Gifts Management

The Office of Financial Affairs is responsible for the proper recording and reporting of all University gifts and endowment funds.

The Office is responsible for the accounting management of all gifts, which may be grouped into the following categories:

• Unrestricted gifts
  • Unrestricted gifts supporting general scholarships and other operating purposes recorded in and supporting activities in the operating budget.
  • Unrestricted gifts may be designated for specific purposes and recorded in designated funds.
• Restricted gifts include those restricted by a donor with respect to timing or use of funds not otherwise funded by the University.
• Endowments include gifts which are designated by a donor to be maintained in perpetuity, with annual spending from return earmarked in support of scholarships, school or program specific funding, chairs and faculty, or other specific activity.
• Quasi-Endowments include funds functioning as endowments and may include unrestricted gifts earmarked by the University, such as naming gifts, for long-term support of the University.
• ON THIS PAGE:
• Policies
• Forms
• Contact Us
• FAQ

Policies

Gifts management requires compliance with various University policies.  The following policies are available resources to assist in the administration of gifts management:

• Gift Policies
  (Includes: Gift Policy, Gift Date Policy, Gift Receipt Policy, Gifts via Payroll Deduction, Matching Gifts, Gift Return, Grants vs. Gifts, Gifts of Publicly Traded Securities, Gifts in Kind, Pledge Policies, Naming Gifts, and New Gift Accounts)
• Raffle Policy

Forms

• Request for New Gift, Endowment, Agency or Plant Form
  This form and supporting documentation is required to establish or re-open a fund.  When complete, please send Gift and Endowment requests to the Director of Development Operations in the Development Office.  Please send Agency requests to the Assistant Controller for Gifts & Endowments in the Controller’s Office.
• Raffle Registration Form
  This form and supporting documentation is required to hold a raffle at the University or at University events.  When complete, please forward to the Office of Legal Affairs. 

Development Office Contact

Frequently Asked Questions

Q. Who has access to view gift fund activity and balances?

A. Employees identified at the inception of the gift fund will be provided viewing access to the fund in Banner. If you have been designated by your supervisor to have online access to a specific gift fund, your supervisor must email a completed Banner Finance Security Request Form (see the Budget Office webpage) to the Budget Office at budgetoffice@hofstra.edu and copy the Associate Controller and the Director of Development Operations.  Once access is established, you will receive a confirmation email.

Q. How do I correct a posting error to a gift fund?

A. Please send an email requesting a reclassification to the Assistant Controller for Gifts & Endowments that includes all relevant information (the fund, organization code, account, amount, date, document number, and description) for the transaction to be reclassified and the fund, organization code, and account where it should be posted. Reclassifications cannot be processed until the initial expense or income is posted in Banner. Please also keep in mind that accounting guidelines dictate where expenses must be recorded, and on occasion, an expense may not be recorded in the account you requested.

Q. Do unexpended amounts carry forward to the following fiscal year?

A. Unexpended amounts in unrestricted designated and restricted funds do carry forward to the next fiscal year. Unexpended amounts in endowment spending funds do not carry forward to the next fiscal year. Amounts unspent are reinvested in the endowment.

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