The Krieger School of Arts and Sciences receives donations that can be used to establish a gift account, to create a new endowment or to supplement an existing account. Donations may be unrestricted by the donor or designated for a specific purpose. At its creation, each new gift and endowment account is determined by the Dean to be used by the department as additional revenue or by the Dean's Office as budget relief based on donor restrictions and consultation with the Development Office. Copies of all correspondence related to new gifts, new endowments, pledges and bequests should be sent to the KSAS Business Office.
A donation is designated as a GIFT when:
- There are no reporting requirements associated with the monetary donation.
- The donor does not intend to request the funds be endowed.
Arts & Sciences Procedures for Set-Up of New Gift Account
- Departmental Administrator sends original back-up documentation, check and Check Deposit Form (see Tools) plus one copy of each to the Arts & Sciences Business Office.
- Business Office establishes the new account and notifies department of the account number.
- The Business
Office will process the budget allocation.
- Unexpended balances are normally carried forward to the next fiscal year.
A donation is designated as an ENDOWMENT when:
- Donations are $20,000 or more.
- The Donor has requested funds to be established as an endowment.
- Donations in hand totaling less than $20,000 are held in a pending account until that threshold is met.
Arts & Sciences Procedures for Endowment Set-Up
- The Board of Trustees must approve the establishment of all new endowments.
- After the Business Office receives an endowment request, a recommendation will be submitted to the Treasurer's Office for Board of Trustees approval.
- The Business Office will notify the department of the assigned account number for the endowment interest income.
- Only interest income on the endowment is budgeted for specific use. The Business Office will process the budget allocation.
- Unexpended balances are normally carried forward to the next fiscal year.
Check Deposit Form (PDF format)
Check Deposit Form (MS Word format)
Tax Related Matter Concerning Faculty Donations Memo (coming soon)
