Creighton University

Accounting Procedures

PROCEDURE TITLE:

Donated Assets

PROCEDURE NUMBER:

FAPR 02

RELATED POLICY STATEMENT(S):

None

DATE ISSUED: 

July 1, 1993

DATE REVISED:

July 1, 1997

OVERVIEW

 

Individuals and organizations frequently donate assets to Creighton that become the property of the University and should, therefore, be tracked and accounted for the same as an asset that has been purchased. This procedure provides general guidelines to ensure that this accountability occurs.

REQUIRED FORM(S)

 

None

PROCESSING STEPS

 

Whenever a department receives an asset by donation, they should advise the Development Office immediately, in writing. This notification should include an identification of the item received, its source, the date it was received, and, to the extent possible, its estimated market value. Upon receiving this information, the Development Office will advise the Controller's Office, in writing, of the existence of the asset. If the asset's value in $5,000 or more a journal entry recording the gift will be made in the receiving department's budget. In addition, if the gift is $500 or more it will be recorded onthe University's Fixed Asset System and properly tagged (reference FAPR 01).