1. Gifts of Cash (includes money, cheques and direct bank deposits)

Transcription

1 Mnash University Prcedure Prcedure Title Parent Plicy Gift Acceptance Gift Receipting Prcedures (Australia) Gift Acceptance Plicy Date Effective Review Date Prcedure Owner Categry Operatinal Versin Number 1.0 Cntent Enquiries Scpe Purpse Advancement Plicies All Mnash staff Mnash University has been endrsed by the Australian Taxatin Office (ATO) as a Deductible Gift Recipient (DGR) and, as such, it is bliged t adhere t certain cnditins regarding the receipting f gifts. PROCEDURE STATEMENT 1. Gifts f Cash (includes mney, cheques and direct bank depsits) 1.1. Cash r cheque receipts fr gifts must be frwarded t Research and Revenue Accunting Services staff alng with any supprting dcumentatin abut the gift Ntificatin f dnatins expected t be directly depsited t the University's bank accunt must be made t the relevant Research and Revenue Accunting Services staff member and t dnrservices@mnash.edu Analysis f the gift must be undertaken t determine if the University is able t accept the gift under the University Gift Acceptance Plicy. Cntact Dnr Stewardship and Recgnitin where advice is required Supprting dcumentatin must be analysed t determine if the funds meet the definitin f a gift. Examples f supprting dcumentatin include, but are nt limited t: a letter frm the dnr, a gift agreement, a grant applicatin, a Grant Fund Details sheet received frm the Research Office, a university appeal letter. 2. Gifts fr Amunts Less Than $5, An nline SAP ROMR frm must be cmpleted, prviding the fllwing infrmatin: Name f the dnr Dnr Identificatin Number (if knwn) Address f the dnr Relevant prject t which the dnatin relates A tax cde S3 must be used fr a tax deductible gift 1

2 Mnash University Prcedure S8 must be used fr a Nn-deductible Gift An apprpriate GL accunt. Gifts must nly be allcated t ne f the fllwing GL accunts: Dn-Res Aus Bus/NP Dn-Res O/seas Dn-N/Res Aus N/Prf Dn-N/Res Aus Bus Dn-NRes O/Seas Beq-N/Res Aus Grant-Res Aus Bus/NP Grant-Res O/Seas Grant-Res N/Cwth Cm Grant-N/Res N/Prf Grant-N/Res Aus Bus Schlarships Inc Awards/Prizes - Inc 2.2. Cheques and cash must be depsited at the Cashier's Office n the relevant campus Fr gifts greater than $500, the SAP dcument number and cpies f supprting dcumentatin in relatin t the gift must be frwarded t Dnr Stewardship and Recgnitin (dnrservices@mnash.edu). This will assist External Relatins, Develpment and Alumni Divisin (ERDA) with tailring thank yu letters and generating receipts Where the dnr has requested an invice t be raised, a request shuld be made t Dnr Stewardship and Recgnitin (dnrservices@mnash.edu) t raise the invice. The same infrmatin fr the ROMR (see 2.1) shuld be prvided t Dnr Stewardship and Recgnitin Dnr Stewardship and Recgnitin will prvide the Research and Revenue Accunting Services staff member with the invice number s that the nline ROMR can then be cmpleted. 3. Gifts fr Amunts Greater Than $5, Fr gifts greater than $5,000 a request fr an invice t be raised by Dnr Stewardship and Recgnitin must be made either via the Invice Request nline frm r by ing dnrservices@mnash.edu T assist in tailring thank yu letters and generating receipts, the fllwing infrmatin must be prvided with the invice request: Name f the dnr Dnr Identificatin Number (if knwn) Address f the dnr Relevant prject the dnatin relates t A tax cde S3 must be used fr a tax deductible gift S8 must be used fr a nn-deductible gift An apprpriate GL accunt. Gifts must nly be allcated t ne f the fllwing GL accunts: 2

3 Mnash University Prcedure Dn-Res Aus Bus/NP Dn-Res O/seas Dn-N/Res Aus N/Prf Dn-N/Res Aus Bus Dn-NRes O/Seas Beq-N/Res Aus Grant-Res Aus Bus/NP Grant-Res O/Seas Grant-Res N/Cwth Cm Grant-N/Res N/Prf Grant-N/Res Aus Bus Schlarships Inc Awards/Prizes - Inc Cpies f supprting dcumentatin in relatin t the gift The Research and Revenue Accunting staff member shuld infrm Dnr Stewardship and Recgnitin if the dnr has requested an invice t be sent t them Invices will be raised when requested: Where a dnr has made a request fr the invice, it will be sent t the dnr. Where the invice is raised nly because the amunt is mre than $5,000, it must nt be sent t the dnr but will remain n file Thank yu letters and fficial receipts will be generated frm the Raiser's Edge database fr all gifts f cash where an invice has nt been sent t the dnr Receipts fr gifts f cash must cntain the fllwing infrmatin: The wrds "Mnash University" Mnash University's ABN The name f the fund t which the gift is allcated (applicable Mnash event r cause) The amunt f the gift Ntificatin that the receipt is fr a gift (e.g. using the wrding "Thank yu fr yur gift') Tax deductible gifts shuld state "Gifts t Mnash University f AU$2 r mre are allwable deductins fr incme tax purpses within Australia" The date f the gift The unique sequential receipt number generated frm Raiser's Edge The SAP dcument number linking the gift t the receipt, recrded in the University's financial accunting system (SAP). This will either be the ROMR SAP number, the invice number r a OneStp number. 3

4 Mnash University Prcedure 4. Gifts Paid by Credit Card via the Internet 4.1. Where faculties r prtflis wish t cllect funds nline fr a particular cause, they must cntactdnr Stewardship and Recgnitin t enable their cause t be listed n the fficial Mnash Giving webpage The e-cart facility must nt be used by faculties and prtflis t set up prducts fr dnatins Faculties and prtflis must nt issue receipts fr payments received frm the Mnash Giving webpage Maintain the Online Giving webpage, updating it as required and based n strategy devised by External Relatins, Develpment and Alumni Divisin Analyse the tax deductibility f new gifts ffered nline, seeking advice frm Tax, Crprate Finance when required Ensure that the new gift prject is set up t autmatically generate tax deductible receipts fr tax deductible gifts Where a new gift prject is nt tax deductible, ensure that wrding n the webpage clearly reflects this and that nn-deductible receipts are autmatically prduced when dnatins are received N receipts are generated frm Raiser's Edge fr nline gifts Thank yu ntices and receipts are sent autmatically thrugh the website via Gifts Received via EFTPOS in Faculties 5.1. Analyse the gift t determine if it falls within the University Gift Acceptance plicy guidelines Analyse supprting dcumentatin t determine if the funds meet the definitin f a gift. Examples f supprting dcumentatin include a letter frm the dnr, a gift agreement, a grant applicatin r a university appeal letter. Seek assistance frm Research and Revenue Accunting Services staff when required Give the receipt generated by the EFTPOS machine t the individual making the payment Advise the individual that an fficial receipt will be generated and mailed t their address Obtain the individual's name and address and the specifics f any cause t which they wish the gift t be directed If the receipt is a gift, an nline SAP ROMR frm must be cmpleted which includes the fllwing infrmatin: Name f the dnr Address f the dnr Relevant prject t which the dnatin relates A tax cde S3 must be used fr a tax deductible gift S8 must be used fr a nn-deductible gift An apprpriate GL accunt. Gifts must nly be allcated t ne f the fllwing GL accunts: Dn-Res Aus Bus/NP Dn-Res O/seas Dn-N/Res Aus N/Prf Dn-N/Res Aus Bus 4

5 Mnash University Prcedure Dn-NRes O/Seas Beq-N/Res Aus Grant-Res Aus Bus/NP Grant-Res O/Seas Grant-Res N/Cwth Cm Grant-N/Res N/Prf Grant-N/Res Aus Bus Schlarships Inc Awards/Prizes - Inc 5.7. The SAP dcument number and cpies f any supprting dcumentatin in relatin t the gift must be frwarded t Dnr Stewardship and Recgnitin s that a receipt and a thank yu letter can be generated Thank yu letters and fficial receipts will be generated frm the Raiser's Edge database fr EFTPOS payments. 6. Gifts f Prperty 6.1. Gifts f prperty where the value is less than $500 may be accepted at the discretin f faculties/prtflis Befre a gift f prperty (likely t have a value mre than $500) is accepted by the University, Dnr Stewardship and Recgnitin must be ntified t make a decisin f acceptance University staff must ntify Dnr Stewardshipand Recgnitin f any gifts f prperty s that receipts/thank yu letters can be generated Analysis f the gift must be undertaken t determine if the gift falls within the University Gift Acceptance plicy guidelines If the gift is cnsidered a cultural gift accrding t the ATO gift types, it may nly be accepted by the University Museum r Library as part f the Cultural Gifts Prgram. The Library r Museum must be cntacted and advised f the ptential gift Fr dnrs wh gift prperty ther than that handled by the Museum r the Library, thank yu letters and receipts will be generated by the Raiser's Edge database Receipts fr gifts f prperty require the fllwing infrmatin: The wrds Mnash University' Mnash University's ABN Ntificatin that the receipt is fr a gift (e.g. using the wrding "Thank yu fr yur gift') The date when the gift was received A descriptin f the item f prperty The statement: Please seek advice frm yur accuntant regarding any ptential tax deductibility f this gift. Dnrs may need t keep the date f acquisitin, the amunt paid fr the prperty and any valuatins Asset Management, Crprate Finance must be ntified f the nn-cash gift s it can be recrded in the University's financial accunting system (SAP). 5

6 Mnash University Prcedure 6.9. It is the respnsibility f the dnr, nt the University, t btain a valuatin fr an item f prperty t determine if it is tax deductible. Hwever, departments may chse t pay fr such valuatins n behalf f the dnr and the cst will be allcated t their cst centre and fund Where a faculty r department wishes t fund a valuatin, an applicatin must be made t the Australian Valuatin Office within the Taxatin Office: Wrking with the relevant Purchasing Services staff member, arrange fr a valuatin f the gift t be btained Fr gifts f prperty valued at mre than $5,000, create an asset in SAP: Pst a jurnal t allcate a value t the asset Credit the incme t "Dn-Assets" Debit an apprpriate asset general ledger cde A tax cde f S3 must be used fr the incme A tax cde f S9 will be used fr the asset Fr gifts f prperty valued at an amunt less than $5,000: Pst a general jurnal in SAP Credit the incme t an apprpriate dnatins general ledger accunt Debit the expense t an apprpriate general ledger expense accunt A tax cde f S3 must be used fr the incme A tax cde f S9 must be used fr the expense Respnsibility fr implementatin Receiver f cash f cheque Research and Revenue Accunting Services staff All staff Dnr Stewardship an Recgnitin Staff member apprached by ptential dnr Asset Management, Crprate Finance Divisin Status Apprval Bdy Definitins Operatinal prcedure Name: Date: Authr: ATO: Australian Taxatin Office Deductible Cntributin: Mnash University fundraising events encurage cntributins which may extend a minr benefit t the cntributr at the same time. As a benefit is received in return, the cntributr is nt entitled t claim the cntributin as a tax deductible gift. Hwever, sme cntributins 6

7 Mnash University Prcedure made by individuals t Mnash in relatin t a DGR fundraising event such as a fete, ball, dinner r charity auctin may be a tax deductible cntributin if particular criteria are met. Refer t Gift Acceptance Receipting fr Fundraising Events Prcedures and Gift Acceptance Receipting fr Charity Auctins Prcedures. Deductible Gift Recipient (DGR): Entity endrsed by the ATO t receive tax deductible dnatins. Deductible Gift: A gift fr which the dnr is entitled t a tax deductin in Australia. Dnr: Individual r entity wh makes a gift r cntributin t the University. EFTPOS: Electrnic Funds Transfer at Pint f Sale. Faculties and prtflis have machines which accept debit and credit card payments. Gift: Any transfer f mney r prperty t the University made vluntarily by benefactin, where n material benefit is received by the dnr. The mney r prperty must be wned in full by the University nce received. Gifts cannt be refunded unless they were received in errr. Grants received by the University may be cnsidered gifts if they cmply with this definitin. Because the University is an endrsed Deductible Gift Recipient, mst gifts made t the University f AU$2 r mre are allwable deductins fr incme tax payers in Australia. GST: Gds and Services Tax as defined in A New Tax System (Gds and Services Tax) Act Online SAP ROMR: Online SAP Recrd f Mnies Received frm an nline frm used t recrd the details f funds received via cheque, cash and credit card. Nn-deductible Gift: A gift will nt be tax deductible t a dnr where the funds are nt spent n the University s bjects and purpse r where the beneficiaries are nt in Australia. Prperty: Prperty has a wide meaning and includes physical items as well as rights and interests that are capable f wnership and have a value, fr example, artwrk, shares, equipment and trading stck. Raiser s Edge: The database used by the Advancement Divisin t recrd gifts made t the University. Legislatin Mandating Cmpliance Related Plicies Related Dcuments 7