Good afternoon,
I have a unique situation I'd like feedback on. Way back in 1955, Cornell University was gifted a grandfather clock, which has been displayed in our downtown office building for quite some time. The clock is unique and quite valuable. For many years we have kept an insurance policy on it; however, leadership is now questioning if we can sell it and avoid having to renew the policy. After researching its origin, there is no gift agreement or accompanying documentation that can be found although we know where it came from (donor is deceased).
Is there any reason the clock can not be sold? If we decide to sell the clock, what obligations do we have for the proceeds received? I am assuming leadership can decide where the funds go. Anything else we need to consider?
Your input would be appreciated.
Diane
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Diane Pierce
Sr. Director, Advancement Services
Cornell University
dmp296@cornell.edu------------------------------