Frequently Asked Questions

Q - What do I do with updates I receive on alumni or donors?

Please forward all updates to the Gifts/Records and Stewardship Center. You can send it campus mail to GRSC, Box 5111 or email JWSmith@tntech.edu. It is very important to send all updates to the GRSC. This office is responsible for maintaining all alumni information.

Q - How do I process a gift-in-kind (GIK) to the University?

No gift-in-kind should 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.
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  We need the name of the department reporting the gift.
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  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.
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  Account name and account number must be given. Account listed must be an account into which gifts-in-kind may be placed. No agency accounts - consult the business office if unsure whether proper account is being used.
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  The fund code number must be given. If you are unsure, please call the Gifts/Records Center at 6453.
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  The question concerning goods and services provided relates to the IRS requirements and must be answered by the recipient department of the gift.
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  Donor name and address must be completed. If CID number is unavailable, please call the GRC prior to completion of the form for assistance.
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  The constituent type of the donor must be completed (corporation, foundation, alumnus, etc.) The GRC can assist with this if necessary.
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  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.
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  If the gift is computer-related, the form must be routed through the Associate Vice President of Information Technology Services for approval.
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  If the gift is a book or periodical, the form must be routed through the Director of the Library.
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  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:

Wachovia Securities
Account: 83014496
DTC: 0141
Contact: Todd McNab (931) 528-2474

Your broker may require you to authorize the transaction by completing a short form. Although transfer time varies from broker to broker, it should not take more than a few days to complete. * We request that you inform Sharon Rader at (931) 372.3206 or srader@tntech.edu of a pending stock transfer so that we may facilitate the process.

Additional information may be found at:
http://www.tntech.edu/univadv/support/stockinstruct.html

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.)

Various types of gifts are received:

• Cash/Check/Credit Card (one-time gift)
• Stock
• 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
• Pledges
• Trusts
• 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.