Gift disposition policy
Donated tangible personal property, real property and other assets
will be sold unless the donated property directly contributes to the
University's central mission. Absent explicit donor restrictions, income
from the sale is credited to the unrestricted or endowment funds of the
University.
Tangible personal property defined
Tangible personal property includes, but is not limited to:
- antiques,
- art,
- artifacts,
- equipment,
- jewelry or gemstones,
- musical instruments, and
- valuable or rare books and manuscripts.
Tangible personal property disposition process
The process to sell/dispose of tangible personal property is:
| Stage |
Description
|
| 1 |
Disposal approved in writing by the Vice
President for Business and Finance, the Provost, and the Vice President
for Development. |
| 2 |
Vice President for Business and Finance will determine/notify the University office responsible for disposing of the property. |
| 3 |
Designated University office:
- obtains appraisal (cost deducted from net proceeds),
- contracts with broker or auction house to sell property as appropriate,
- receives sales proceeds,
- prepares final report of disposition of property (including any
costs related to the disposition) and submits report along with sales
proceeds to Finance Division,
- provides copes of final report to Provost and Vice President for Development.
|
| 4 |
Controller's Office prepares IRS Form 8282 for property >$5,000 and sold/disposed of within three years of receipt. |
Real property defined
Real property consists of real estate both improved (i.e., detached
single-family residences, condominiums, apartment buildings, rental
property, commercial property, etc.) and unimproved (i.e., acreage).
Real property disposition process
The process to sell/dispose of real property is:
| Stage |
Description |
| 1 |
Vice President for Business & Finance
works with Board to determine appropriate disposition of real property
(i.e., whether to retain as investment or sell). |
| 2 |
Office of Vice President for Business & Finance obtains qualified appraisals and markets the real property accordingly. |
| 3 |
Broker sells real property and delivers proceeds to Business & Finance Division (Treasury). |
| 4 |
Business & Finance Division (Treasury) credits proceeds in accordance with expressed donor wishes. |
| 5 |
Office of Vice President for Business
& Finance prepares final report of disposition of property
(including any costs related to the disposition) and distributes to
- Board of Regents,
- Provost,
- Vice President for Development, and
- Controller
|
| 6 |
Controller prepares IRS Form 8282 for real property >$5,000 and sold/disposed of within three years of receipt. |
Other assets defined
Other assets include, but are not limited to, promissory notes,
assignment of promissory notes, partnership interests, and restricted or
non-publicly traded securities.
Other assets disposition process
The process to sell/dispose other assets is:
| Stage |
Description |
| 1 |
Office of Vice President for Business
& Finance obtains appraisal, as deemed necessary, to determine fair
market value of the property. |
| 2 |
Office of Vice President for Business & Finance will arrange for the sale of the property. |
| 3 |
Office of the Vice President for Business
& Finance receives proceeds of sale and deposits in accordance with
expressed donor wishes. |
| 4 |
Office of Vice President for Business
& Finance prepares final report on the disposition (including any
costs related to the disposition). |
| 5 |
Controller prepares IRS Form 8282 for other assets >$5,000 and sold/disposed of within two years of receipt. |
Related policies
Capital Assets Management Policy, Gift Acceptance Policy (available from University Development), Gift Accounting Policy.
Additional information
Contact the Controller's Office for additional information.