Tangible personal property can only be accepted by the Gift Acceptance Committee or other persons authorized to do so by the Gift Acceptance Committee. A gift of tangible personal property may be accepted provided that:
- Such a gift is consistent with the mission of the University;
- Acceptance of such a gift will not involve significant additional expense in its present or future use, display, maintenance, or administration; and
- No financial or other burdensome obligation or expense is or will be directly or indirectly incurred by UGAF as a result thereof.
The receipt and acceptance of gifts of tangible personal property by Vice Presidents, Deans, Directors, and other authorized officers shall be reported in detail promptly to UGAF for confirmation and formal acceptance. Unless otherwise specified as a condition of the gift, UGAF, in assuring that the donor’s intent for the gift is honored, is empowered to retain the gift of property, turn it over to the University, or liquidate it for the benefit of the UGAF.
What is Tangible Personal Property?
Examples of tangible assets include works of art, equipment, etc. Gift Accounting generally accepts the value provided by the donor for items valued less than $5,000. However, the donor must complete Part I of IRS Form 8283 for gifts values between $500 and $4,999 to qualify as a charitable contribution for Income Tax purposes. In addition, for gifts valued at greater than $5,000, the donor must also provide an appraisal or other third-party verification of the value. Regardless of value, the donor must complete a Deed of Gift form to irrevocably transfer ownership to UGAF. Upon receipt of the appropriate documentation, Gift Accounting issues a gift receipt describing the item(s) donated, and if the donor provided Form 8283, UGAF will return the signed form with the receipt. This receipt does not include a dollar value.