Gifts-in-Kind
| Effective Date: |
09.22.1976 |
Revision Date: |
|
| Chapter Name: |
University
Development |
Policy Number: |
5.4 |
| Policy Name: |
Gifts-in-Kind |
| A
PDF version of this policy is available
via this link. |
It is the purpose of this policy to insure that
gifts-in-kind to the University be properly inventoried,
appraised, catalogued and otherwise identified for
the benefit of both the University and donors; to
insure that all gifts-in-kind are properly acknowledged
by and on behalf of the University; and. further,
to insure that all gifts-in-kind are accepted within
the guidelines and laws of the state.
Gifts-in-kind to the University may be accepted
only by the president or the director of development
subject to the approval of the Board of Regents
and within the statutes and regulations prescribed
by the state of Michigan.
Gifts-in-kind normally cannot be accepted if a
financial obligation is imposed by the donor upon
the University for display, maintenance, or repair.
The University will take appropriate measures to
safeguard, utilize or display gifts-in-kind according
to type, value, and condition as determined by the
University and donor.
The director of development shall acknowledge gifts-in-kind
to the donor(s) providing appraised values for tax
purposes.
| Authority
for Creation or Revision: |
| Minutes
of the Board of Regents, September 22, 1976;
para. .1692M. |
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