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This is a sale and a purchase. There is no gift unless you sell the equipment at a public charity auction and someone pays more than the FMV. John Taylor 919.816.5903 johntaylorconsulting@gmail.com Big ideas; small keyboard > On Sep 3, 2019, at 8:01 AM, Katlyn Porter <kporter2@zanestate.edu> wrote: > > Good morning! > > We have equipment on campus that is no longer in use that the College is looking to sell. The Foundation purchased this equipment originally and the College would like the money from the sale of the equipment to go back to the Foundation. They would like the buyer to write a check directly to the Foundation. Do I treat this like any other quid pro quo situation for receipting purposes? > > Thank you, > > Katlyn Porter > Assistant Director of Advancement Services > Zane State College Foundation > 740.588.1374 > <image001.jpg> >

If the foundation and college are affiliated - meaning the foundation is a supporting organization of the college - there is no gift period. The transfer is between legally affiliated entities. You cannot make a gift to yourself. John John Taylor 919.816.5903 johntaylorconsulting@gmail.com Big ideas; small keyboard > On Sep 3, 2019, at 9:19 AM, Isaac Shalev <isaac@sage70.com> wrote: > > Can you clarify the current ownership of the equipment? > > If the Foundation bought it, and never transferred ownership, the sale is from the Foundation to a buyer. The college may be playing a role as a sales agent, but otherwise this is simply a sale. > > If the Foundation gave the College the equipment in the past, and that transaction was a complete transfer (of whatever kind), the College choosing to now sell the equipment and donate the proceeds looks like an outright gift to me. > > If the Foundation is NOW proposing to give the the College the equipment so that the College can sell it and donate the proceeds, if the amount donated doesn't exceed the FMV there is no gift to anyone. There's a few ways this analysis can go based on how the equipment might change hands, but in the end, this looks like a sale under most of them, not a gift. > > > Thank you, > Isaac Shalev > CRM Expert > Sage70, Inc. > (917) 859-0151 > isaac@sage70.com > > Schedule a 30-minute consultation now: > https://calendly.com/sage70/30min > > >> On Tue, Sep 3, 2019 at 8:01 AM Katlyn Porter <kporter2@zanestate.edu> wrote: >> Good morning! >> >> >> >> We have equipment on campus that is no longer in use that the College is looking to sell. The Foundation purchased this equipment originally and the College would like the money from the sale of the equipment to go back to the Foundation. They would like the buyer to write a check directly to the Foundation. Do I treat this like any other quid pro quo situation for receipting purposes? >> >> >> >> Thank you, >> >> >> >> Katlyn Porter >> >> Assistant Director of Advancement Services >> >> Zane State College Foundation >> >> 740.588.1374 >> >> <image001.jpg> >> >>

Good morning! We have equipment on campus that is no longer in use that the College is looking to sell. The Foundation purchased this equipment originally and the College would like the money from the sale of the equipment to go back to the Foundation. They would like the buyer to write a check directly to the Foundation. Do I treat this like any other quid pro quo situation for receipting purposes? Thank you, Katlyn Porter Assistant Director of Advancement Services Zane State College Foundation<https://www.zanestate.edu/about/foundation/> 740.588.1374 [cid:image001.jpg@01D5622D.BB9DA9A0]

Can you clarify the current ownership of the equipment? If the Foundation bought it, and never transferred ownership, the sale is from the Foundation to a buyer. The college may be playing a role as a sales agent, but otherwise this is simply a sale. If the Foundation gave the College the equipment in the past, and that transaction was a complete transfer (of whatever kind), the College choosing to now sell the equipment and donate the proceeds looks like an outright gift to me. If the Foundation is NOW proposing to give the the College the equipment so that the College can sell it and donate the proceeds, if the amount donated doesn't exceed the FMV there is no gift to anyone. There's a few ways this analysis can go based on how the equipment might change hands, but in the end, this looks like a sale under most of them, not a gift. Thank you, Isaac Shalev CRM Expert Sage70, Inc. (917) 859-0151 isaac@sage70.com Schedule a *30-minute consultation *now: https://calendly.com/sage70/30min On Tue, Sep 3, 2019 at 8:01 AM Katlyn Porter <kporter2@zanestate.edu> wrote: > Good morning! > > > > We have equipment on campus that is no longer in use that the College is > looking to sell. The Foundation purchased this equipment originally and the > College would like the money from the sale of the equipment to go back to > the Foundation. They would like the buyer to write a check directly to the > Foundation. Do I treat this like any other quid pro quo situation for > receipting purposes? > > > > Thank you, > > > > *Katlyn Porter* > > Assistant Director of Advancement Services > > Zane State College Foundation > <https://www.zanestate.edu/about/foundation/> > > 740.588.1374 > > >

Yes. In exchange for the "gift", the "donor" received equipment. I used to advocate having a "non-gift" fund account or campaign to differentiate stuff like this. --Marianne ________________________________________ Marianne M. Pelletier Staupell Analytics Group 607-592-3797 marianne@staupell.com<mailto:marianne@staupell.com> http://www.staupell.com From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Katlyn Porter Sent: Tuesday, September 03, 2019 8:01 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] Sale of Equipment Good morning! We have equipment on campus that is no longer in use that the College is looking to sell. The Foundation purchased this equipment originally and the College would like the money from the sale of the equipment to go back to the Foundation. They would like the buyer to write a check directly to the Foundation. Do I treat this like any other quid pro quo situation for receipting purposes? Thank you, Katlyn Porter Assistant Director of Advancement Services Zane State College Foundation<https://urldefense.proofpoint.com/v2/url?u=https-3A__www.zanestate.edu_about_foundation_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=984RMR36hPmikF7s6oK6Uepf5oMP3Utjjovi7kvUZbE&m=wBRV5ftYksCOVWWX4kS06GzDgiojyRBeKUu9UkO311Y&s=AMg_xqTKUh1EkA5aXBBdNnBK9QrZ8cfxGh5Gw6AbQ6A&e=> 740.588.1374 [cid:image001.jpg@01D56235.AC1A2140]

Yes, we are affiliated so it is not a gift. I just needed clarification of what I needed to put on the receipt to the buyer of the piece of equipment. This is the first time we have ever done this and I wanted to make sure we were doing it correctly. Thank you!! Katlyn Porter Assistant Director of Advancement Services Zane State College Foundation<https://www.zanestate.edu/about/foundation/> 740.588.1374 [cid:image001.jpg@01D56253.BB78EE50] From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Tuesday, September 3, 2019 12:29 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: Sale of Equipment If the foundation and college are affiliated - meaning the foundation is a supporting organization of the college - there is no gift period. The transfer is between legally affiliated entities. You cannot make a gift to yourself. John John Taylor 919.816.5903 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> Big ideas; small keyboard On Sep 3, 2019, at 9:19 AM, Isaac Shalev <isaac@sage70.com<mailto:isaac@sage70.com>> wrote: Can you clarify the current ownership of the equipment? If the Foundation bought it, and never transferred ownership, the sale is from the Foundation to a buyer. The college may be playing a role as a sales agent, but otherwise this is simply a sale. If the Foundation gave the College the equipment in the past, and that transaction was a complete transfer (of whatever kind), the College choosing to now sell the equipment and donate the proceeds looks like an outright gift to me. If the Foundation is NOW proposing to give the the College the equipment so that the College can sell it and donate the proceeds, if the amount donated doesn't exceed the FMV there is no gift to anyone. There's a few ways this analysis can go based on how the equipment might change hands, but in the end, this looks like a sale under most of them, not a gift. Thank you, Isaac Shalev CRM Expert Sage70, Inc. (917) 859-0151 isaac@sage70.com<mailto:isaac@sage70.com> Schedule a 30-minute consultation now: https://calendly.com/sage70/30min On Tue, Sep 3, 2019 at 8:01 AM Katlyn Porter <kporter2@zanestate.edu<mailto:kporter2@zanestate.edu>> wrote: Good morning! We have equipment on campus that is no longer in use that the College is looking to sell. The Foundation purchased this equipment originally and the College would like the money from the sale of the equipment to go back to the Foundation. They would like the buyer to write a check directly to the Foundation. Do I treat this like any other quid pro quo situation for receipting purposes? Thank you, Katlyn Porter Assistant Director of Advancement Services Zane State College Foundation<https://www.zanestate.edu/about/foundation/> 740.588.1374 <image001.jpg>