1.4.2 Gift Deposits

Update 1/6/2004

Overview

It is the policy of Georgia Tech to encourage all donors to make their gifts payable to the Georgia Tech Foundation Inc. Foundation), 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.

General Guidelines

All checks and securities intended as gifts to Georgia Tech should be forwarded to the Vice President for Development for acceptance and acknowledgment. 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 are to be reported to and acknowledged by the Vice President for 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 offcially 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 GIT vs. The Foundation

Gift checks made payable to the Georgia Institute of Technology (Institute) are handled differently from those made payable to the Foundation. Checks payable to the Institute should be routed to the Office of Development and deposited into an Institute bank account (by the Bursar's Office). 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. Checks received at the Institue but made payable to the Foundation should be forwarded to the Georgia Tech Foundation, Inc., mail code 0182.

Questions regarding policy or procedure for handling Institue gift checks should be directed to the Controller's Office (404-894-4681) or the Office of Development, Gift Accounting (404-894-5544). Questions regarding gift checks made payable to the Foundation should be directed to the Georgia Tech Foundation Accounting Office (404-894-0713).