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2017-2018 Student Handbook & University Policies 
    
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2017-2018 Student Handbook & University Policies [ARCHIVED CATALOG]

In-Kind Gift Acceptance Policy DV.001

LU Policy Number: DV.001

Effective Date: 9/1/2017

Approval Date: 9/5/2017

Revised Date: N/A

Purpose: In-Kind Gift Acceptance

Additional Authority: N/A

Scope: All Employees(Faculties and Staff) of Life University

Approval Authority: President

Responsible Authority: University Advancement

Definitions:

Gifts in kind, also referred to as in-kind donations, is a kind of charitable giving in which, instead of giving money to buy needed goods and services, the goods and services themselves are given. Gifts in kind are distinguished from gifts of cash or stock.

Policy Title

In-Kind Gift Acceptance Policy

Policy Statement

All in-kind donations must be processed through the University Advancement Division. This includes the involvement of the Development Department for donor interaction and gift intention and the Advancement Services Department for processing and logistics.

Procedure(s)

The contributing company or individual must complete an in-kind gift form and deliver or send it to Advancement at the time of the donation. Advancement uses the form to:

  • Inform the Finance Department that the University has acquired assets, which are later subject to verification by auditors.

  • Log the information into the records database. 

  • Acknowledge and thank the donor.

  • Contact the individual/ department receiving the donation to confirm that the paperwork process has been completed.

If the contributing company/individual wants recognition/benefits in return for their product or contribution, they must work with University Advancement to negotiate these benefits. 

If an equipment donation is not an in-kind donation but is “on loan” or “on consignment,” then an email must be sent to Amy McIlvane in the Finance Department, the dean of the respective college and the Vice President for University Advancement describing what is on loan and for how long. Very limited recognition is provided to companies that loan equipment or supplies.

Before an in-kind gift can be delivered to campus, prior acceptance must be provided to the donor by the Advancement Division and a delivery date must be scheduled.

1.Examples of In-Kind Gifts

 Tangible property includes, but is not limited to, such items as:

  • Cameras and optical equipment

  • Computers and other technology

  • Biomaterials

  • Clinical equipment and supplies

  • Furniture

  • Works of art

  • Manuscripts and archival materials

  • Jewelry

  • Automobiles

  • Films and recordings

  • Books

Gifts of tangible property such as paintings or other works of art, jewelry, furniture or collections as such, will not be accepted if made on the condition or expectation that the items will be permanently exhibited or that the collection will be maintained as such.

2.Valuation of In-Kind Gifts

  • If proposed gifts of tangible personal property are of scholarly interest or use to LIFE, they shall be retained as part of LIFE’s collection. Gifts of little artistic value or those lacking historical, literary or scientific significance, or practical use will not be accepted. LIFE reserves the right to sell or dispose of any in-kind gift that it deems unnecessary to keep. It is the responsibility of the Development Officer to inform the donor whether LIFE plans to retain the property for the immediate future and to alert the donor of any tax consequences of this decision.

  • The suggested minimum value of tangible personal property intended to be sold is $25,000. When the estimated value of the proposed gift is less than $25,000, the donor should be encouraged to sell the property and donate the proceeds.

  • If the proposed gift items are of special interest to LIFE, the minimum gift value of $25,000 may be waived.

  • It is the donor’s responsibility to establish a value for the gift and to provide, at the donor’s expense, a qualified appraisal as required by the IRS. If a third party appraisal is not provided, LIFE will likely value the gift at $1 US. 

  • LIFE will adhere to all IRS requirements regarding the acceptance of personal property. When an IRS Form 8283 is provided by the donor, the Chief Financial Officer is responsible for its execution on behalf of LIFE and, if the property is sold within two years, shall complete and file IRS Form 8282.

3. Gift Acceptance Authority

The following people have the authority to accept in-kind gifts on behalf of the University:

  • LIFE Board of Trustees

The Chairman and Treasurer of the Board of Trustees are authorized to accept gifts on behalf of LIFE. 

  • The President of LIFE is authorized to accept gifts on behalf of LIFE.
  • Beyond the President, gift acceptance must minimally include the VP for University Advancement and Dean or Director of the school or department that will benefit from the in-kind donation.

LIFE Counsel

By providing or facilitating advice concerning the impact of the tax and other laws, LIFE may seek counsel to assist Development Officers to structure specific gifts in such a way as to best meet the needs of LIFE and of the donor. Development Officers must, nonetheless, strongly encourage donors to seek counsel from their own legal and financial advisors. In addition, counsel may be sought for advice and legal representation concerning LIFE’s interest in estates in probate and distributions from trusts

Other Notes

N/A