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Gift funds - frequently asked questions

What are the consequences of incorrectly adding an amount to a gift fund?

If money or property is incorrectly received, it must be removed from the gift fund as soon as practicable and the accounts adjusted and noted accordingly. The gift fund will need procedures to ensure only the proper amounts, and all of these amounts, are credited into it.

Sections within Maintaining a gift fund

Last Modified: Wednesday, 26 August 2009

Table of contents

Setting up a gift fund

Maintaining a gift fund

What are the procedures for maintaining a gift fund?

Is a separate bank account required?

What amounts go to the gift fund?

What amounts do not go to the gift fund?

What are the consequences of incorrectly adding an amount to a gift fund?

What can a gift fund be used for?

When does money or property cease to be a part of the gift fund?

What if a gift fund is not maintained?

If a DGR consolidates two or more of its gift funds into a single gift fund, what records does it keep?

Winding up a gift fund

DGRs endorsed as a whole

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