Professional Documents
Culture Documents
Updated: August 1, 2009 Acceptance of Gifts Policy It Is
Updated: August 1, 2009 Acceptance of Gifts Policy It Is
Updated: August 1, 2009 Acceptance of Gifts Policy It Is
It is the goal of the Development Office to deposit all checks on the day received and acknowledges all
contributions within 48 hours of receipt.
Cash Contributions
1. Incoming mail is opened by the Director of Development or by the Development Secretary in the
director’s absence.
2. The Director of Development determines the appropriate account to which the check should be
deposited.
3. The Director of Development immediately gives all checks to the Development Secretary.
4. The Development Secretary records checks in a written ledger.
5. A copy of the check is made for donor files.
6. The Development Secretary enters all contributions in the computer program.
7. The Development Secretary types a 3-part receipt. The individual or business name printed on the
check, the amount of the gift, the receipt number, the date, and the purpose(s) are typed on the
receipt. The original goes to the donor and the yellow copy is retained in the donor’s file. The
pink copy is delivered to the Business Office with the check for deposit.
8. The Development Secretary types form letters for acknowledgement when appropriate. The
Director of Development drafts letters for special cases.
9. The Development Secretary mails the acknowledgement letter and receipt to the donor.
10. The Development Secretary manually keeps an alphabetical pledge/payment status sheet to track
monthly, quarterly, semiannual, and annual gift arrangements. She also manually records due
dates established by donors. The Development Secretary sends reminders when appropriate.
11. A copy of the acknowledgement letter, the yellow receipt, and the check along with any other
correspondence received is filed in the individual’s donor file.
1. Cash contributions for endowment are handled in the same way as any other cash contribution. A
special notation indicating that the gift is for endowment shall be made on the pink receipt from
the Development Office to the Business Office.
2. The Business Office shall ensure that endowment gifts are invested according to policy established
by the Board of Trustees.
3. By March 31 of each year (the end of the third quarter), the Director of Operations will summarize
projected earnings for the next fiscal year on all endowment funds based on the projected fund
balance of June 30. Projected earnings will be based upon a 6% “investment rate”. The
“investment rate” will be re-evaluated during the third quarter in anticipation of the next fiscal
year. Earnings for a given fiscal year will be used during that same fiscal year for the stated
purpose. Any earnings over the “investment rate” will be reinvested in the endowment fund. This
information will be sent to the Director of Development and the Headmaster.
4. The Headmaster will make sure that all selections for scholarships, awards, and faculty
development grants are made in a timely manner. The Headmaster will send a list of these
selections to the Director of Operations and the Director of Development.
5. The Director of Development is responsible for updating donors as to the status of their
endowment fund. The Director of Development will send a letter to all scholarship and award
recipients notifying them of the amount of the award they are receiving and asking them to write a
letter of acknowledgement to the donor.
6. The Director of Operations is responsible for the distribution of endowment income. At the time
of the initial tuition billing, the Director of Operations will post tuition credits to scholarship
recipients. Faculty grants will be paid upon the written request of the recipients.
1. The Development Secretary is responsible for completing and filing matching gifts forms. The
forms are signed by the Director of Development, unless otherwise indicated.
2. The Development Secretary will keep a copy of the matching gift form in the employee file and
keep a separate file of forms that are to be matched.
1. Restricted annual gifts are counted as part of the annual fund campaign. They are deposited in a
special account for restricted gifts. A special expense account allows the restricted gift to be spent
for the purpose for which it was intended.
Gifts-In-Kind
1. Gifts-in-kind will be recorded on the donor’s records by the Development Secretary with no value
per IRS rules. A letter sent by the Development Secretary will go to the donor along with this
receipt (see gift receipt policy).
2. Gifts of Stock are considered a gift-in-kind and should not reflect any value on the receipt (based
on IRS publications – 1771 and 561). The Development Secretary will record the amount of
proceeds from the sale onto the donor’s record and follow the gift receipt policy for this type of
donation.
PROCEDURES FOR NON-MONETARY CONTRIBUTIONS
Securities
1. The Director of Development is notified of gifts of stock or securities, and notifies the Director of
Operations to handle procedures for the sale of the gift.
2. The Director of Development contacts the broker to determine the value of the stock. The value is
determined as the median value on the date the stock is gifted to the school.
3. The Development Secretary issues a receipt indicating the number of shares, the type of stock and
the determined value of the stock. The original receipt is sent to the donor, the pink copy is sent to
the Business Office, and the yellow copy is retained in the donor’s file.
4. A letter of acknowledgement from the Headmaster is sent to the donor.
5. All documentation is filed in the individual donor’s file.
Gifts-in-kind