12/02/2009
End of Year Q&A about Gifts and Receipting of Gifts 2009
1. What is important about an end-of-year gift?
Donor intent is the most important aspect of the year-end gift. Please ensure the donor has provided sufficient evidence of intent.
2. What if a donor mails a check on December 31 and it is not received until January?
If the check is dated December 31 and the donor’s intent is that it is a year-end gift, the IRS likely will not challenge donor intent.
3. Does the post mark have to be before midnight on December 31?
The USPS does not time-stamp but does date stamp its post marks. Baylor does not retain the envelope in which the gift is transmitted.
4. What about dates on receipts?
The IRS does not require a date on a receipt. The date on a Baylor receipt is the date that the gift was recorded at Baylor. If there should be a challenge by the IRS for a gift that a donor has made, the receipt date and the date of the donor’s check, if in reasonable proximity, should be honored.
5. Does Baylor receipt each gift?
Yes. While IRS requires only that gifts =/> $250 must have a receipt, Baylor issues a receipt for each gift recorded regardless of dollar amount. Gifts =/> $2,500 to $9,999 are acknowledged by a letter signed by VP-University Development and gifts =/> $10,000 are acknowledged by a letter signed by the President.
6. What if the donor’s gift is other than cash (i.e., stock, land, other personal property)?
The date on which the actual transfer of ownership occurs governs. For instance, because of the 2009 calendar, transfers of stock must be accomplished before close of business December 31, 2009.
7. What if the donor’s gift is via credit card?
There are special rules regarding gifts made via credit card. To accommodate those rules, Baylor will post to the appropriate credit card company all credit card gifts received by sources other than online giving prior to 10:00 a.m. on December 31, 2009. This will allow us to post these gifts to the appropriate credit card company during the normal business day of December 31, 2009.
Online gifts are processed immediately with the credit card processor. These gifts are time stamped and dated and will be entered on donor’s constituent record based on the date recorded on the form received via UPay.
8. What instructions should be given a constituent who wishes to wire a gift direct to Baylor’s bank?
Wiring instructions for external parties into Baylor’s Wells Fargo account:
a. Provide the following bank information.
Bank: Wells Fargo Bank, NA
811 Washington Ave
Waco, Texas 76701
Routing: 121000248
Account: 4944375054
b. Complete wiring reference field as follows: (Donor Last Name) – Gift
c. If questions call:
Dave Clendennen
254-710-8775
Susan Anz
254-710-8641
Bob Spence
254-710-3731
d. Send e-mail to Debbie Coomer confirming that you have given the instructions, providing the following information:
· Donor Name
· Donor ID
· Date of Wire
· Amount of Gift
9. What are the rules regarding IRA rollover gifts?
First and foremost, the donor needs to start the process early, because these gifts take time to complete. As for credit for a 2009 gift, the same rules apply:
· Check must be dated by 12/31/2009
· If a wire transfer, then the money must be in Baylor University’s possession by close of business on 12/31/2009
Finally, it is essential that the donor’s name and designation appear in the transfer. Due to the volume of gifts this time of year, communication is essential.
10. Who will be covering Development Office during Christmas Week closing?
Monday, December 28: Mark Minor
Tuesday, December 29: Toby Barnett
Wednesday, December 30: Larry Smith
Thursday, December 31: Cody Knowlton
Brenda Hite will staff the front desk each day the office is open.
The gift processing staff will be on duty on December 30th and 31st to process checks and credit cards received.
11. When will mail be processed?
The mail room will deliver mail to Robinson Tower between 11:00 am and 12:00 noon Monday, December 28 through Thursday, December 31. The mailroom driver will contact University Development at ext. 2561 and the Development Officer on call or Brenda will meet the driver in the lobby of Robinson Tower to accept the mail delivery.
(Teresa Mosley, Operations Site Manager, ext. 1318 or 1310)
12. What message should be on answering machines December 24-January 1?
“Thank you for calling the office of University Development. Our office will be open Monday, December 28 through Thursday, December 31 to assist you in your year end giving. Please call the main office number at 1-800-BAYLORU option 4 for assistance or (254) 710-2561. Thank you again."
13. What message should be on e-mail responses December 24-January 4?
1. Go to the Tools menu and choose “Out of Office Assistant.”
2. Select “Send Out of Office auto-replies.”
3. Check “Only send during this time range” and select Start time: 12/24/2009 8:00 a.m. and End time: 1/04/2010 8:00 a.m. (or time you will be out of the office)
4. Enter your “Out of Office auto-reply message” to both Inside my Organization and Outside my Organization tabs.
5. Click OK.
6. When you return after the holidays, select Tools, Out of Office Assistant and select “Do not send out of office replies.”
SPECIAL NOTES:
a) If you are unable to log into your email account, then contact all of the ITS employees listed below by email. You will have to do this either from a secondary email account (hotmail, gmail, yahoo, etc.) or by having a colleague send the email. The ITS staff who should be contacted are:
1. The message sent to these ITS staff members should include the email account (BearID) of the mailbox which needs assistance.
2. Please keep in mind that since the University is closed and ITS staff are enjoying holidays, there may not be immediate response. However, they do check emails regularly and will respond as soon as they can.
b) The University-wide message on the 1-800-BAYLOR-U will state the University is closed, however, the message will also state that University Development is open for business. Stacey Benningfield, of ITS, should be contacted in the event URGENT problems occur with the university-wide message; 254/715-1807, x4356.
Proposed Automated Email Reply:
Seasons Greetings! University Development is open for your convenience, although
I will be out of the office Thursday, December 24th through Friday, January 1st and will be delighted to assist you when I return on Monday, January 4th. However, if you need assistance prior to my return, please contact the main switchboard of the Development Office at (254) 710-2561. University Development will have a receptionist and gift officer available to assist you Monday, December 28th through Thursday, December 31st.
If you are interested in making a gift or fulfilling a previous commitment to Baylor University before the end of the tax year there are several easy and convenient methods.
1. You can mail your gift to:
Baylor University
One Bear Place, Box 97050
Waco, TX 76798-7050
Your check should be made out to Baylor University. Please indicate on the memo line what program or area your gift will support, or send a supporting letter with instructions.
2. You can make your gift using Visa, MasterCard, Discover, and American Express by calling the Baylor University Development Officer at (254) 710-2561 before 10:00 a.m. CST onWednesday, December 31.
3. You can make your gift on-line at our secured web site - www.baylor.edu/give. On-line credit cards will be processed immediately.
Your gift makes a difference in the lives of our students and faculty. Thank you for your support! Have a Safe and Happy New Year!
14. What if you have other IT-related issues during the holiday?
Call the ITS HELP Line (ext 4357) and leave a voice mail message. Messages will be checked several times a day.
Please keep in mind that since the University is closed and ITS staff are enjoying holidays, there may not be immediate response. However, they do check emails regularly and will respond as soon as they can.
15. What instructions should I give a donor who wishes his broker to transfer stock from donor’s account to Baylor’s account?
The preferred method of contributing stock is the transfer of stock from broker to broker. The donor should have their broker contact one of the following brokers directly:
1st Preference 2nd Preference
First Financial Equity Corporation UBS Financial Services
4600 Bosque Blvd., Suite 2A P.O. Box 23049
Waco, TX 76710 Waco, TX 76702
254-772-4000 254-751-0130
Contact: Randy Chenot Contact: Steve Browning or Cindy Mosley
Acct#: 153481450 Acct#: WA 11430
DTC#: SWC 0279 DTC#: 0221
Raymond James
1700 North Valley Mills Drive
Waco, TX 75710
254-751-8832
Contact: Bill Dietz
Acct. #: 22098503
DTC #: 0725
These brokers, or their assistants, will furnish the donor’s broker with the appropriate routing information for a stock transfer.
For donors who wish to utilize another broker, the University will consider opening an account with a broker requested by the donor. This is done on a limited, exception basis and must be approved by the Chief Investment Officer (CIO) of the University.
Baylor’s Taxpayer Identification Number is 74-1159753.
16. What if the donor wants to provide me with actual stock certificates?
Donors may give an actual stock certificate to Baylor in one of two ways without going through a broker:
a) If the actual stock certificate is to be mailed, the donor should be instructed to mail the stock certificate, via certified mail, to the Chief Investment Officer, One Bear Place, #97030, Waco, Texas 76798-7030. A stock power assigning the stock to Baylor should be completed and mailed under separate cover to the CIO via certified mail.
b) If the actual stock certificate is to be hand delivered to a Development Officer or other Baylor official, the donor should assign the certificate to Baylor by completing the assignment portion on the back of the certificate and endorsing the certificate. The assigned certificate should then be delivered by the Development Officer or other Baylor official to the CIO.
The actual stock certificate, and stock power if appropriate, will be delivered by the CIO to one of the aforementioned brokerage firms to process the actual transfer of stock into Baylor’s account.
In the absence of the CIO, the contacts required under these procedures should be made with the Director of Gift & Investment Accounting, 254-710-8763, One Bear Place #97041, Waco, Texas 76798-7041.
Unless instructed otherwise by the donor, it is Baylor’s policy to redeem contributed shares of stock immediately upon receipt.
All Field Officers on duty will have stock forms available in the event they are needed.
17. What if the donor wants to deliver a gift to Clifton Robinson Tower?
Because this is a university holiday, the building will be locked for security reasons.
· Signs will be posted on the front and back doors of the Tower telling individuals to call the posted University Development number.
o The UD field officer on duty goes to the lobby and escorts the person upstairs.
· Regarding UPS, FedEx deliveries, etc.: The note on the back door will advise delivery personnel if they have a package for University Development to come to the front door and call the number posted.
18. What if University Development needs to contact someone in Financial Services and/or Treasurer’s Office?
Bob Spence has graciously provided the home and cell phone numbers listed below in case they are needed to facilitate a year-end gift.
Office Home Cell
Tom Lindsey 710-8763 772-5345 723-2178
Dave Clendennen 710-8775 666-6710 405-3075
Susan Anz 710-8641 399-0863 640-2825
Bob Spence 710-3731 776-9731 749-3960