Operating Policy and Procedure
HSC OP: 02.06, Reporting of Gifts and Grants from Private Philanthropic Sources
PURPOSE: The purpose of this Health Sciences Center Operating Policy and Procedure is to set forth Texas Tech University Health Sciences Center policies and procedures related to reporting gifts, donations, and non-contractual grants to Texas Tech University Health Sciences Center and Texas Tech Foundation, Inc.
REVIEW: This Health Sciences Center Operating Policy and Procedure will be reviewed on April 1 of each even-numbered year (ENY) by the Vice Chancellor for Institutional Advancement. Changes regarding financial procedures will be made with the concurrence of the Executive Vice President for Finance and Administration (EVPFA).
POLICY/PROCEDURE:
1. External Reporting.
a. Texas Tech University Health Sciences Center (TTUHSC) and Texas Tech Foundation, Inc. (TTFI) currently are conducting activities to raise funds from private philanthropic sources. In order that the fund-raising efforts of TTUHSC and TTFI may be meaningfully compared with such efforts by other institutions, these fund-raising activities are reported to the Council for Advancement and Support of Education (CASE) in accordance with the reporting standards promulgated by CASE, as they currently exist or may be amended from time to time.
b. Additionally, TTUHSC and TTFI have adopted certain standards by which gifts from private philanthropic sources will be reported to the public.
2. Internal Reporting.
a. An Office of Institutional Advancement clearing account (balance sheet account) has been established within each of the entities for which the Office of Institutional Advancement reports gifts - TTUHSC and TTFI.
b. All gifts receipted by the Office of Institutional Advancement will initially be deposited and credited to the appropriate clearing account in the appropriate entity. Gifts will be identified according to the following categories:
(i) Cash gifts
(ii) Gifts-in-kind
(iii) Gifts of securities
(iv) Planned gifts
c. Gifts are deposited into the appropriate clearing account, and nightly funds are electronically transferred from the Advance System into the Banner system. On a daily basis, the clearing account will be reconciled to verify that all gifts deposited and transferred electronically have cleared the Banner and Advance systems and are in the appropriate account. The above process will assure that any gift not being recorded or originating from the Office of Institutional Advancement can be identified easily on an individual account basis by reviewing ledger sheet reports just for this purpose. All such transactions identified are in violation of OP 01.02, section 2.c.
d. The Office of Institutional Advancement will prepare a detailed reconciled list of all outstanding gifts awaiting accounts to be established. At the end of each month, a gift and grant report of the month ended will be submitted to the VCIA for review and distribution if necessary.