1,640: Gifts-In-Kind

Revised: April 2015

It is the responsibility of the UNR Foundation/Development & Alumni Relations to record all assets contributed for the benefit of the University of Nevada, Reno including non-monetary or gift-in-kind items. Gifts of securities are to be delivered to the UNR Foundation/Development & Alumni Relations and will be liquidated immediately. A gift-in-kind of property (i.e., art objects, equipment, collections, books, real estate, etc.) should be reported to the Foundation by filling out the Gift in Kind form. This form must be forwarded to the UNR Foundation/Development & Alumni Relations upon physical possession of the item so that the Foundation can fully inform the campus units and donor of the steps to be followed in insuring the gift is made in proper form prior to its formal tender, formal acceptance, and in compliance with IRS regulations.

Gifts-in-kind will be handled as follows:

  1. Items with a value estimated to be less than $5,000 will be receipted at the estimated value, but neither the acknowledgement letter or printed receipts will indicate a value as stated in the paragraph below.
  2. Items with a value estimated to be in excess of $5,000 must be handled as follows to comply with Internal Revenue Service regulations:
    1. The donor(s) must provide the University or the Foundation with an IRS form 8283, Non-cash Charitable Contributions, complete with the following:
      1. Name(s) and taxpayer identification number (social security number) of the donor(s);
      2. Section B, Part II - Information on Donated Property; and
      3. Section B, Part III - Certification of Appraiser. (NOTE: The appraisal section may not be completed by the donor or by anyone affiliated with the university or Foundation. This section must be completed by a certified appraiser.)
    2. The form must be forwarded to the UNR Foundation Accounting office for completion of Part 1 and signature by the Associate Vice President of Finance for Development & Alumni Relations or the Controller of the Foundation.

Information relating to a university-initiated valuation of contributed material of less than $5,000, whether obtained from independent parties or internally produced, is generated for internal university use only. University representatives are prohibited from conveying such information to donors. Administrators, faculty, and staff working with potential donors should clearly convey the university's position that valuation for tax deduction purposes by donors is a private matter between the donor and the taxing authorities. The Foundation may utilize copies of independently prepared appraisals obtained by donors, if made available by the donors, as a basis for internal valuation. Correspondence external to the university, excluding insurance-related matters, and news releases issued should not cite specific valuation amounts in conjunction with specific donors.

Gifts-in-kind must be reviewed with special are to ensure that acceptance will not involve financial commitments in excess of budgeted items or other obligations disproportionate to the usefulness of the gift. Consideration should be given to the cost of maintenance, cataloging, delivery, insurance, display, and any space requirements for exhibition or storage.

All gifts-in-kind to UNR will be documented on the university inventory control system and will become the property of the university or Foundation.

Donations of personal services are not allowed as tax deductions; therefore, gift receipts are not issued for the value of such services. Actual reimbursed, out-of-pocket costs associated with these services (i.e., postage, telephone, travel, meals, lodging, etc.) are allowed as contributions for tax purposes. Gift receipts will be issued for in-kind donations of property at no declared value.