Hello, all –
Do any of your institutions have policies about how to treat gifts that budget administrators want to make to the funds they oversee?
For instance, can a gift still be deductible if a professor makes the gift specifically to a gift fund that is used specifically to fund his/her research? How about if the professor doesn't make the gifts, but his/her spouse does so from an account without the professor's name on it; does that change things at all? And if your institutions would NOT allow things such as these, how do you define what an appropriate amount of distance is between the donor and the fund administrator?
And let's assume, for the purposes of this scenario, that the research/work IS being done for the benefit of the institution (i.e. it's not a side project or something only tangentially related to the institution).
Michael Halverson, Ed.D. Senior Director of Advancement Services Loyola University Chicago T. 312-915-7283 | C. 320-363-4987 email@example.com | www.luc.edu/advancement
1.1 Gifts from faculty and staff of North Carolina State University must meet the following three criteria in order to be deductible for tax purposes:
1.2 Charitable intent should be the primary reason for making the contribution.
1.3 The contribution must be credited to a fund not under sole control of or does not personally financially benefit the donating faculty or staff member.
1.4 The faculty or staff donor should not receive or expect to receive future remuneration from the fund to which their gift was credited. Examples of deductible gifts would include signing an honorarium check over to the department and that faculty member not having control over the receiving fund (this is taxable income to the faculty member as well), making a stock donation to fund a life income gift to ultimately benefit a University-wide scholarship endowment, or donating equipment or materials for use by the department.
University faculty and staff members may make gifts to the University, provided, however, that they do not receive personal direct benefit from the gift and are accounted for according to applicable tax and accounting requirements.
we're not a heavy research institution so hasn't been an issue with the statement above
Thank you, John and Tom, for your feedback here. As always, it is much appreciated!