Gift:A contribution received by an institution for either unrestricted or restricted use in furtherance of the institution for which the institution has made no commitments of resources or services other than possibly, committing to use the gift as the donor specifies. (CASE)

CASH, CHECKS, AND CREDIT CARDS

MATCHING GIFTS

Usually an employer that matches an employee’s charitable gift, at a stated percentage.

REAL ESTATE/PROPERTY

Real estate is land, its natural resources, and any permanent building on it. Becomes a gift to the institution when a transfer of ownership has taken place. Occurs when property or clear title to the property has been delivered to the institution or the institution’s legal agent. Valued at fair market value. An independent appraisal within the past 6 months for property of $5,000 or more.

MARKETABLE SECURITIES/STOCK (PUBLICLY TRADED STOCK)

Recorded at the average of the high and low quoted selling prices on the date the donor relinquished dominion and control of the assets.

CLOSELY HELD STOCK

$10,000 or less may be valued at the per-share cash purchase price of the most recent transaction.

Exceeding $10,000 in value, reported at the fair market value placed on them by a qualified independent appraiser as required by the IRS or CRA for valuing gifts of stocks that are not publicly traded. For closely held stock, the Foundation would plan on liquidating the stock as quickly as possible in order to avoid Unrelated Business Taxable Income and would likely seek out a buyer prior to the donation.

GIFTS-IN-KIND

Generally defined as non-cash donations of materials or long-lived assets other than real and personal property. Must be of use to, and accepted by, the department donated to, and meet CASE and IRS rules and guidelines. University must maintain ownership of the gift for a minimum of three years. GIKs are receipted with a $0.0 value and it is up to the donor and their tax advisor to establish the value of the gift.

Under $5,000, the donation should be valued at the amount the institution would have purchased the item outright from a vendor.

$5,000 and over, requires a written, independent appraisal within the last 6 months.

Examples of GIKs include art, equipment, automobiles, aircraft, and collections of books...

PLANNED/DEFERRED GIFTS

Planned gifts or future commitments, usually part of estate planning, i.e. Bequests, Charitable Remainder Trusts, Annuities, Estates. Detailed information can be sought from our Planned Giving group.

PLEDGES

Commitments to make future gifts. Must be captured in a written agreement with a payment installment plan, usually over a time period of 5 years or less.