Notification of Gift Receipts
REG 03.00.1
Authority:
Vice Chancellor for University Advancement
History:
First Issued: July 1, 2002.
Additional References: Form BA-151, Notification of Gift
Contact Info:
Vice Chancellor for University Advancement (919)515-3226
1. Purpose
The Office of University Advancement is charged by the Chancellor with
the primary responsibility for collecting donor information on all gifts to
the University so that giving totals for the entire University can be reported,
maintaining one central database for donor records and providing donors with
the appropriate receipt for income tax filing purposes. Effective January
1, 1994, federal law requires charities to provide donors with receipts containing
specific information in order for the donor to take a tax deduction for charitable
gifts. Failure to provide this receipt can result in stiff penalties for the
charity. Since many of these gifts to NC State come directly to a college
or department, it is important that any unit receiving a gift directly follow
this procedure, in order to protect both the donor and the University. The
following statement provides procedures for reporting these gifts to the Office
of University Advancement.
2. General Guidelines
2.1. All gifts of cash or property received by NC State or any of its affiliates
must be reported to the Office for University Advancement within 5 working
days using the Notification of Gift Form (BA-151). For deposits made by
departments to appropriate gift accounts with object code 0269, please attach
a copy of donor's check.
2.2. All cash gifts for an established endowment fund are to be delivered immediately
upon receipt to the Office of University Advancement. The gift must have
attached the Notification of Gift Form (BA-151).
2.3. All cash gifts for endowment for which no endowment fund has been established
must be delivered immediately upon receipt to the Office of University
Advancement for processing. The gift must have attached the Notification
of Gift Form (BA-151).
3. Procedures for Proper Notification of Gift Receipts
3.1. Gifts of Cash Deposited with University Cashier:
Fully complete the Notification of Gift Form (BA-151) along with a University
Deposit Slip (see section A, statement 4.0 for instructions on the University
Deposit Slip). Deliver Form BA-151 to the University Cashier's Office along
with the deposit. Proper completion of Form BA-151 is required in order
to deposit a gift.
3.2. Gifts of Cash for Endowment Funds:
Fully complete the Notification of Gift Form (BA-151) and deliver immediately,
along with the gift, to the Office for University Advancement.
3.3. Gifts of Property:
Fully complete the Notification of Gift Form (BA-151) and deliver immediately,along
with the gift, to the Office for University Advancement. Please make sure
a value of gift is complete. The gift cannot be processed without an amount
to enter.
4. Forms
Form
BA-151, Notification of Gift, may be obtained from the Office of University
Advancement, Box 7501, Rm. 12 Holladay Hall.
5. Instructions for Completion of Form BA-151, Notification of Gift.
All forms are to be typed or printed so that they can be easily read.
Section I: Donor Information
This section must be completed in order to insure that credit is awarded
to the appropriate donor. Correct address information is required in order
to provide the donor with a timely receipt. In the case that the donor is
an organization, the name and title of the person who is the contact for
the organization is required.
Section II: Gifts of Cash
Part A: General Description
This section is required and must be completed in full in order to insure
that the donor receives the proper credit. The FAS# requested is the FAS#
to where the gift will be deposited. The departmental contact and extension
should be the person preparing the Form BA-151.
Part B: Purpose/Use of Gift
One of the spaces in this section must be marked in order to complete the
Form BA-151. If the section titled "Other:" is marked, please
provide a brief description of the purpose or intended use of the gift.
Section III: Gifts of Property
For proper handling of all gifts of property (non- cash gifts) this section
is required and must be completed in full. The value of the gift of property
is required and may be approximated by a qualified individual in the area
receiving the gift.
Section IV: Receipt Information
Federal law requires NC State to obtain and communicate certain information
regarding gifts made to the University and its affiliates to its donors.
The information in this section is required and must be completed in full
in order for NC State to be in compliance with the law.
Please keep the yellow copy of Form BA-151 for your records. The white original,
pink copy, and gift deposit are to be forwarded to:
Office for University Advancement
Attention Gift Processing
Box 7501 NCSU Campus
