Howdy!
I need some guidance to make a ruling on the field. I know GIK values are between the donor and the IRS, and we use appraisal values as an internal value in our CRM. None of this is included as part of the receipt/acknowledgements.
In absence of a gift acceptance policy/procedures from my campus (I'm writing one), my VP asked if we could pay for the appraisal the Engine collection on behalf of the donor using gift funds. The reason being is our risk compliance group requires for insurance purposes. However, they want to use the appraisal to book the value internally for the GIK. Will there be any tax implications for us/donor? What else should we consider?
Thank you!
Michele
Michele Hicks, MPA
Executive Director, Advancement Services
University Advancement
https://www.unt.edu
