Gift Acceptance Procedure

Purpose

To ensure that all in-kind gifts of supplies and equipment are accepted by the appropriate foundation, transferred to the College in a timely manner and accounted for properly. 

Definitions

Gift Acceptance Form

The form used to accept a donation and track it through the acceptance, transfer and documentation process. 

Titled Vehicle Acceptance Form

The form used for a donated piece of equipment that has a title. 

Procedure

1. Faculty or staff member accepts the donated supply or equipment item and completes the Gift Acceptance Form, including a donor signature on the form.

        1.1 If the donation is a titled vehicle, a Titled Vehicle Acceptance Form shall be completed rather than a Gift Acceptance Form.

2. The completed Gift Acceptance Form or Vehicle Acceptance Form is forwarded to the employee’s academic dean or immediate supervisor for review and signature.

3. The supervisor forwards the form to the appropriate College foundation for acceptance by the foundation.

4. The foundation accepts the donation, sends a thank you to the donor and records the donation in the foundation accounting records.

5. The foundation transfers the donated item to the College, signs off on the acceptance form and forwards the form to the College accountant.

6. Accountant enters the donation in the ISRS system using the appropriate leveraged equipment cost center, along with the correct revenue and expense object code.

7. Accountant increases both the revenue and expense budget for the appropriate cost center.

8. If the gift is an automobile, truck or boat, the accountant completes the SR0003UG screen in ISRS (Auto/Boat Donation Form 1098-C).

9. Accountant notes cost center and transaction number on the form and forwards the form to the vice president of finance and facilities.

10. If a donation meets the fixed asset threshold, the accountant forwards the donation information to the Accounts Payable Office for booking into the fixed asset system.

11. If a titled vehicle is donated, the accountant ensure the title is transferred to the College in a timely manner.

12. Vice president of finance and facilities signs off on the form indicating final acceptance of the donation.

13. If the donation is larger than $50,000, the president signs off per Minnesota State policy.

14. In-kind donation are reconciled between the College and appropriate foundation quarterly.

Responsibility

Employees

Ensure each donation forms is complete so it can be accepted and documented. Employees are also responsible for ensuring that accepting a donation is in the best interest of the College. 

Supervisors

Ensure each donation acceptance form is signed and routed properly. A signature by the supervisor verifies they believe acceptance of the donation is in the best interest of the College. 

Foundation employees

Ensure each donation is accepted by the foundation, that each donor is appropriately acknowledged and thanked, and that the donation is documented and transferred to the College in a timely fashion, including forwarding the acceptance form.  

Finance Office

Ensure each donation is documented in accounting, entered in the fixed assets system if appropriate and, if necessary, the title is transferred. 

President

Accepts all gifts over $50,000. 

Associated Policies

Minnesota State Community and Technical College Gift Acceptance Policy

Minnesota State system Board Policy 7.7 Gift and Grants Acceptance