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  • 1.  Custodial Distribution

    Posted 01-21-2025 01:57 PM

    Our University received a gift today from a custodial distribution account--this is a first for me.  It did not come with any instructions or additional information.  If you have received a gift from this type of account, how have you receipted it.  I know the Donor's name because the check says it is from XXXXX.  However, I am wondering if i treat it like an IRA, a DAF, or just a gift?  Not sure what language to use on the receipt.(or if i even DO receipt it) . 

    Also, the donor is in FL



    ------------------------------
    Tracy Rush
    Executive Director, Advancement Services
    Otterbein University
    trush@otterbein.edu
    ------------------------------


  • 2.  RE: Custodial Distribution

    Posted 01-21-2025 02:24 PM
    Huh. A custodial account is usually an account that "belongs" to a minor but for which a "custodian" is authorized to make withdrawals on behalf of that minor. It can also apply to an informed individual.

    Regardless, the donor is the person the account belongs to - not the custodian. It is not an IRA or DAF but a personal account and, therefore, an outright gift.

    Does this sound similar to what you have received?

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: Custodial Distribution

    Posted 01-21-2025 02:28 PM
    Infirmed - not informed - although one would hope the infirmed individual is informed :-).

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


  • 4.  RE: Custodial Distribution

    Posted 01-21-2025 03:29 PM

    Its so odd.  This particular donor is a former faculty member-yet the phraseology is as you described, John.  The check says Custodial Distribution Account for (xxx-donor name).  Which is why I felt confused/wondered about the DAF aspect. 

     

    This donor, by the way, is not infirmed/incapacitated to our knowledge. 

     

    Regardless, this is helpful-we will move forward with our normal receipting process.

     

    Thank you!

     

     

    Tracy Rush

    Executive Director, Advancement Services

    Otterbein University

    1 South Grove Street

    Westerville, OH 43081

    Ph: 614-823-1290

     

    We are grateful for our donors!

    To make a gift in support of our students, please visit:

    www.otterbein.edu/give

     

     

     

     




    Original Message


  • 5.  RE: Custodial Distribution

    Posted 01-22-2025 10:41 AM

    I would call the bank that issued it to see if I could get information (though they may not give it to you).



    ------------------------------
    Elizabeth Rich
    Westfield State University
    erich@westfield.ma.edu
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    Original Message


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