Pursuant to Internal Revenue Code Section 6050I, the University is required to report to the Internal Revenue Service (IRS) the receipt of cash payments in excess of $10,000 in a single transaction or two or more related transactions from an individual or organization within a 12-month period.
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, must be filed whenever more than $10,000 has been received from an individual or organization in the prior 12 months. Form 8300 must be filed within 15 days of receipt of the payment that is over $10,000 or that causes the total receipts for the last 12 months to total more than $10,000. Per the IRS, cash donations or gifts are exempt from Form 8300 reporting.
The statements to the payer and the person the payment was received on behalf of will include the following information:
Other Reference Materials
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRS-Form-8300-Reference-Guide
http://www.irs.gov/pub/irs-pdf/p1544.pdf
http://www.irs.gov/pub/irs-pdf/f8300.pdf