Procedure for Issuing Receipts
Approval Date: 2018-06-14
Effective Date: 2018-06-14
Responsible Unit: Office of Development
Gifts for which the University issues charitable donation receipts must comply with applicable federal and provincial tax regulations.
Gifts of cash, cheques, credit cards or negotiable securities to which no conditions are attached are routinely accepted and administered by the Office of Development.
Within the Office of Development, the Advancement Services and Operations unit is responsible for:
- Depositing and processing philanthropic gifts to the University.
- Issuing tax receipts that are compliant with Canada Revenue Agency requirements.
- Co-ordinating the distribution of tax receipts and related gift acknowledgment correspondence for gifts.
- Acknowledging gifts of cash, cheques or credit card within a reasonable period of time (usually within seven business days of receipt of gift).
For gifts of publicly traded securities the charitable receipt amount will be determined by:
Electronic Transfer – If the donated securities are sold the day they are received into the University’s account, the fair market value of the gift will reflect the actual gross proceeds to the University. If the donated securities are sold after the day they are received into the University’s account, the fair market value will be determined by reference to the closing market price on the day they were received into the account.
Physical Transfer – Once the donor has transferred the actual share certificates to the University, the fair market value will be based upon the closing market price on the day that the University received the physical possession of the securities.
The University prefers that the donor to makes a gift of securities via electronic transfer. The transferring of shares electronically between two different brokerage firms can sometimes take more than one business day and during this time, price fluctuations can occur. The University sells donated securities as early as possible.
Receipting for Fundraising Events
Receipts may be issued for the charitable portion of ticket prices for University-approved fundraising events at the discretion of the Executive Director of the Office of Development. Normally, the University does not issue these types of tax receipts.
Replacement of Lost Receipts
To replace a lost receipt, the University can re-print the original receipt or may issue are placement. If a replacement is produced, the new receipt must refer to the original receipt number and indicate that it is a replacement.
Receipts are issued to the actual donor of the gift. In the case of a gift by cheque or credit card, the receipt is issued to the person (or people) whose name(s) appear(s) on the cheque or credit card. In the case of a gift of cash, the University refers to accompanying documentation to determine who receives the receipt.