Policy 3107 - Gift-in-Kind
Effective Date: 8/26/2000
Responsible Office: Vice President for University Advancement
Gifts-in-kind to the Foundation for use of University entities include items of tangible personal property which will be used by the university entities such as equipment, reference materials, supplies, items of clothing, etc. In some instances such gifts may include hotel accommodations, meals, professional services, etc.
Gifts-in-kind are accepted and acknowledged by the Foundation. Typically, gifts-in-kind given to the Foundation are tangible personal property or real estate where the expectation is that the item will be sold and the proceeds allocated to a particular Foundation fund as designated by the donor.
In most instances, standard receipts are not issued; rather an official letter of acceptance is issued by the Foundation.