Gift Monthly Process

N-Accounts: Gift Revenue

• When a department receives a gift, the department fills out a gift transmittal form. The information on this form is used by Gift Administration Office to enter the gift into Banner. Gift Administration Office sends out gift Receipts once a gift is processed. The destination of these gift receipts depends upon the gift designation. Most often the gift receipt is given to the dean level fiscal staff to be distributed from there to the department level

Month Closing Procedures

• Trust and Investment Office will analyze each University of Idaho Foundation (UIF) gift account to determine the dollar amount of gifts received during the prior month that will be available for budgeting
• Non-cash gifts (e.g. marketable securities) that have not been converted to cash will not be included. Any non-cash gifts that have been converted into cash will be included in the monthly totals
• A budget adjustment for all N Gift Accounts (Journal Type BAGF—Trust and Investment Budget Adjustment) will be completed after the UI Foundation accounts have been reconciled. The amount will be 97% of the gifts received in the prior month. BAGF allows the gift budgets for each month to be budgeted into Primary Expense 05—Operating Expenses. Departments can then do budget transfers if needed or expense items in the operating expenses category
• For example, if you received gifts in the month of March for $1,000, a BAGF will be completed in early April in the amount of $950 for the gift budget, into 05-Operating Expenses for that N Gift Budget
• Gift Administration Office distributes the Dean's Report weekly that includes information about all gifts received for a college or department. The ADPACCT report is a recap of all gifts received for designations within a department and/or college. This information is helpful in reconciling the monthly budgeted amount with the gifts received. The college and/or department staff can have access for running this report by contacting Dan Noble, TIO. When reconciliation occurs, keep in mind several exceptions that may occur:
• Non-cash gifts. Any non-cash gifts (marketable securities) received during the month are not part of the monthly budgeted total
• Non-cash gift conversion into cash. This will increase the monthly budgeted amount to more than the gift receipt totals from the ADPACCT report
• For example, if a gift of stock was sold during the month
• Gift Administration Office processes all gifts postmarked by December 31st with a December 31 gift receipt date. Donors have been assured that all gifts postmarked by this date will receive credit in the previous year for tax purposes. December 31 gifts are processed through the third week of January. December gift totals will differ from the ADPACCT report and the amount budgeted due to this overlap. All gifts received December 1-30 will be part of the December gift budget, which is posted in early January. All gifts dated December 31-January 31 will be part of the January gift budget, which is posted in early February. If you are reconciling the December gift budget , run the ADPACCT report from 12-1 to 12-30. For January gift budget , run the ADPACCT from 12-31 to 1-31
• Gifts sent to Gift Administration Office near the end of the month may be processed in the next month. This depends on volume of gifts being received and the timing of gifts being sent to Gift Administration Office
• At the beginning of a new fiscal year, a BAGF will be posted to include the budgeted gift amounts from May and June. Gifts from May and June are transferred in November and cross over to the new Fiscal Year
• Y Operating Accounts (U3 Local Service Operating Funds, e.g. AAYxxx) . Gifts received for Operating Accounts have all been changed to Gift Accounts. If the gift amounts are to be transferred to gift accounts, that information is covered in “Gift Process” page
• K Grant Accounts (D4 Funds, e.g. AAKxxx) . Gifts received for K Grant Accounts are budgeted through the Office of Sponsored Programs (OSP). The 97% amount is transferred as requested by the Office of Sponsored Programs
• Building Accounts. Gifts for building accounts are not part of the monthly budgeting process. These gifts are held and 97% amount transferred when requested by the University

Monthly Transfer Procedures (Gift Accounts)

• Trust and Investment Office will analyze each University of Idaho gift account for the last month to determine the accounts with a cash deficit position (FWRDSTR—Statement of Changes Report)
• Those gift accounts with a cash deficit position will have funds transferred (97% amount), provided there are sufficient funds in the University of Idaho Foundation Fund. If there are insufficient funds in the UIF Fund, the remaining balance will be transferred to cover the deficit

All Other Accounts

• The 3% Gift Assessment for all accounts will be held by the University of Idaho Foundation. 97% of the gifts received is transferred as necessary
• Other Accounts (Grants, Buildings, Other) will be transferred (97% amount) as requested by the University of Idaho

N Gift Accounts Consolidated Investment Trust (C.I.T.) Income

• Income from the C.I.T. will be credited to N gift accounts each July, with the CIT Distribution. TIO will post a Journal Entry to record a permanent budget adjustment (BABA) and deposit of cash (into R3811E-CIT Dividends / Interest and/or R3812E-CIT Capital Gains) to these accounts in July
• An estimate of earnings for gift accounts is generally available in February of each year, with the scholarship estimate provided to Financial Aid. For information about projected earnings for gift accounts, contact Dan Noble in Trust and Investment Office.

N Gift Accounts Other Revenue

• In special circumstances, other revenue may be budgeted into gift accounts. Contact Janice Todish or Bev Rhoades in the Budget Office