Receiving DonationsIf a group receives a financial gift that will be used for any official organizational business or activity, this gift must be deposited immediately. See instructions on Making a Deposit above. Donation deposits must be made into the student organization’s gift account. To be considered a donation, the donor cannot receive anything in exchange (admission to event, goods or services, advertising, etc.).
There are several major tax implications that pertain to gift accounting, so it is very important to deposit individual donations in a timely manner. A Gift Administrator will send the appropriate official university tax gift receipt to the donor. For this reason, donations must include the following relevant and current information (Collecting Donor Information Template):
- Individual / business name;
- Value of gift (if donation is a gift in kind, please complete Gift in Kind Form)
- Purpose of gift.
Student organizations are able to receive donations directly from students, alumni, family or friends through the Giving to CMU website.