Chapter 17. Michigan Tech Fund

17.1. Receipt and Acknowledgment of Gifts

Monetary Gifts: Any money draft (checks, money order, etc.) made payable to the University or any branch, department, office or other subgroups of the University that is intended as a gift in support of the mission of the institution.

Gifts-in-Kind: A variety of supplies, equipment, and machinery given to the University or any branch, department, office or other subgroup of the University that is intended as a gift.

Uniform procedures are necessary for receipting and acknowledging monetary gifts and gifts-in-kind received by the University, individual departments, or staff agencies. The IRS requires gifts above $250 to be officially received and receipted for the donor to receive the charitable deduction. Such procedures are also necessary to ensure current records and appropriate stewardship of the support for the University.

Any money draft (check, money order, etc.) made payable to the University or any branch, department, office, or other subgroup of the University that clearly is intended as a gift in support of the mission of the institution, shall be considered as designating the Michigan Tech Fund (Fund) as the payee and must therefore be sent to the Fund. This includes contributions by payroll deduction, accompanied by pledge cards or other documents from the Fund, payments made on pledges or to a specific project or fund identified on the check that have a connection to the Fund.

Gifts or contributions from corporations or companies (except matching gift checks from corporations), shall be sent to the office of Corporate Services. Corporate Services is responsible for researching the specific nature of the funds received and making the determination if it is a contribution or payment for a contract. If the corporate funds are contributions, they are deposited with the Fund; contract payments are handled by the University.