kind. Donors receive an official letter of acceptance from the Foundation.
- The standard receipt may not be issued for gifts which must be valued by independent appraisal, including closely-held securities, real estate, mineral interests, and other special gifts. Donors receive an official letter of acceptance from the Foundation.