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Processing of gifts received at year-end

December 9, 2009

As the calendar year 2009 comes to a close, the following reminders will be important when processing gifts to Colorado State University Foundation.

Processing foundation gifts

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.

Charitable deductions, tax credits

For 2009 charitable deductions and tax credits, the IRS has ruled that a gift by check must be dated and postmarked no later than Dec. 31, 2009 to qualify. Please keep these dates in mind as you receive gifts for calendar year 2009:

Dec. 21, 2009: last day DAIS will accept documentation for gifts-in-kind that will be assured of processing by calendar yearend.
Dec. 30, 2009: 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.
Jan. 8, 2010: last day gifts will be processed for inclusion in the December Report on Private Support. December gifts processed after Jan. 8, will still have a record date in 2009 but will not be included in the December report.

Stock gifts

Please encourage donors considering making stock gifts in 2009 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 2009 contributions. Should you have any questions, please call Laura Froats at (970) 491-3416.

Thank you for your assistance.

Contact: Laura Sayler
Phone: (970) 491-7135