Are cash and gifts in kind posted nightly into the universities accounting system?
Not yet. LDSP processes almost all gifts received by the university and is only able to send us the cash and gift in kind feeds at the end of the month. Perhaps in the future with a change in the gift recording software this will be a possibility.
How should a cash gift or gift in kind be spent?
Precisely as designated in the gift notice by the donor. We have a legal obligation to spend the donated funds as directed by the donor.
What is a deferred gift or Trust (account 1285)?
A deferred gift or trust is a charitable gift given by a donor that we won’t see any cash come to the university until an event happens, normally a death. The amount recorded on our books is the estimate of what we might receive today if the event happened.
Can we spend a deferred gift or trust (account 1285)?
No because we only have an asset recorded on our books and have not received any cash
When can we spend the deferred gift or trust (account 1285)?
Normally a few months after the event happens (normally the death of both donor and spouse) the trustee will close out the trust and send the university a check.
Why does the recorded value for the deferred gift or trust (account 1285) change at most year ends?
Each year the present value calculation is refreshed and updated to reflect earnings growth, discount rates, and life expectancy tables.
When are security (account 1500) gifts sold and when can I expect the proceeds or cash?
Normally a security gift will be received during the month and the proceeds or cash received the following month.
Why are real estate type gifts (account 1510) not showing up in my college or department operating unit?
Real estate gifts are recorded centrally by the university until they are sold which can be a few months or longer, the proceeds will be transferred to the donor designated operating unit.