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New Foreign Gift Reporting Requirement Likely

  • 1.  New Foreign Gift Reporting Requirement Likely

    Posted 24 days ago
    As most of you know, there is currently a requirement to report all gifts of $250,000+ from foreign sources.  There's been confusion regarding the method of reporting these gifts.  But, that's a different matter!

    The House and Senate have passed similar versions of the Bipartisan Innovation Act that will alter this rule.  It will reduce the reporting threshold to $50,000 - impacting many educational institutions that have not previously had to worry!

    Once the two chambers have ironed out their differences, President Biden announced last month his intention to sign the legislation into law.  Here is an article from Inside Higher Ed published today that provides details and insights:


    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987


  • 2.  RE: New Foreign Gift Reporting Requirement Likely

    Posted 21 days ago

    Thank you for the alert! I have forwarded to Legal and Controller and asked for guidance.

     

     

    Aaron Forrest CPA

    Senior Director Gift and Donor Services

    University of Rochester Office of Advancement

    585.275.2799 | aaron.forrest@rochester.edu