The Foundation may accept contributions of gifts in kind, generally defined as non-cash donations of personal property, materials or long-lived assets, other than real property. Gifts in kind include such items as equipment, works of art, books, etc. Such gifts may be accepted only after a thorough review indicates the property may be used by the University. An essential issue for donors to consider before contributing a gift of tangible personal property is whether they would like the University to use or display the property. Prospective donors should be advised that the Foundation reserves the right to sell or otherwise dispose of the personal property in question, if such action is financially advisable or necessary.
Unusual or questionable gifts (those not needed by the University for use in a manner related to the purpose for which the tax-exempt status of the University was granted) or gifts that may obligate the University or the USM Foundation must be presented to the Finance and Audit Committee of the Foundation’s Board of Directors for acceptance.
Information to be provided to the Foundation for all gift in kind donations
. Donor's name, address and telephone number
. Brief physical description of the donated asset, including an explanation of the method
used to determine the fair market value
. Date the university/department acquired the asset and method of acquisition
Methods of valuation for gifts in kind donations
The donor is responsible for providing the value of the gift. Documentation supporting the value must be received, or the Foundation will credit the gift as $1. Documentation must substantiate the value of the gift within sixty days of gift. Gifts with values greater than $5,000 shall be reported at the value determined by a qualified independent appraiser. In accordance with IRS guidelines, the donor is responsible for obtaining the appraisal, the cost of which is not tax-deductible.