2226 Gift Suspense Policy

The University accepts gifts from donors and through bequests and trusts. Donors are encouraged to consult with the University before making gifts, to ensure that the University understands the donor’s intentions and commits to using the funds for the purposes intended, and to ensure that any minimum for establishing an endowment will be met. When the University receives a gift without designation of purpose or which does not meet the University’s minimum requirements for establishing an endowment fund, the University will hold the amounts received in suspense with other like gifts until it has determined a proper designation for the gifts. This policy sets forth the process for moving such contributions from suspense to a properly designated fund.

The Office of Gifts Accounting & Administration (“Gifts Office”) reports suspense activity monthly to all School/Center Development and Senior Business Officers for review. Schools/Centers should notify the Gifts Office of amounts to be moved from suspense and the appropriate fund to which those amounts are to be transferred.

Once a gift has been held in suspense for nine months, the School/Center must initiate a written request to the donor, executor or trustee to designate a purpose for the gift. The School/Center may suggest a purpose or purposes, indicating that if one is not received by the one-year anniversary of the gift, or if the minimum requirement to establish an endowed fund is not received by the one-year anniversary of the first gift, the fund may be used at the discretion of the dean or Center director. At the end of the one-year period, if the donor, executor or trustee has not designated a purpose accepted by the University, or the minimum requirement for establishing an endowed fund has not been reached, the dean shall direct the transfer from suspense to a new fund, subject to approval by the Gifts Office. The School/Center or Gifts Office may consult with the Office of General Counsel as to the appropriate use of funds as needed.