Does your unit ever receive donations of tangible items or donated services? If so, did you know that these donations should be reported through the UI Foundation as a gift-in-kind on a proper Gift Transmittal Form in a similar manner to how monetary donations are reported?
To ensure proper financial statement reporting, it is important to report these donated items or donated services just the same as you would report a monetary donation. This helps ensure that the University of Illinois System can include these donations in our annual financial statements.
Also, it’s very important to report these donations on a timely basis (i.e., within the same accounting period as which they were received).
Contact
If you have further questions, feel free to reach out to UAFR’s applicable subject matter experts within the Gift Funds section of UAFR’s Who to Ask list.
