Gift funds - frequently asked questions

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

Money or property ceases to be a part of the gift fund when it is not used for the principal purpose of the fund, authority or institution.

If you transfer property out of a gift fund to the fund, authority or institution and it is used in carrying out its principal purpose and the property is then sold, you do not need to credit the money received from the sale to the gift fund. However, you must record the transfer of the property out of the gift fund.

Sections within 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?