Frequently Asked Questions
Q - What do I do with updates I receive on alumni or donors?
Q - How do I process a cash/check gift to the University?
When a gift by check (or cash) is received by a campus unit, the following steps should be followed:
Endorse the check(s) "For Deposit Only" immediately. Endorsement stamps are available from the Business Office head Cashier.
If the check(s) was received by mail, keep the envelope. Use the Gift Log Form to make a log of the check(s). Print two copies of the Log.
Within that business day, deliver one signed copy of the Gift Log Form, the check(s), the envelope(s)--if received by mail--and any correspondence included therewith to the Alumni Relations Office at Jere Whitson Hall, Room 103. The Alumni Relations Office is open from 8 a.m. until 12 Noon and from 1 p.m. until 4:30 p.m.
Q - How do I process a gift-in-kind (GIK) to the University?
No gift item--e.g. computer equipment, a car, laboratory equipment, clothing, etc.--may be accepted or placed on Tennessee Technological University property until a gift-in-kind form has been completed—all signatures obtained. Care must be exercised to assure that a gift of property, equipment, etc., does not involve any potential liability for the University.
Advancement Services has created a website to allow you to complete gifts-in-kind over the web. Following are instructions to help you.
We need the name of the individual reporting the gift. This can be the donor or someone in the department who is filling out the form in the donor’s behalf. This person will be called if there are any questions.
We need the name of the department reporting the gift.
A brief description of the gift is also needed. Some gifts have to be tagged by physical plant as university property, so an accurate description is important.
The question concerning goods and services provided relates to the IRS requirements and must be answered by the recipient department of the gift.
Donor name and address must be completed.
Gift value must be determined before the form is sent to University Advancement. Back-up for the value allowed, for example receipts if an item has been purchased or appraisals provided by the donor, for the gift-in-kind must be attached.
If the gift is computer-related, the form must be routed through the Associate Vice President of Information Technology Services for approval.
If the gift is a book or periodical, the form must be routed through the Director of the Library.The form must have all the signatures. After the Vice President of University Advancement has signed the form, a copy will be returned to the department. No gift can be officially accepted until this process is complete.
Q - How do I process a gift of stock?
Appreciated securities are an excellent taxwise choice for making a gift to TTU. The simplest way to make a gift of publicly traded stocks, bonds, or mutual funds is to use your own broker, who may hold your securities in certificate or "book entry" form. Simply instruct your broker to transfer your securities into the following Tennessee Technological University account:
Wells Fargo Advisors
Contact: Michelle Whiteaker (931) 646-4208
Additional information may be found here.
Q - What constitutes a gift to the University?
A gift is defined as funds or property that has value for the University’s mission and is voluntarily bestowed upon the TTU Foundation or the University without expectation of return or compensation on the part of the donor. (Unlike a grant, which is recorded/reported through the Research Office, where the sponsor retains rights or/and control of the funds usage, and may stand to benefit from the results generated by funds expenditure.)
- Cash/Check/Credit Card (one-time gift)
- Gifts in kind (e.g. computers, uniforms, land, etc.)
- Payroll deductions
- Electronic Funds Transfer
- Periodic Credit Card Payments (agreement to make multiple payments)
- Matching Gifts
- Bequests (wills)
- Life Insurance Policies
Q - What is a Letter of Agreement (LOA) and when is it required?
Funds permanently restricted—Endowments—must always have guidelines, a Letter of Agreement (LOA) (See Sample Annual , Fully Funded , and Pledged Letters of Agreement), for use of the funds. The Letter of Agreement documents the understanding between the donor(s) and the University of the restrictions/appropriate use(s) of the fund. It is also often useful to have LOAs for other funds, such as annual scholarships, to assure understanding between the donor(s) and the university. A University Development Officer should always be involved early in the process with a potential donor and before any document is presented to a donor. Processing of LOAs has been centralized. The administrative assistant to the Vice President for University Advancement types LOAs in final format and screens for appropriate, agreed upon University language. Letters of Agreement should be signed by the appropriate donor(s), the administering unit head, and the Vice President for University Advancement. After all signatures are obtained, accounting numbers are assigned through the Advancement Services office, originals are filed with the Gifts/Records center, and copies are sent to all relevant parties. The administering unit is defined in the Letter of Agreement. The administering unit is responsible for making awards and notifying recipients, expenditures, and accounts reconciliation, notification of persons requiring annual reports, and all other administrative functions relevant to the fund. Upon receipt of a copy of a completed Letter of Agreement, the Administering Office office should immediately establish appropriate file(s) and begin accounts reconciliation, etc. At a minimum, the administering unit must report to the donor(s) information relevant to expenditures/awards from the accounts annually.
Q - What are the steps that a department should follow if it wants to engage in fund raising activities?
Prior to any solicitation of gifts or contributions, a Fundraising Project Request Form must be approved. This form is to be reviewed and signed by all appropriate administrators before submission to University Advancement. No fundraising activity should begin until this form has been signed by the Vice President for University Advancement. This includes solicitations in college/department newsletters or mailings to a specific college’s alumni.