FundSvcs Community

Good afternoon colleagues!

I have been asked by the AG team about a giveaway item for our day of giving coming up in April, properly branded of course, and less than $5.

It was my understanding that unless we're giving it away to EVERYONE, the minimum gift value to receive the item is $62.50 (for 2023) and the FMV of the item has to be less than $12.50 (for 2023.)  

My AG colleague forwarded me a receipt for a gift she made to another institution of less than $20, which informed her that she would be getting an item valued for $3.  So she is asking me how they came up with those numbers. 

Am I not interpreting the QPQ rules and thresholds correctly?

Thanks for everyone's insight!

---------------------------------------------------

Aimee S. Fitzgerald, MLIS

Executive Director, Advancement Services

University Advancement

William & Mary

asfitzgerald@wm.edu

(o) 757-221-1196

(c) 757-634-7704

The letter your colleague shared with you is an example of an organization properly disclosing a benefit because the gift size was below the minimum amount. The insubstantial benefits requirement does the opposite. It allows you to disregard reporting an insubstantial benefit on the receipt if the gift meets the minimum amount of $62.50.

Neither of you are wrong. You just need to clarify semantics.

John Smilde

Director of Gifts and Records Administration

Advancement and Alumni Relations

George Mason University

4400 University Drive, MSN 1A3

Fairfax, VA 22030

703.993.8680

jsmilde@gmu.edu

This electronic message contains confidential information which is, in whole or in part,

subject to exclusion from disclosure under the Freedom of Information Act pursuant to

§2.2-3705.4.7. of the Code of Virginia.

Good afternoon colleagues!

I have been asked by the AG team about a giveaway item for our day of giving coming up in April, properly branded of course, and less than $5.

It was my understanding that unless we're giving it away to EVERYONE, the minimum gift value to receive the item is $62.50 (for 2023) and the FMV of the item has to be less than $12.50 (for 2023.)  

My AG colleague forwarded me a receipt for a gift she made to another institution of less than $20, which informed her that she would be getting an item valued for $3.  So she is asking me how they came up with those numbers. 

Am I not interpreting the QPQ rules and thresholds correctly?

Thanks for everyone's insight!

---------------------------------------------------

Aimee S. Fitzgerald, MLIS

Executive Director, Advancement Services

University Advancement

William & Mary

asfitzgerald@wm.edu

(o) 757-221-1196

(c) 757-634-7704

The letter your colleague shared with you is an example of an organization properly disclosing a benefit because the gift size was below the minimum amount. The insubstantial benefits requirement does the opposite. It allows you to disregard reporting an insubstantial benefit on the receipt if the gift meets the minimum amount of $62.50.

Neither of you are wrong. You just need to clarify semantics.

John Smilde

Director of Gifts and Records Administration

Advancement and Alumni Relations

George Mason University

4400 University Drive, MSN 1A3

Fairfax, VA 22030

703.993.8680

jsmilde@gmu.edu

This electronic message contains confidential information which is, in whole or in part,

subject to exclusion from disclosure under the Freedom of Information Act pursuant to

§2.2-3705.4.7. of the Code of Virginia.

Good afternoon colleagues!

I have been asked by the AG team about a giveaway item for our day of giving coming up in April, properly branded of course, and less than $5.

It was my understanding that unless we're giving it away to EVERYONE, the minimum gift value to receive the item is $62.50 (for 2023) and the FMV of the item has to be less than $12.50 (for 2023.)  

My AG colleague forwarded me a receipt for a gift she made to another institution of less than $20, which informed her that she would be getting an item valued for $3.  So she is asking me how they came up with those numbers. 

Am I not interpreting the QPQ rules and thresholds correctly?

Thanks for everyone's insight!

---------------------------------------------------

Aimee S. Fitzgerald, MLIS

Executive Director, Advancement Services

University Advancement

William & Mary

asfitzgerald@wm.edu

(o) 757-221-1196

(c) 757-634-7704