To ensure proper recording and reporting of gift dates for donors, to comply with federal tax law.
May, 2023Responsible Office
Cash Gifts and Credit Card Gifts Received by Mail
The “mailbox rule” applies for all cash and credit card gifts received via mail. This means the postmark on the donor’s envelope (rather than the date of receipt by the University) determines the date of the gift. All envelopes with gift correspondence must be submitted to the Office of Gifts Accounting & Administration, which will retain them as required. This is especially important at calendar year-end. When an envelope is received in January but the postmark is dated December, the gift date will be December.
Online Credit Card Gifts
The gift date is the day the donation is submitted online.
Gifts of Securities
For electronic transfers, the gift date is the date the securities are deposited into the University’s account.
For physical certificates in the donor’s name which are mailed to the University, the “mailbox rule” applies. In addition to a certificate, a donor must provide a stock/bond power and a signed letter stating the donor’s intention of giving the security to the University. The stock power and letter of intention should be mailed separately from the physical security. The gift date is when all three instruments are received by the University.
For physical certificates reissued in the University’s name, the certificate date determines the date of the gift.
Broker statements should be reviewed monthly to confirm dates of transfer.