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  • 1.  GIK Policy

    Posted 04-04-2025 09:48 AM

    Hi All,

    We are analyzing our GIK policy and procedure and I still have a few areas that I would love some community input on. I think I've scrutinized the IRS regs (and annoyed my org partners) enough to make sure most of it is good so what's left are questions about best practice from an Advancement operations standpoint on some of the smaller details. 

    At your org:

    1. Who fills out the Deed of Gift description of the property - the donor or the department receiving the property?
    2. Who at your org ultimately signs the Deed of Gift to accept the property?  (Does it need to be someone in authority such as a VP of Advancement or can it be anyone accepting or processing the gift?)
    3. Other than in the case where you will get an appraisal, say when the donor does not want to deduct it from their taxes, who is determing the value of the property? Are you just having someone at your org google comps or are you letting the donor tell you what they think its worth, or something else?
    4. Do you require a Deed of Gift to be completed when a donor doesn't want to complete one and doesn't want a receipt?

    Thank you!

    Sarah



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    Sarah Pecore
    St Olaf College
    pecore2@stolaf.edu
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  • 2.  RE: GIK Policy

    Posted 04-04-2025 03:22 PM
    1. This should be the same description as provided by the donor on their 8283. If no 8283 is forthcoming, the donor should provide a complete description of the property donated, and the Advancement office should verify the accuracy.
    2. Please understand that many organizations do not require a "deed of gift" - or at least not until the value exceeds a specific limit. Again, whether an 8283 is involved may dictate the signatory on any gift document. Also, your gift acceptance policy may require an initial review by the gift acceptance committee for property donations above a certain amount. In that case, it would be logical for the committee chair to execute a gift document. All this said, I like having the head of Advancement Services as the signatory for gifts valued at under $5,000 that represent a related use donation. That individual tends to be better versed in gift acceptance compliance issues.
    3. You should have a list of reliable sources for common gift types. But yes, using Google will often provide decent results as long as the cited source is trusted. For common items, I prefer finding 2-3 comparables and using the average. I believe this function falls on Advancement Services.
    4. No. Not even if the value exceeds $5,000. However, a formal letter to the donor stating your acceptance of the item (with its full description) should be made a part of the gift documentation.
    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


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