Chapter 17. Michigan Tech Fund
Section 17.1. Receipt and Acknowledgment of Gifts

17.1.1. Monetary Gifts

Monetary Gifts and Bequests: Any money draft (check, 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 and bequests include planned gifts given to the University that are not designated for any specific purpose. These funds shall be placed in the Cornerstone Fund, an account with the Fund.

Matching Gifts: Gifts from corporations for a particular purpose that are the same amount (match) employees raised either by grants, fund raising efforts, or funding by the State. These funds shall be placed in the same account as the original gift, unless specified by the donor.

Restricted Gifts: Gifts given to the University with a specific purpose. The funds can only be used for the designated purpose. These funds shall be placed in the Fund account designated by the donor.

All monetary gifts shall be promptly deposited, receipted, and acknowledged. It is the responsibility of the Fund to issue an official receipt for all contributions. The Fund shall send the official receipt and appropriate acknowledgment to individuals and foundations. This official receipt also acknowledges any consideration for the gift, and if so, the value of the benefit received by the donor. This is to satisfy IRS requirements for receipting and placing a value on benefits received as a result of the gift. The office of Corporate Services shall send the official Fund receipt and appropriate acknowledgment to corporations and companies.

The Fund has a specific procedure for acknowledging gifts, depending on the size and nature. All gifts received from individuals, foundations, and corporations and companies, are acknowledged according to a prescribed gift recognition program. The Fund will advise departments if it is required to acknowledge the gift in any way.

Upon a department's receipt of monetary gifts that are clearly intended to be a contribution, do the following:

1. Make a copy of the documentation relating to the intent of the gift or donation by the donor.


NOTE: The copy of the documentation must be kept by the fund custodian for the life of the gift or donation to insure that the gift is used according to the donor's request.


2. Forward all contributions and accompanying documentation from individuals and foundations to the Fund, via intercampus mail. Send contributions and accompanying documentation from corporations or companies to the office of Corporate Services, via intercampus mail.


NOTE: If there is uncertainty about the intent of the contribution, forward the check and any accompanying correspondence to the cashiers' office.


3. Depending on the nature of the gifts, designated department representatives, chairs, deans, vice presidents, and/or the president may be requested to acknowledge a gift. The Fund will contact the department to inform them who the designated representative should be to acknowledge the gift.