Relinquishing Gifts to an External Institution
Welcome to the CFO Business and Finance Policy Office Open Comment Blog!
The Office of the Vice President, Chief Financial Officer & Comptroller announces an open comment period, beginning March 18th and closing March 27th at 5 p.m. CT, to present updates to existing gift relinquishment policies in Section 11 Gifts and Endowments of the Business and Financial Policies and Procedures Manual. The proposed policies are being presented as 11.4 Relinquishing Gifts to an External Institution and replace existing subsection 11.4 Transfer of Gifts to Another Institution.
The updated policies and procedures clarify requirements when an employee separates from the University of Illinois System for employment at an external institution, and they request to either:
- relinquish money from a system gift fund to an external institution,
- relinquish assets (such as equipment) which were purchased from a system gift fund to an external institution, or,
- relinquish assets (such as equipment) which were donated to the system as a gift-in-kind to an external institution.
Highlights of the policy and procedural updated include:
- Separating relinquishment types into specific categories,
- Clarifying the requirements that must be met before a relinquishment can occur,
- Integrating additional related property accounting requirements into relevant procedural steps, and,
- Creating a new job aid for relinquish money from a system gift fund to an external institution.
Please review the policy by downloading the PDF document below and provide feedback.
11.4 Relinquishing Gifts to an External Institution (PDF)
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