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

April 26, 2017consequences fund gift incorrectly

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

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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.