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Processing of gifts received at year-end

December 6, 2010

To help ensure our donors receive appropriate credit for their 2010 contributions, please review and follow the procedures outlined below.

Remember that receipts issued to donors display the date their gift was processed, which often differs from the date of gift according to the IRS. Donors are responsible for providing substantiation for their gift in the case of an IRS audit. We do print a message on receipts in December and January that explains this to donors.

For 2010 charitable deductions and tax credits, the IRS has ruled that a gift by check must be dated and postmarked no later than December 31, 2010 to qualify. Please keep these dates in mind as you receive gifts for calendar year 2010:

• December 20, 2010: last day DAIS will accept documentation for gifts-in-kind that will be assured of processing by calendar yearend. (Please remember CSU issues the receipts for these transactions.)
• December 30, 2010: last day credit card gifts can be assured of processing by yearend. The IRS only allows deductions for credit card gifts in the year the bank processes the transaction.
• January 7, 2011: last day gifts will be processed for inclusion in the December Report on Private Support. December gifts processed after January 7th will still have a record date in 2010 but will not be included in the December report.

Please encourage donors considering making stock gifts in 2010 to direct their brokers to initiate the transfers as soon as possible. It often takes several business days for stock transfers to occur.

By following these procedures, you will help ensure your donors receive appropriate credit for their 2010 contributions. Should you have any questions, please call Laura Froats at 491-3416.

Thank you for your assistance.

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Contact: Laura Sayler
E-mail: laura.sayler@colostate.edu
Phone: 491-7135