OP 02.06: Reporting of Gifts and Grants from Private Philanthropic Sources
DATE: April 2, 2002
PURPOSE: The purpose of this Operating Policy/Procedure (OP) is set forth Texas Tech University (TTU) policies and procedures related to reporting gifts, donations and non-contractual grants to TTU and Texas Tech Foundation, Inc. (TTFI).
REVIEW: This OP will be reviewed on April 1 of each even-numbered year by the Vice Chancellor for Institutional Advancement (VCIA). Changes regarding financial procedures will be made with the concurrence of the Chief Financial Officer (CFO).
POLICY/PROCEDURE
1. External Reporting
a. TTU and TTFI are currently conducting activities to raise funds from private philanthropic sources. In order that the fund-raising efforts of TTU and TTFI may be meaningfully compared with such efforts by other institutions, these fund-raising activities are reported to the Council for Advancement and Support of Education (CASE) in accordance with the reporting standards promulgated by CASE, as they currently exist or may be amended from time to time.
b. Additionally, TTU and TTFI have adopted certain standards by which gifts from private philanthropic sources will be reported to the public.
2. Internal Reporting
a. An Office of Institutional Advancement clearing account (balance sheet account) has been established within each of the entities for which the Office of Institutional Advancement reports gifts - TTU and TTFI.
b. All gifts receipted by the Office of Institutional Advancement will initially be deposited and credited to the appropriate clearing account in the appropriate entity. Gifts will be identified according to the following categories:
(1) Cash gifts
(2) Gifts-in-kind
(3) Gifts of stock
c. Gifts are deposited into the appropriate clearing account, and nightly funds are electronically transferred into the TECHFIM system.
d. At the end of each month, the ledger sheet reports for each clearing account will be reconciled to verify that all gifts deposited and reported by the Office of Institutional Advancement were properly entered into the TECHFIM system and transferred to the appropriate accounts as revenue. The Office of Institutional Advancement will prepare a detailed list of all outstanding gifts awaiting accounts to be established. At the end of each quarter, a gift and grant report of the quarter ended will be prepared for submission to the VCIA, CFO, President, and Chancellor. The gift and grant report is reconciled to the clearing accounts and report submitted to the CFO. The Office of Institutional Advancement shall provide monthly to the Office of Accounting Services copies of the reconciliations and the detailed outstanding list of gifts to be transferred.
e. The above process will assure that any gift (TECHFIM sub-revenue sources 7401, 7402, and 7403) not being recorded or originating from the Office of Institutional Advancement can easily be identified on an individual account basis by reviewing ledger sheet reports or by reviewing a special TECHFIM report just for this purpose. All such transactions identified are in violation of OP 02.01, section 2.c.