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Gift Disposition

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
Related Policies
Additional Information


Gift disposition policy

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 defined

Tangible personal property includes, but is not limited to:

  • antiques,
  • art,
  • artifacts,
  • equipment,
  • jewelry or gemstones,
  • musical instruments, and
  • valuable or rare books and manuscripts.

Tangible personal property disposition process

The process to sell/dispose of tangible personal property is:

Stage  Description
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:
  • obtains appraisal (cost deducted from net proceeds),
  • contracts with broker or auction house to sell property as appropriate,
  • receives sales proceeds,
  • prepares final report of disposition of property (including any costs related to the disposition) and submits report along with sales proceeds to Finance Division,
  • provides copes of final report to Provost and Vice President for Development.
4 Controller's Office prepares IRS Form 8282 for property >$5,000 and sold/disposed of within three years of receipt.

Real property defined

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).

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Real property disposition process

The process to sell/dispose of real property is:

Stage Description
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
  • Board of Regents,
  • Provost,
  • Vice President for Development, and
  • Controller
6 Controller prepares IRS Form 8282 for real property >$5,000 and sold/disposed of within three years of receipt.

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Other assets defined

Other assets include, but are not limited to, promissory notes, assignment of promissory notes, partnership interests, and restricted or non-publicly traded securities.

Other assets disposition process

The process to sell/dispose other assets is:

Stage Description
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.

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Related policies

Capital Assets Management Policy, Gift Acceptance Policy (available from University Development), Gift Accounting Policy.

Additional information

Contact the Controller's Office for additional information.

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