FundSvcs Community

I received an inquiry from a dean, and I'm not sure exactly what is allowable and what documentation is needed in this scenario. Dean's inquiry:

We have been given a donation from [donor] that includes raw materials, specifically aluminum, that we can use in our manufacturing lab. 
The donation is massive and requires hiring a company to move the materials. 
A quote that we got from a moving company total $11K. 
However, another company, a materials scrap business, has quoted $3K to move the materials plus has made an offer to buy all for $40K. 

Steps/documentation/questions:

• We would book the gift and receipt the donor for their gift of materials with a provided invoice/bill of sale/etc (no value on the receipt, of course). 
  • Is our institution's internal GIK form and documentation of the value sufficient for a gift of this amount? (approx. $40k)
• Is any other documentation needed to turn around and immediately sell the materials? Form 8283? Then 8282?
• The scrap business's purchase would be just that - a purchase - and would have no charitable value, correct?

If you have any other insights into this type of scenario, please share!

Thank you!