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Office of the University Controller Indiana University

11.0 - Receipt of IUF Gift Money

SUBJECT:

Receipt of gift money in Non-Student Accounts Receivable

SOURCE:

Non-Student Accounts Receivable, Financial Management Services

ORIGINAL DATE

OF ISSUE:

November 2016

DATE OF

LAST REVISION:

December 2018

AROP NO:

10.0

RATIONALE:

To define the process for when Non-Student Accounts Receivable receives a check intended for Indiana University Foundation (IU Foundation).

ARSOP:

Policy FIN-ACC-I-40 states that IU Foundation Gift Administration Office is to deposit, record and receipt all gifts received by Indiana University. This ensures that all donor records are comprehensive and accurate and in compliance with Internal Revenue Service (IRS) regulations. It is important to note that all solicitations from the various schools and campuses should be directing the donor gifts to be sent to the IU Foundation bank lockbox. If a check is received in Non-Student AR the following procedures take place in accordance with procedures established by Financial Management Services and the Office of the Treasurer.

Receipt of check in Non-Student AR:

When a check is received in Non-Student AR, any incoming funds over $500 should be deposited within one day of receipt or weekly regardless of the amount as noted in FIN-TRE-VI-120. Funds are deposited and placed in the Non-Student AR clearing account. If no documentation is submitted with the check, the AR processor will do research to identify where payment is to be applied. If it is determined that the funds are a donation, and, therefore, sent to Non-Student AR in error, the funds will be immediately refunded back to the customer via a Disbursement Voucher initiated the intended IU Unit. 

The intended IU unit will then be notified by Non-Student AR to contact the donor and request that they reissue the check, specifying that it needs to be sent to IU Foundation directly.

DEFINITIONS:

CROSS

REFERENCES:

Policy FIN-ACC-I-40: Charitable Gifts to Indiana University

Policy FIN-TRE-VI-120: Processing Revenue

RESPONSIBLE

ORGANIZATION: