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  • 1.  Receipting direct-to-carrier life insurance premium payments

    Posted 10-07-2022 12:20 PM

    A donor is paying premiums directly to an insurance company for a life insurance policy that we own.  He has asked for gift receipts from the University for the premium payments, although they never came to us directly.  We can confirm with the carrier that the payments were made during a certain year.  Can we issue a gift receipt on university letterhead...or would he need a statement from the carrier itself that shows the payments?  Or is either option OK?

    Thanks, 

    Tom 



    ------------------------------
    Tom Yates
    Temple University
    Executive Director of Gift Planning
    215-926-2545
    tyates@temple.edu
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  • 2.  RE: Receipting direct-to-carrier life insurance premium payments

    Posted 10-07-2022 12:44 PM
    Tom, the insurance provider is acting as your agent.  So, yes, you can issue a receipt.  However, you would need a copy of the canceled check or credit card statement to know who legally paid the premium.  All that the insurance company cares about is that the premium is paid.  When it comes to tax receipts, you must know who made the payment.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: Receipting direct-to-carrier life insurance premium payments

    Posted 10-07-2022 12:54 PM

    Got it -- thanks as always John. 

    Tom 



    ------------------------------
    Tom Yates
    Temple University
    Executive Director of Gift Planning
    215-926-2545
    tyates@temple.edu
    ------------------------------

    Original Message


  • 4.  RE: Receipting direct-to-carrier life insurance premium payments

    Posted 10-14-2022 02:53 PM
    Are these then Gift In Kind gifts, or is this an actual gift receipt, reflecting the dollar amount which the donor paid directly to the carrier (which we would confirm)

    Gwen




    Original Message


  • 5.  RE: Receipting direct-to-carrier life insurance premium payments

    Posted 10-14-2022 04:52 PM
    As your agent they can be received as a gift to you.  However, speak to your Business Office.  As you have not physically processed and deposited a check, you might be required to use a unique code.

    John

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard



    Original Message


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