College Policy 1.07.01
Procedure for Accepting Gifts-In-Kind
All Gifts-in-Kind will be channeled through the MCTC Foundation unless specifically stated otherwise. Gifts-in-Kind will be reviewed, accepted, inventoried and recorded according to the following steps:
- Prior to accepting gifts-in-kind, the appropriate Academic Dean or Administrator will deem the gift suitable for acceptance based on criteria included in MCTC Policy 1.7 - Acceptance of Gifts-in-Kind.
- The appropriate Academic Dean or Administrator will complete and sign the attached MCTC Gifts-in-Kind Acceptance Form and forward copies to both the Purchasing Manager and the Executive Director of College Advancement.
- If the gift is not deemed suitable for acceptance, the Academic Dean or appropriate Administrator will contact the prospective donor to communicate the College's decision regarding acceptance of the gift.
- A letter acknowledging receipt of the gift will be sent to the donor by the MCTC Foundation. A copy of the letter shall be forwarded to the Purchasing Manager.
- For income tax purposes, it is the responsibility of the donor to determine the fair market value of the gift, College personnel must not accept this role. Donors will be advised by the appropriate Academic Dean or Administrator that they must complete IRS Form 8283 http://www.irs.gov/pub/irs-pdf/f8283.pdf if their total tax deductible gifts exceed $500 in a given year. The donor will also be advised that a "qualified appraisal" is required for a single non-cash gift over $5,000 in order to complete IRS Form 8283. The appropriate Academic Dean or Administrator will sign this IRS form acknowledging receipt (not value) of the gift.
- If the gift is valued at more than $50,000 or is real property, the Executive Director of College Advancement will report it to the Office of the Chancellor and for approval by the MnSCU Board of Trustees.
- In the event that the College sells the gift within two years of receipt, the College must file an information return with the Internal Revenue Service naming the original donor and the sale price.
- The College Purchasing Manager will inventory the gift appropriately.
- The College Advancement office will maintain a list of gifts-in-kind and report annually to the College President and the Office of the Chancellor.
Date effective: 8/14/2003
Date last amended: 12/24/2008