In-kind gifts are non-monetary gifts received, which may include equipment, livestock, tools, software, paintings, furniture and any other items that could be deemed to have value. The Gifts-In-Kind Transmittal Form, which is available online, is used to record these gifts. This recordation will assure that all university and Foundation assets are properly accounted for and insured.
It is suggested that each department maintain a file of in-kind gifts received. Upon receipt of an in-kind gift, the transmittal form should be promptly completed and sent to Gift Accounting at 902 Prices Fork Road, Mail Code 0336. The department receiving the gift should retain a copy of the transmittal form. It is important that the form be completed in its entirety. Copies of any correspondence related to the gift must accompany the transmittal form.
The donor may need an IRS Form 8283 to receive a tax deduction for gifts greater than $250. These forms, along with copies of the IRS instructions, may be obtained from Gift Accounting. The IRS Form 8283 is completed by the donor and should be attached to the Gifts-In-Kind Transmittal Form. If a donor forwards a completed IRS Form 8283 after the transmittal form has been submitted to Gift Accounting, the IRS Form 8283 should be forwarded directly to the Foundation Accounting Office.
As charitable contributions in support of the university are received by the foundation, all donor requests for acknowledgement on an IRS Form 8283 must be signed by the Foundation Controller, or his or her designee, prior to the form being returned to the donor. The department and/or a development officer should coordinate this process with the donor. An IRS Form 8283 cannot be provided to a donor until the proper gift documentation has been received and entered into the donor database to ensure that the foundation complies with IRS requirements.
Upon receipt of the transmittal form in Gift Accounting, the gift is entered into the donor database. The original transmittal form is then forwarded to the Foundation Accounting Office. Unless otherwise agreed to at the time of receipt, all in-kind gifts will be entered on the books of the foundation, and title will immediately be transferred to the university, where the gift will be entered into property records. Gifts of fine art, antiques and livestock will not be transferred to the university, as a matter of policy.
There are certain IRS regulations and reporting requirements for vehicle donation. Please contact VTF Fixed Asset Accounting at 231-2742 for assistance prior to acceptance of any vehicles to assure compliance with IRS rules.
Only officers of the foundation are authorized to sign contracts, licensing agreements, or other contractual documents pertaining to gifts made to the foundation. Care should be exercised in the review and signing of any receipts or shipping reports for in-kind gifts to assure compliance. Questions concerning these procedures may be directed to the University Development Office or the Foundation Accounting Office.