Carroll University has a brief question about a CRUT:
Back in 1996 a married couple set up a CRUT to benefit Carroll University once both of them passed away. Recently the CRUT has been losing quite a bit of money and the couple decided they wanted to break the CRUT agreement and give Carroll what remained before it was all gone (around $20K). The Kansas Attorney General has signed off on ending the CRUT and a check is coming our way soon. When this CRUT was established, Carroll booked the planned gift at the original principle-CRUT amount. Our question is regarding the acknowledgment of the gift when it arrives. Do we receipt them a tax form for their donation for any part of the $20K? Do we "acknowledge" the gift but not receipt it? Thanks in advance for your help!
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James Rychner
Carroll University
jrychner@carrollu.edu------------------------------