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  • 1.  Is this a gift?

    Posted 06-11-2025 07:42 AM

    Hello fellow listers!

    Interesting situation...  A philanthropic trust awarded scholarship funds to a specific student and the money went to our FinAid office as it should have.  The student ended up not enrolling.  The trust was asked if they wanted the funds returned and they declined, instead directing the university to deposit them into our general scholarship fund.  The university foundation is in the process of accepting the transfer.  Now, I'm being asked if it can count as a gift.

    Currently, I'm not sure it can because the funds weren't originally directed for the university foundation, nor did the trust didn't accept the funds and turn around and send us a check. But perhaps it can if there is back-up to show that the trust changed their intent.  Seeking the wisdom of the mindhive on this one, thanks!



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    Eric Valdescaro
    Kennesaw State University
    evaldesc@kennesaw.edu
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  • 2.  RE: Is this a gift?

    Posted 06-11-2025 08:22 AM
    Yes this is a gift. There is no need for actual possession of the money to return to them what matters is that legally the money belonged to them when they made the decision to grant it to your institution. 

    Isaac Shalev
    Data Strategy Expert
    (917) 859-0151
    isaac@sage70.com

    Autocorrect was used in composting this email, please excuse any typos



    Original Message


  • 3.  RE: Is this a gift?

    Posted 06-11-2025 08:34 AM
    100% agree.

    Furthermore, it does not matter that the gift was made to the University rather than the Foundation. The Foundation is a supporting organization of the University. Any gift made to either legal entity counts toward fundraising totals per CASE.

    While we encouraged all gifts to NC State to flow through the Foundation, there are some instances (professorships eligible for state matching; certain gifts-in-kind) that must flow through the University. We recorded them as we would any other gift to the Foundation- the only difference being that we did not include those gifts in the GL feed since they had already been deposited or booked.

    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


  • 4.  RE: Is this a gift?

    Posted 06-11-2025 09:01 AM

    I appreciate the explanations - very helpful!  Thank you both Isaac and John! 



    ------------------------------
    Eric Valdescaro
    Kennesaw State University
    evaldesc@kennesaw.edu
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    Original Message


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