Depositing Money Into Your Account

Any gift/grant received by a Stony Brook University Department, Advancement Officer, Center or Program should be forwarded within 24 hours via campus mail or in person to:

Stony Brook Foundation Business Office, Room 230
Administration Building, Z= 1188

• How To

  Key Steps for Success:

   1. Any gift/grant received by a Stony Brook University Department, Advancement Officer, Center or Program should be forwarded within 24 hours via campus mail or in person to:

  Stony Brook Foundation Business Office, Room 230
  Administration Building, Z= 1188 
  
  2. A Gift Deposit Form must accompany each deposit in order to ensure that the proper donor and account are credited with the gift. Please see the Instructions for SBF Gift Deposit Form for help.

  3. The original donor's letter and/or other substantiating documentation must accompany each deposit. Checks for deposit into a Foundation account should be made payable to "The Stony Brook Foundation." Please keep a copy of the signed form for your records.

  4. In the case of any other deposits (loan repayment, repayment of advances, reimbursement of expenses, etc.), a Receipt Transmittal Form must be submitted along with supporting documentation for each deposit. See the Instructions for Receipts Transmittal Form for helpful instructions. Please keep a copy of the signed form for your records.

• Forms
  • A Gift Deposit Form
  • Instructions for SBF Gift Deposit Form
  • Receipt Transmittal Form
  • Instructions for Receipts Transmittal Form
• Contact

  Have Questions? Need Help Depositing Money Into Your Account?  Contact your SBF Accounts Receivable Manager:

  John Gibbons
  (631) 632-7072
  John.Gibbons@stonybrookfoundation.org

• FAQ

  Why do I need to provide supporting documentation?
  As per audit requirements, in order to ensure that a donors intent is met, gifts should be accompanied by the original donor's letter and/or other substantiating documentation such as a solicitation letter, donor letter, email etc.
  
  Why can’t I donate to my own account?
  In order to comply with IRS regulations regarding charitable gifts from donors, SBF cannot allow a donor to have control over their charitable gift.  An employee is permitted to make a gift to support their department or their school, but cannot have access to use the funds in any way and must relinquish control.  Any staff who reports to the employee who is making a gift is also not authorized to be on the account. Only the employee's director supervisor and/or an authorized account holder should have control over the use of funds.
  
  Why can’t I deposit funds into my “23XXXX” current use account
  The “23” current use account was established for the funding that comes from a portion of the income generated by the endowment’s investment; this should be the only source of funding that is deposited into a SBF account #23XXXX.
  
  Why can’t I deposit funds with restrictions into my general account if I know about it and will spend the funds correctly?
  We are unable to deposit a check with more restrictions into an account that has less restrictions. In order to honor a donor’s intent we need to ensure that, if they noted a specific purpose for the donation, that it is only used for that purpose. If we deposit funds with restrictions into a general account there is no way operationally for SBF to ensure that the donor’s intent has been met. If the language for solicitations is general in nature, there will be more flexibility with using the funds and the funds can be deposited into the general SBF account.