Non-Cash Charitable Contributions

Policy Statement

The policies and procedures set forth in this document are intended to assist and guide the activities of University personnel who are involved in the acceptance of non-cash charitable contributions to Adelphi.

Reason for Policy

These policies and procedures are intended to provide a standardized and consistent approach to the University’s solicitation and acceptance of non-cash charitable contributions that protects our good relationships with the many alumni, friends, corporations, foundations, and others who benefit Adelphi through their philanthropy.

It also insures that the receipt of non-cash charitable contributions advances the University’s mission and is done in accordance with applicable local, state, and federal statutes. The guidelines are designed with sufficient flexibility to accommodate complex or unpredictable gift situations and donor expectations within the constraint of consistency with the University’s mission and policies.

Our University transforms the lives of all students by creating a distinctive environment of intellectual rigor, research, creativity and deep community engagement across four core areas of focus: arts and humanities, STEM and social sciences, the professions, and health and wellness.

Who Is Governed by this Policy

Staff

Policy

Non-cash gifts less than $5,000 may be accepted by Adelphi University staff for unrestricted use, provided the Office of the Vice President of University Advancement approves them. All non-cash gifts in excess of $5,000 must be approved by the Finance and Investment Committee of the Board of Trustees.

The following provisions for accepting gifts-in-kind must be considered:

1. Gifts of tangible personal property that can be directly used to advance the University’s tax-exempt purpose, or gifts of long-term appreciated intangible property are eligible for claiming a deduction based upon the fair market value of the donated asset.
2. Gifts of tangible personal property not for exempt use, short-term appreciated intangible property, or ordinary income property are eligible for claiming a deduction based on the original cost (less depreciation) or fair market value of the donated asset, whichever is less.
3. They are easily sellable.
4. They are useful to Adelphi University.

A valid independent appraisal, provided by the donor, is required for all gifts valued $5,000 and over.

Considerations before deciding to accept or reject gifts of personal property will be:

1. Cost of selling.
2. Storage cost.
3. Transportation cost.
4. Maintenance and repair.

The Office of the Vice President of University Advancement will instruct the donor to consult his/her financial advisor for all matters related to charitable deductions.

The Office of the Vice President of University Advancement will advise the potential donor of the following IRS requirements:

The donor must have a written appraisal by a qualified appraiser on all gifts in excess of $5,000 and the appraisal.

The appraisal summary must contain the following information:

1. Donor’s legal name, address, and taxpayer Social Security, or Tax Identification number.
2. Description of the property sufficient to demonstrate that the property appraised is the property contributed.
3. For tangible property, a brief summary of the overall physical condition of the property at the time of the donation.
4. The manner and date of acquisition by donor.
5. Donor’s basis in the property.
6. Date the Office of the Vice President of University Advancement received the property.
7. Name, address, and taxpayer Social Security or Tax Identification number of the qualified appraiser.
8. The appraiser’s fair market value of the property on the date of the contribution.
9. The appraiser’s declaration that he or she is a qualified appraiser.
10. The appraiser’s declaration that the fee for the appraisal was not determined under a prohibited method and that the appraiser has not been disqualified from rendering appraisals for tax purposes.

The Office of the Vice President of University Advancement complete Section B, Part I (Form 8283) (Donee acknowledgement) after the document is properly completed by the donor.
The Office of the Vice President University Advancement is required to complete IRS Form 8282 (Donee Information Return) and send a copy to the donor and the IRS under the following conditions:

• If the Office of the Vice President of University Advancement sells, transfers or disposes of the property within 3 years after the date of the receipt of the contribution if the original value declared exceeded $5,000.

Non-Cash Charitable Contributions are entered into the appropriate donor record in the University’s donor database.

Definitions

This policy does not have definitions associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.

Forms

This policy does not have forms associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.

Related Information

This policy does not have related information at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.

Document History

• Last Reviewed Date: December 31, 2017
• Last Revised Date: December 31, 2017
• Policy Origination Date: Unknown

Who Approved This Policy

Brady Crook, Vice President, University Advancement