Processing Gifts at the Foundations

Accepting and Approving Gifts

The University of Minnesota Foundation (UMF) and the Minnesota Landscape Arboretum Foundation (MLAF) (collectively the “Foundations”) are designated by the Board of Regents as “Recognized Foundations” for gifts made to the University of Minnesota (the “University”). The appropriate Foundation will review gifts subject to the Accepting & Managing Gifts Policy and determine if further due diligence or approvals are needed.

1. The Foundations may request copies of appraisals that donors obtain on non-cash gifts for tax purposes.
   1. Gifts of real estate must:
      1. have an environmental evaluation of the donated property;
      2. be approved by the Real Estate Office (if gifts of real estate to the University);
      3. be approved by the appropriate Foundation (if the real estate is given to a particular Foundation).
   2. Due diligence for other types of noncash gifts will be evaluated on a case by case basis.
2. The Foundations will flag gifts that fall outside of the criteria for acceptance outlined in the Accepting & Managing Gifts Procedure and conduct a follow-up with the department to determine next steps.

Submitting Gifts to the Foundations

If the gift is a check, credit card or pledge:

1. If the gift is for UMF, complete an online Gift Transmittal (*requires access to UMF’s DMS donor and fund system). If you do not have access to DMS, go to the University of Minnesota Foundation website and complete the access request form or contact the University of Minnesota Foundation at 612-624-3333.
   1. Attach check and appropriate supporting documentation to the transmittal (New Gift/Pledge Form, Statement of Donor Intent, envelopes etc.).
   2. Ensure that the donor's intentions are recorded on the transmittal or included in an attached letter.
   3. Follow the instructions on the transmittal, and send all documents to:

      University of Minnesota Foundation
      PO Box 860266
      Minneapolis, MN 55486-0266

2. If the gift is for the MLAF, send the gift and all documentation to:

   Minnesota Landscape Arboretum Foundation
   PO Box 860082
   Minneapolis, MN 55486-0082

3. All checks, money orders or electronic transfers should be made payable to the appropriate foundation. DO NOT ENDORSE CHECKS or hold them for more than 24 hours.
4. Avoid accepting currency. If it is necessary to accept currency, it should be mailed to the appropriate Foundation for processing.

If the gift is securities, real estate, personal property, or an electronic transfer, contact the Minnesota Landscape Arboretum Foundation at 612-301-1264 or the University of Minnesota Foundation at 612-624-3333. View additional information on UMF’s website at give.umn.edu/giving/giving-assets. UMF Connects also contains information for the unique handling of each of these kinds of gifts (Gift Fund Administration). It is important to do this immediately due to fluctuations or sudden changes in the value of securities and real estate.

Processing and Substantiation of Gifts

Most gifts, other than certain in-kind gifts and consumable gifts received at the University, are processed through the Foundations to ensure proper gift credit and charitable contribution substantiation is provided to the donors. For guidance when accepting in-kind gifts and consumable gifts at the University, see Tax Management Office Guideline (TMOG) #11.

Gifts of services or use of space are not processed through the Foundation and are not considered charitable contributions for tax purposes or gifts for gift credit purposes. When University units accept gifts of services or use of space, see Tax Management Office Guideline (TMOG) #11 for guidance.

A contribution that is made with a partial exchange of goods or services is known as a quid pro quo contribution. Examples include bids on silent auction items or tickets to fundraising events. In such cases, the respective foundation must have the value of goods or services received by the donor to properly acknowledge the charitable portion of the quid pro quo contribution.

The Foundations and University's Tax Management Office ensure any appropriate tax filings are completed and filed with the IRS and donor for any in-kind gifts accepted and received.