Myth
The Foundation deposits gifts wherever it wants to, especially smaller gifts.
Fact
The $25 gift is handled with as much care as the $25 million gift. We make sure it is promptly deposited in the account the donor designates.
The Foundation has set up a variety of procedures to accept gifts and keep them safe, while ensuring they are credited to the designated funds.
An important part of the accounting process is the lock box, which ensures that checks and credit card forms are securely accepted and deposited. When donors send checks directly to the lock box, the checks are deposited immediately, instead of spending time making their way through department offices until they are sent to the lock box for deposit (see below).
The bank does the work and sends complete deposit information to the Foundation, where we credit your accounts. The Foundation also ensures every donor receives a receipt. As the official gift receiving organization for the University, we always provide the information the IRS requires to itemize deductions.
For more information, check out:
- The University guidelines for depositing cash/checks at the Foundation
- The Chancellor’s memorandum on working with the Foundation (PDF)