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History

  • Policy Number: UA.02.002
  • Version: 1
  • Drafted By: Erika D. Beck
  • Approved By: Erika D. Beck
  • Approval Date: 4/27/18
  • Effective Date: 4/27/18
  • Supercedes:

Purpose

This California State University Channel Islands (CSUCI) policy establishes the definition of and guidelines for gifts-in-kind, including the acceptance, use, and reporting of gifts-in-kind.

 

This policy also sets a process to formally track and log with information regarding the assets’ useful life and final disposition, as required by CSU Auxiliary Organizations Sound Business Practices Guidelines §3.0, Donations, Programs Service Fees, Other Income.

Background

From time to time, the University may receive gifts of tangible items that are useful for student and academic programs, instruction and other purposes that further the core mission and priorities of the campus.

Policy

 

Accountability

President, Provost, Vice President for Business & Financial Affairs, Vice President for Student Affairs, Vice President for Technology & Innovation, Vice President for University Advancement, and/or respective designees.

Applicability

The policy applies to all University administrative and academic units, auxiliary enterprises and auxiliary organizations.

Definition(s)

Gift-in-kind: a donation of goods or property to campus. Examples include:

• Equipment

• Laboratory supplies

• Catering

• Jewelry

• Usable props

• Coins/Stamps

• Office Supplies

• Vehicles

• Gift cards

Text

The University may accept gifts of personal property, subject to a related use by the University or an understanding that the assets will/may be liquidated for cash. The University, rather than the CSU Channel Islands Foundation, will be the recipient of the gifts-in-kind.  University Advancement acts on behalf of the University and the Foundation to facilitate the acceptance and acknowledgment of such gifts.

 

Such gifts shall be used to further the core mission and priorities of the University and may include gifts of art, artifacts or other objects (including fractional interests).

 

The program area receiving the gift must ensure adequate funds are available to receive, maintain or dispose of the property, if applicable. Gifts-in-kind to the John Spoor Broome Library are handled separately and guided by UA.02.001 - Policy on Procedures for Acquisition, Acceptance, and Loans to the University and Deaccession.  

 

The use, need of, and, if applicable, identified funds needed to maintain the property should be clearly documented and approved by the appropriate Vice President or designee. As part of the approval process, the program area receiving the gift must verify and address any restrictions or contingencies imposed based on applicable federal, state, local, and University regulations. If applicable, Risk Management or General Counsel may be asked to provide approvals as well. These approvals will be coordinated through University Advancement.

 

Gifts-in-kind are by their very nature, hard to value assets. Unlike cash, or even marketable securities (which can be valued daily by the stock market), these assets require a determination of value. The IRS Regulations have been clarified in recent legislation, and now require a “qualified appraisal” for any gift of $5,000 or greater.

Exhibit(s)

Procedure for Accepting a Gift-in-Kind

Deed of Gift Form