Financial Services

Gifts and Bequests Policy

Further information


Contact:

This policy defines the rules and related processes to ensure compliance with legislation, audit and financial management requirements for receiving gifts, donations and bequests.

Policy statement

Donations and bequest funds are another important revenue source for the University. Donations may be made for specific or general purposes, including:

  • provision of prizes and scholarships
  • establishment of a bequest or memorial fund
  • building project funds
  • purchasing of specific items
  • other special purpose funds
  • general purposes and appeals.

Donations are occasionally received through the mail; however, they are often received directly by the Business Units. Development and Alumni Relationships (DAR) should be contacted regarding any donation or bequest to ensure the appropriate recognition and recording of all gifts, bequests and donations or any other offers of a philanthropic nature.

Key controls

  • To ensure that all receipts are promptly and accurately recorded.
  • Income received may be in the form of cash, cheque, money orders, credit card or direct deposit. This is decided by the department receiving the income.
  • Ensure credit and collection policies are in writing.
  • Conduct credit checks on new credit customers.
  • Separate the accounts receivable function and cash receipting.
  • Regular review on non-cash credits and write-offs of bad debts.
  • Regular review on credit balances.
  • Cash receipts controlled by cash registers or pre-numbering of receipt dockets.
  • Controlled access to cash register.
  • Reconciliation by Cashier of all receipts to bank deposit amount before processing.
  • Computer matching of debtor-related receipts to outstanding monthly invoices.
  • Performance of monthly bank reconciliation.
  • Completeness and accuracy of inputs and updates.
  • Supervisory control over revenue receipting and banking.
  • Segregation of duties between cash handling, accounting and processing.