FundSvcs Community

Hi,

This summer, we learned that our equine academic department wanted to re-home a horse that we had recently accepted as a gift-in-kind. We are aware that there may be tax implications for the university when gifts-in-kind are sold, transferred, or disposed of within 3 years from the date of the gift, but we do not have anything else in writing around the removal of a GIK. We would like to create a process document that outlines how this should be undertaken, including any administrative requirements and I am wondering if any of you have policy or process documentation on this subject that you can share with me.

In preparing to post this question, I also realized that for the vast majority of our GIKs, the donor doesn't sign anything officially transferring over ownership. I come from a museum background where we accession items for collections and an important step is having the donor sign over their rights to the objects. This led me to wonder if other universities/non-profits require a transfer of ownership for GIKs. And in all cases here, by GIK, I am referring to tangible property but NOT real estate.

I would appreciate any documentation or best practices that you are willing and able to share with us.

Thank you,

Laura

Laura Martin '98G

Director of Stewardship and Gift Compliance

University Advancement | Stewardship and Gift Compliance | 9 Edgewood Road | Durham, NH  03824

Office: 603-862-0193 | laura.martin@unh.edu

Pronouns: she, her, hers

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This e-mail, including any attachments, is intended for the sole use of the intended recipient(s), even if addressed incorrectly, and may contain confidential information.  If you are not the intended recipient, you are hereby notified that any use, dissemination, copying or retention of this e-mail or the information contained herein is strictly prohibited.  If you have received this e-mail in error, please immediately notify the sender by telephone or reply by e-mail, and permanently delete this e-mail from your computer system. 

Hi,

This summer, we learned that our equine academic department wanted to re-home a horse that we had recently accepted as a gift-in-kind. We are aware that there may be tax implications for the university when gifts-in-kind are sold, transferred, or disposed of within 3 years from the date of the gift, but we do not have anything else in writing around the removal of a GIK. We would like to create a process document that outlines how this should be undertaken, including any administrative requirements and I am wondering if any of you have policy or process documentation on this subject that you can share with me.

In preparing to post this question, I also realized that for the vast majority of our GIKs, the donor doesn't sign anything officially transferring over ownership. I come from a museum background where we accession items for collections and an important step is having the donor sign over their rights to the objects. This led me to wonder if other universities/non-profits require a transfer of ownership for GIKs. And in all cases here, by GIK, I am referring to tangible property but NOT real estate.

I would appreciate any documentation or best practices that you are willing and able to share with us.

Thank you,

Laura

Laura Martin '98G

Director of Stewardship and Gift Compliance

University Advancement | Stewardship and Gift Compliance | 9 Edgewood Road | Durham, NH  03824

Office: 603-862-0193 | laura.martin@unh.edu

Pronouns: she, her, hers

CONFIDENTIALITY NOTICE:
This e-mail, including any attachments, is intended for the sole use of the intended recipient(s), even if addressed incorrectly, and may contain confidential information.  If you are not the intended recipient, you are hereby notified that any use, dissemination, copying or retention of this e-mail or the information contained herein is strictly prohibited.  If you have received this e-mail in error, please immediately notify the sender by telephone or reply by e-mail, and permanently delete this e-mail from your computer system.