FundSvcs Community

Recently an alumnus attended a presentation by our University archivist. In the presentation, the archivist alluded to a project he hoped that the University would adopt.  The alumnus, as part of a much larger gift, donated a smaller sum (but above $600) that he designated to the project.  The portion of the gift designated for the project has been in holding awaiting a decision about the adoption of the project.  The University has decided not to move forward with the project (the local historical society will take it on).  I am seeing two options/avenues as to how we might proceed--but i am wondering if you might see others--or advise against one of the two options below:

1. We contact the donor. explain, and ask if they would like to reallocate their gift to another related use, or
2. We contact the donor, explain, return their gift (along with a 1099).

Are these both valid?  Are there other options that I am overlooking?

Thanks--as always

Tracy

Recently an alumnus attended a presentation by our University archivist. In the presentation, the archivist alluded to a project he hoped that the University would adopt.  The alumnus, as part of a much larger gift, donated a smaller sum (but above $600) that he designated to the project.  The portion of the gift designated for the project has been in holding awaiting a decision about the adoption of the project.  The University has decided not to move forward with the project (the local historical society will take it on).  I am seeing two options/avenues as to how we might proceed--but i am wondering if you might see others--or advise against one of the two options below:

1. We contact the donor. explain, and ask if they would like to reallocate their gift to another related use, or
2. We contact the donor, explain, return their gift (along with a 1099).

Are these both valid?  Are there other options that I am overlooking?

Thanks--as always

Tracy

Recently an alumnus attended a presentation by our University archivist. In the presentation, the archivist alluded to a project he hoped that the University would adopt.  The alumnus, as part of a much larger gift, donated a smaller sum (but above $600) that he designated to the project.  The portion of the gift designated for the project has been in holding awaiting a decision about the adoption of the project.  The University has decided not to move forward with the project (the local historical society will take it on).  I am seeing two options/avenues as to how we might proceed--but i am wondering if you might see others--or advise against one of the two options below:

1. We contact the donor. explain, and ask if they would like to reallocate their gift to another related use, or
2. We contact the donor, explain, return their gift (along with a 1099).

Are these both valid?  Are there other options that I am overlooking?

Thanks--as always

Tracy