Tangible Personal Property

Tangible personal property can only be accepted by the Gift Acceptance Committee or other persons authorized to do so by the Gift Acceptance Committee.  A gift of tangible personal property may be accepted provided that:

1. such a gift is consistent with the mission of the University;

2. acceptance of such a gift will not involve significant additional expense in its present or future use, display, maintenance, or administration; and

3. no financial or other burdensome obligation or expense is or will be directly or indirectly incurred by Arch as a result thereof.

The receipt and acceptance of gifts of tangible personal property by Vice Presidents, Deans, Directors, and other authorized officers shall be reported in detail promptly to Arch for confirmation and formal acceptance.  Unless otherwise specified as a condition of the gift, Arch, in assuring that the donor's intent for the gift is honored, is empowered to retain the gift of property, turn it over to the University, or liquidate it for the benefit of Arch. TOP

What is Tangible Personal Property?

Examples of tangible assets include works of art, equipment, etc. The Gift Accounting staff generally accepts the value provided by the donor for items valued at less than $5,000.  However, the donor must complete Part I of IRS Form 8283 for gifts valued between $500 and $4,999 to qualify as a charitable contribution for Income Tax purposes.   In addition, for gifts valued at greater than $5,000, the donor must also provide an appraisal or other third party verification of the value. Upon receipt of appropriate documentation, the Gift Accounting staff issues a Gift Receipt describing the item(s) donated and a signed 8283 form that the donor may use when filing his/her taxes.  This receipt does not include a dollar value. TOP