Class, what exactly does attestation mean? Does attesting that the financial statements are fairly presented fall under an attestation audit engagement? Why or why not?
Class,
There are reasons for having a donation policy and following the restrictions. A story comes to mind where a college did not have an donation policy, and were forced (because of local politics) to accept a piece of art that caused strong opinions. If the organization had a policy in place, they could have avoided the situation.
Attached is our college foundation’s policy on accepting gifts. Class, what are your thoughts?
PROCEDURES
Accepting Tangible Personal Property
& Non-Monetary (In-Kind) Donations
1) The donor, faculty, or a staff member notifies Sheridan College Foundation (Foundation) or a Sheridan College (College) official of the intended gift.
2) The Foundation Director of Development or authorized designee will meet with the donor and/or the College official to discuss the details of the gift.
3) Ask: Does receipt of this gift comply with the guidelines as established by the Foundation’s Gift Acceptance Policy?
Verify the following:
® Does the gift fit within the mission of the Foundation and/or the College?
® What is the gift purpose?
® Will gift ownership be transferred to the College or be retained by the Foundation?
® Is the gift marketable?
® Are there any special requests or undue restrictions on the use, display, or sale of the gift that make it too difficult to maintain or administer?
® Is the gift in anyway controversial? If so, have options been provided to resolve the issues?
® Are there any carrying costs on the gift?
® Have the appropriate parties, those being the College President or CFO, the related College Department Head and the Gift Acceptance Committee of the Foundation, successfully reviewed the viability of the gift?
® Motor vehicles require special consideration: VIN, title, etc.
4) The donor must complete a Non-Monetary (Gift-in-Kind) Contribution Form or sign a Memorandum of Understanding (MOU) with (but not limited to) the following information:
§ Name, address, phone number, and email address if available
§ Gift details including (but not limited to) model numbers, serial numbers, size, colors, or any other distinguishing characteristics and transfer of title or any other relevant documentation
§ Valuation of the item/s – Note: Any gift valued over $5,000 will require a qualified written appraisal provided at the donor’s expense.
§ Donor’s signature
5) Authorized acceptance signatures will be required from the College President or CFO or their designee, and the appropriate College Department Head and the Foundation Executive Director or Director of Development.
6) Once officially accepted and signed, the Foundation will provide the donor with a signed copy and retain the original for gift entering and filing.
Note: The Foundation will also provide a copy of IRS Tax Form 8283 for the donor’s tax reporting.
7) The Foundation office will send a “Thank you” letter to the donor with no value indicated unless the Foundation has chosen to establish one.
8) Should the gift be not accepted, the Director of Development will make the appropriate contacts.
9) A copy of the completed gift-in-kind form or MOU will be forwarded to the College CFO for record keeping.
