As you work with donors on year-end giving, please be aware of the following deadlines to ensure that your donors receive calendar 2022 tax treatment for their gifts:
NOTE: All times are Eastern Standard Time and December 31, 2022 is a Saturday causing public markets and banks to be closed. Monday January 2, 2023 is a University observed Holiday.
ELECTRONIC TRANSFERS:
Wire transfers of stock or other securities and cash must be received in the UT Foundation or UC Foundation account before the close of business on Friday, December 30, 2022. Please make certain your donors are aware that electronic transfers can take 24 hours and as much as 48-72 hours. Electronic transfer instructions are available at https://utfi.org/giving/cash-gifts/
In order for gifts of securities to qualify as 2022 gifts, the securities must be received in the Foundation’s brokerage account by December 30, 2022. It does not matter when the donor initiates the transfer. Electronic transfers of securities should be initiated on Friday, December 23, 2022, to qualify as 2022 gifts. Gifts of mutual funds and physical stock certificates should be initiated by December 15, 2022, for calendar year 2022 credit. For gifts of securities, please encourage donors to utilize the Foundation’s brokerage account at BNY Mellon / Pershing. https://utfi.org/giving/stocks-securities/
CREDIT CARDS:
For Knoxville and Institute of Agriculture staff, credit card gifts that require manual processing need to be received by Central Services at the 1525 University Avenue office location no later than
3:00 p.m. EST on Friday, December 30, 2022.
For UT Chattanooga, Health Science Center, Martin and Southern staff, your campus advancement services office will provide specific dates when they will be available during the December holidays.
If a donor gives you credit card information on or before December 30, but you don’t relay the information to gift processing until January 1, 2023 or after, then the gift is made in 2023, not 2022. This is federal law.
ONLINE GIVING CREDIT CARDS:
All credit card transactions processed via our online communities before 11:00 p.m. on Saturday, December 31, 2022 will qualify as 2022 gifts.
U. S. MAIL:
Stock, checks or other gifts sent by U.S. Mail must bear a 2022 postmark (the original envelope must be retained by Constituent Management—this is an audit issue and if we don’t have the envelope then the gift was made in 2023).
HAND DELIVERY:
For Knoxville and Institute of Agriculture staff, stock, checks or other gifts hand delivered to any UT staff must be delivered to Central Services at the 1525 University Avenue office location no later than
3:00 p.m. EST on Friday, December 30, 2022.
Donations submitted by Knoxville and Martin January 1 through January 7 via electronic gift transmittal form for December 2022 contributions must have a prepared by date of December 31, 2022.
Please plan ahead! Refer questions to UTFI Central Services at 865-974-5477 or Constituent Management at 865-974-0381.