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  3. When should a gift be deposited to the University versus a Foundation?

When should a gift be deposited to the University versus a Foundation?

The entity in which gifts must be recorded is generally determined by how the check is made payable, unless adequate written documentation (gift solicitation, communications, or other adequate written support) is provided to support the donor’s intent to deposit into a specific/different legal entity.

In order for a gift to be deposited to a Foundation, there must be clear supporting documentation that the donor intended for the gift to be deposited to the Foundation. If there is a related proposal, the proposal will dictate where the funds are deposited.

Any gift or devise to NC State University (including a College, Department or Program) must be deposited to the University, unless there is sufficient supporting donor documentation to direct it to a Foundation.

All Distinguished Professorship Endowments must reside in the NC State University Endowment Fund, because these endowments receive matching funds from state appropriations. State appropriated funding cannot be deposited into a Foundation.

Regardless of whether a gift is deposited to the University or a Foundation, it must be captured in Advance (the University’s donor development software) and will be reflected in development reports.

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Updated on February 28, 2020

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