Gifts FAQs

Are cash and gifts in kind posted nightly into the universities accounting system?
No. Philanthropies processes all gifts received for the university and sends us the cash and gift in kind feeds at the end of the month.

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 (Ledger 1285)?
A deferred gift or trust is a charitable gift given by a donor where the university does not receive cash 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 (Ledger 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 (Ledger 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 (Ledger 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.

Why are real estate type gifts (Ledger 1510) not showing up in my college or department?
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 Gift Number.