2208 Gifts of Currency

Document purpose

To set forth the policies associated with gifts of currency.

effective

July, 2003

revised

April, 2023

Reviewed

May, 2023

Responsible Office

Treasurer

Approval

Treasurer

Policy

The University accepts gifts of currency. If the University receives a gift of currency in excess of $10,000, in one transaction or two or more related transactions, it must file IRS Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business.)

Fees associated with the collection of gifts of cash are the responsibility of the School/Center benefiting from the gift.

The Office of the Treasurer will acknowledge the receipt of gifts of currency in accordance with Policy 2202, Gift Receipts. For gifts of foreign currencies, the gift value will be based on the exchange rate in effect on the date of receipt.