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  3. What is “Other Income” for a Foundation?

What is “Other Income” for a Foundation?

“Other Income” does not represent a charitable contribution, and is not deductible by the payer for tax purposes because it represents payment for a service or product received – that is, the payer receives some direct benefit.

Some examples of foundation activities that produce other income receipts are:

  • Pre-football game meals for alumni who pay to participate (i.e. tailgate events)
  • Galas
  • Alumni picnics
  • Sales of merchandise such as t-shirts, cookbooks, etc.

Other Income receipts of cash and checks for a foundation should be forwarded directly to the Foundations Accounting & Investments (FAI) office for deposit. These should not be deposited to the University Cashier’s Office.

Read more:

Select this link to access the Other Income/Refunds of Expenditure page, which contains the link to the FAI Transmittal for Other Income/Refund of Expenditures Form. This form should be submitted with any Other Income deposits.

Updated on April 17, 2020

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