Finance & Accounting
BPM-212 Gifts - Processing
Revised February 18, 1991
Authority to accept gifts on behalf of the University shall be limited to the Board of Curators and to the President under the powers delegated by the Board.
NOTE: The receipt of a gift by any individual member of the University faculty, staff, campus office or University office does not constitute acceptance and is conditional pending acceptance by the President and/or Board of Curators.
Management and Expenditure of Gifts
Management and expenditure of all gift monies is the responsibility of the University administration under the Board of Curators and all gifts shall be expended as required by the donor subject to the approval and acceptance of terms by the President and/or the Board of Curators.
Undesignated gifts will be allocated where the need is the greatest under a procedure approved by the President, consistent with Board of Curators policies and based on written proposals submitted to the President.
A gift is defined as cash or gift in kind, the use of which is restricted to the University for use in accordance with oral or written instructions for which research or a service is not to be performed for the direct benefit of the donor. The term "gift" shall apply to any of the following:
- Cash (currency, coin, checks, money orders, bank drafts, etc.)
- Securities (stocks, bonds, etc.)
- Gifts in Kind (books, equipment, art treasures, coin collections, etc.)
- Real Property (homes, farms, etc.)
- Inventions, patents and copyrights
- Mineral rights (oil wells, etc.)
- Fractional or remainder interests
- Deferred giving arrangements (life income, contracts, unitrusts, etc.)
- Bequests and devises
The following are not considered as gifts and therefore are not to be processed as gifts:
- Gifts made payable to affiliated organizations and foundations. (Until such time as the organization or foundation transmits the gift to the University, no gift has been received by the University.)
- Grants from State and Federal Agencies
- Endowment earnings
- Student activity fees or other monies from sales and services even though such money may be intended for a development project.
- Gifts to agency funds administered by the University.
Reporting Receipt of Gifts
All gifts received by a department must be reported to the campus Development Office within 24 hours of receipt of the gift using the appropriate form:
- Cash gifts under $1,000
Advice of Gift Received Short Form (UMUW Form 9a).
- Cash gifts $1,000 and over and all non-cash gifts
Advice of Gift Received (UMUW Form 9)
All gift checks should be made payable to the Curators of the University of Missouri.
- If the gift is designated for the use of a specific campus, division or department, checks should be made payable to the University of Missouri and be accompanied by instructions as to designation.
- The following restrictive endorsement must be placed on each check, money order or other negotiable instrument immediately upon receipt:
FOR DEPOSIT ONLY
TO THE CREDIT OF
THE CURATORS OF THE
UNIVERSITY OF MISSOURI
NOTE: Departments not having a rubber endorsement stamp should type the above restrictive endorsement on the reverse side of each check, money order or other negotiable instrument.
Gifts of Cash or Security
All gifts of cash or securities must be hand-carried to the campus Development office.
The campus Development Office should be contacted for special instructions if these provisions are deemed impractical. All gifts received by a department or other organization unit should be personally acknowledged by the department chairman or administrative head.
NOTE: Additional acknowledgments of a gift will be made by the campus Development office and by the President's Development Council on behalf of the President for all gifts in excess of $1,000 and such other gifts as may be indicated on the Advice of Gift Received
(UMUW Form 9).
Money Received Reports
Any required Money Received Reports (UMUW Form 31, Form 31A for UMC and UMKC) shall be prepared and processed by the campus Development Office.