Revised: July 1, 2007
Also refer to Signature Authority Policy
Table of Contents
Gift Disposition Policy
Tangible Personal Property Defined
Tangible Personal Property Disposition Process
Real Property Defined
Real Property Disposition Process
Other Assets Defined
Other Assets Disposition Process
Donated tangible personal property, real property and other assets will be sold unless the donated property directly contributes to the University's central mission. Absent explicit donor restrictions, income from the sale is credited to the unrestricted or endowment funds of the University.
Tangible personal property includes, but is not limited to:
- jewelry or gemstones,
- musical instruments, and
- valuable or rare books and manuscripts.
The process to sell/dispose of tangible personal property is:
|1||Disposal approved in writing by the Vice President for Business and Finance, the Provost, and the Vice President for Development.|
|2||Vice President for Business and Finance will determine/notify the University office responsible for disposing of the property.|
|3||Designated University office:|
|4||Controller's Office prepares IRS Form 8282 for property >$5,000 and sold/disposed of within three years of receipt.|
Real property consists of real estate both improved (i.e., detached single-family residences, condominiums, apartment buildings, rental property, commercial property, etc.) and unimproved (i.e., acreage).
The process to sell/dispose of real property is:
|1||Vice President for Business & Finance works with Board to determine appropriate disposition of real property (i.e., whether to retain as investment or sell).|
|2||Office of Vice President for Business & Finance obtains qualified appraisals and markets the real property accordingly.|
|3||Broker sells real property and delivers proceeds to Business & Finance Division (Treasury).|
|4||Business & Finance Division (Treasury) credits proceeds in accordance with expressed donor wishes.|
|5||Office of Vice President for Business & Finance prepares final report of disposition of property (including any costs related to the disposition) and distributes to|
|6||Controller prepares IRS Form 8282 for real property >$5,000 and sold/disposed of within three years of receipt.|
Other assets include, but are not limited to, promissory notes, assignment of promissory notes, partnership interests, and restricted or non-publicly traded securities.
The process to sell/dispose other assets is:
|1||Office of Vice President for Business & Finance obtains appraisal, as deemed necessary, to determine fair market value of the property.|
|2||Office of Vice President for Business & Finance will arrange for the sale of the property.|
|3||Office of the Vice President for Business & Finance receives proceeds of sale and deposits in accordance with expressed donor wishes.|
|4||Office of Vice President for Business & Finance prepares final report on the disposition (including any costs related to the disposition).|
|5||Controller prepares IRS Form 8282 for other assets >$5,000 and sold/disposed of within two years of receipt.|
Contact the Controller's Office for additional information.