To provide guidance to schools, colleges, departments or units of the Institute as it relates to receiving and depositing gifts of funds to the Institute.
Georgia Tech requires all donors to make gifts to Georgia Tech payable the Georgia Tech Foundation Inc., a charitable corporation that receives and manages contributions made for the benefit of Georgia Tech. The Foundation is a 501(c)(3) organization, qualified to receive tax deductible contributions under the Internal Revenue Code. Anyone soliciting support for the Institute should request that gifts be made to the Georgia Tech Foundation Inc., rather than the Institute.
This policy applies to all schools, colleges, departments, and units of the Institute.
Gifts Payable to Georgia Tech
All checks and securities intended as gifts to the Georgia Institute of Technology should be routed to the Office of Development for acceptance and acknowledgment. Those funds should then be deposited into the Institute's bank account. If related documentation indicates the donor intended to direct the gift to the Foundation, the funds will be transferred after appropriate review. No attempt should be made to deposit a check to any entity other than the Payee. Under no circumstances should a check be modified to change the Payee.
The primary exception to this policy is for gifts of equipment or other tangible property which may more effectively be made directly to the Institute. However, even gifts of equipment or other tangible property are to be reported to and acknowledged by the Office of Development.
It is the policy of the University System of Georgia Board of Regents (BOR) that all gifts to the Institute exceeding $100,000 in value must be officially accepted by the BOR. Conditional acceptance and acknowledgement of gifts, however, may be issued at the discretion of the Vice President for Development and his/her designee.
Gifts Payable to the Georgia Tech Foundation (GTF)
All checks securities received at the Institute but made payable to the Georgia Tech Foundation (GTF) should be forwarded via campus mail to the GTF office via mail code 0182.
If related documentation indicates the donor intended to direct the gift to Georgia Tech, the funds will be transferred after appropriate review. No attempt should be made to deposit a check to any entity other than the Payee. Under no circumstances should a check be modified to change the Payee.
- Campus Schools, Colleges, Departments or Units are responsible for notifying the Office of Development in advance of any gifts that are intended for Georgia Tech.
- The Office of Development is responsible for accepting and acknowledging any gifts made to Georgia Tech.
- Controller’s Office is responsible for ensuring all Institute gifts are properly reported on the Institute’s books.
- The Property Control Department is responsible for ensuring gifts of equipment or tangible property are properly identified and added to the Institute’s capital asset records.
To report suspected instances of noncompliance with this policy, please visit Georgia Tech’s EthicsPoint, a secure and confidential reporting system, at: https://secure.ethicspoint.com/domain/en/report_custom.asp?clientid=7508
|10-03-2014||Controller’s Office||Updates to verbiage|