Does your unit ever receive donated tangible items or donated services? If so, keep the following points in mind:
- Donations of tangible items or services should be reported through the UI Foundation as a Gift-in-Kind on a Gift Transmittal Form, similar to how monetary donations are reported (see UAFR’s applicable FAQ for further details).
- To ensure proper financial statement reporting, it is important to report these donated items or donated services in the same manner 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 that donated items or services were received). This is especially important as year-end approaches.
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.
