Non-monetary donations and gifts (equipment, land, textiles, manuscripts, etc.) with a combined value of $5,000 or more that are received from outside sources need to be reported by completing the Donation/Gift Form. The value of each donation will be recorded to your department's 27 donation/gift WBS.* The donor must provide a dollar value of the gift when it is donated. If the donor refuses to provide a value, the department/college is responsible for obtaining an appraisal so a value can be established. Donations cannot be valued by University staff/faculty. The recorded gift revenue and corresponding expense will net to zero and have no effect on the balance in the provided cost object. If the value of the donation or gift meets the criteria in the capitalization policy, it will be tagged and capitalized. Departments receiving non-monetary donations directly (not through the Foundation) should provide the Assistant Vice Chancellor for Financial Services the donor contact information, description of item(s) donated, and value. The Assistant Vice Chancellor for Financial Services will send a letter to the donor acknowledging receipt of the item(s) and thanking them for their generosity.
If you plan to dispose of the donated property within three (3) years of the date of the donation, please be aware of the IRS requirement related to Form 8282 (http://www.irs.gov/pub/irs-pdf/f8282.pdf). Such disposal may have a negative impact on the charitable income tax deduction claimed by the Donor. If you have any questions, please contact Liwei He 472-4316, or Ben Mayeux 472-3966.
*If your department does not have an established donation/gift WBS, please contact your Grant Coordinator in Sponsored Programs.