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Gifts of Personal Property


The College may accept gifts of tangible personal property, including but not limited to works of art, jewelry, photographs, memorabilia, antiques, museum specimens or artifacts, coin, stamp and other collections, automobiles, scholarly papers, manuscripts, and books. Such gifts may be accepted only after a thorough review indicates the property is readily marketable or may be used by the College in a manner consistent with one of its nonprofit purposes.


Before contributing a gift of tangible personal property, donors should consider whether they would like the College to use or display the property. Donors should be advised that (1) the College reserves the right to sell, exchange, or otherwise dispose of the personal property in question, if such action is financially advisable or necessary; and (2) should the College, within two years after the date of the gift, dispose of donated property which was valued at $5,000 or more, it is required to file an IRS Form 8282 (see Attachment A) disclosing details of that disposition and provide a copy to the donor.

Whenever donors estimate the value of their gifts of tangible personal property at $5,000 or more, they must obtain at their own expense a written appraisal by a qualified independent appraiser if they wish to claim a charitable deduction. Donors shall also be responsible for filing IRS Form 8283 (see Attachment B) and providing the College with any appraisal summary document required by IRS regulations. The College cannot provide a qualified independent appraisal and will not assign valuation to gifts of tangible property.


Upon becoming aware of a potential gift, it is the responsibility of the director of the program to receive prior approval before accepting the gift. No proposed gift of tangible personal property will be accepted until it has been:


  1. reviewed and approved by the Gift Acceptance Committee; and
  2. evidenced by a Declaration of Gift executed by the donor(s), Program Director, Director of Development and appropriate Vice President or Provost.

 

Because of IRS reporting requirements, the director of the program must report any proposed sale of tangible personal property within two years of the gift date (including the proposed selling price) to the Gift Acceptance Committee. The College will accept no gift of tangible personal property that imposes restrictions as to timing of sale or parties to whom the property may be sold.

 

Issuance of gift receipts and formal communications with donors shall be the responsibility of the Development Office. No gift receipt will be issued until a fully-executed Declaration of Gift is provided to the Development Office. Form 8282 filings shall be the responsibility of the Business Office. Securing of insurance coverage for donated items shall be the responsibility of the Vice President for Finance.

    

For more information, please contact Robert Brown, Senior Advisor for College Development & Principal Gifts, at 717-796-1800, ext. 2260.

 



 




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