Gift-In-Kind Policy

Source: Office of the Vice Chancellor for Finance and Administrative Affairs

Gift of Art

• When the Foundation receives a gift of art it intends to gift to the University, a memo containing the specifics on the art to be gifted should be prepared and submitted to the Budget Office. A copy of that memo is to be provided to the Office of Risk Management and Safety who will add the gift(s) to the art inventory.
• When the Foundation receive a gift it intends to hold and later sell, it should complete the paperwork to loan the art to the University until the sale is consummated. (Form is available in the Forms Downloading Area. If the art is to be stored or displayed, a copy of all paperwork should be given to the building supervisor where the material is stored or displayed.

Other Gift-in-Kind

• When the Foundation received a Gift-in-Kind (other than art) it intends to gift to the University, it prepares and submits a memo to the Budget Office containing the specifics of the gift(s).
• A copy of that memo is provided to the department/unit receiving the gift, notifying it of the gift and advising the department/unit of its responsibility to take appropriate steps to inventory the item(s). A copy of that memo is also provided to the Office of Risk Management and Safety.

Reviewed July 2014