GIFT MANAGEMENT POLICY
NUMBER:
SUBJECT:
GIFT VALUE, DATE AND RECEIPT
Effective date:
July 1, 2012
Replaces policy:
GM-03-2009
January 1, 2011
PURPOSE:
To establish guidelines for the valuation, dating and receipting of gifts by the
University of Oregon Foundation (Foundation) for the benefit of the University of
Oregon (University) or the Foundation.
POLICY:
Upon receipt of a gift in accordance with the Gift Acceptance, Benefit University
policy, the Foundation will record and value the gift and issue a gift receipt or letter of
acknowledgment, as appropriate, in accordance with applicable laws and
regulations.
Also see separately, Gift Value, Date and Receipt; Deferred Gift, GM-11-2011.
PROCEDURE:
Gift Value:
The Foundation, upon receipt of a gift, will record a gift value on the donor database
system. The gift value will be established and recorded in a timely manner as set
forth below; no subsequent adjustments will be made to the gift value. The value
receipted and the value reflected in the donor’s giving history will be the gift value.
The gift value may differ from the amount ultimately realized from the gift which may
include gains/losses, holding charges, processing fees, etc. The gift value also may
differ from the amount the donor ultimately calculates to deduct on their taxes; e.g.
some gifts are subject to a cost basis deduction or to adjusted gross income limits.
Cash. U.S. currency, checks and credit cards will be valued at face value on the gift
date. Foreign currency, other foreign drafts and U.S. dollar drafts drawn on foreign
banks will be valued at the exchange rate applicable to the time the transaction is
received or processed by the Foundation’s bank.
Securities. Marketable securities will be valued in accordance with IRS guidelines,
Publication 561: the average price between the highest and lowest quoted selling
prices on the valuation date. For this purpose, the valuation date is the gift date.
Real Property. Real property will be valued in accordance with IRS guidelines,
Publication 561: estimated fair market value as indicated by a detailed appraisal by a
Document1
Page 1 of 4
professional appraiser. The Foundation may obtain it’s own appraisal or utilize the
donor’s appraisal.
Gifts in Kind and Tangible Personal Property. Upon receipt of a gift in kind or
personal property by the University, the Foundation will record a gift value, for
recognition credit only, on the donor database system. The gift value will be provided
by the University to the Foundation. When tangible personal property is received
directly by the Foundation, the Foundation will establish the fair market value through
any generally accepted means.
Gift Date:
Cash. The date of the gift is the date the Foundation obtains control over the funds.
A check sent via U.S. Mail to the Foundation is considered delivered (in the control of
the Foundation) on the date of mailing. A check sent via FedEx/UPS is considered
delivered on the date received by the Foundation. For cash or checks given to the
University, the gift date is the date the monies are received by the Foundation.
Securities. The date of the gift is the date the Foundation obtains control over the
securities. When securities are transferred electronically, the gift date is the date the
shares are in a Foundation account. The same U.S. Mail and FedEx/UPS rules apply
as for cash.
Real Property. The date of the gift is the date the Foundation obtains all rights, title
and control of the property. Typically, this is the date the deed is recorded.
Gifts in Kind and Tangible Personal Property. When received directly by the
University, the date of the gift is provided by the University to the Foundation. When
tangible personal property is received by the Foundation, the date of the gift is the
date the Foundation obtains exclusive control over the property.
Receipt:
A gift receipt or letter of acknowledgement will be sent to the legal donor on all gifts
except monthly recurring pledge payments by credit card or EFT when under $250.
When a gift is received from a personal joint account, the receipt will be addressed to
the legal donor and additional named person(s) on the joint account.
All receipts and acknowledgments will contain the statements: “For tax deductibility,
please seek guidance from your tax or financial advisor. A reasonable administrative
fee may be charged to this gift. Please retain this receipt for tax records.” All receipts
for gifts of securities will state: “The above values/dates are for internal gift
recognition purposes.” All receipts and acknowledgments for gifts to athletics will
additionally contain the statement: “Certain athletic contributions may be subject to
an 80% deduction limitation.”
All receipts will provide a value for any goods or services provided or state a value of
$0.00 when not applicable. Goods or services provided include cash, tickets, meals,
tangible property and services. The receipt must provide a good-faith estimate of the
fair market value of the good or service, unless it is a “low-cost” good as determined
by the IRS. Goods or services received through an auction setting are subject to the
Document1
Page 2 of 4
same disclosure requirements; monies given during the auction are charitable
contributions subject to the stated value on the program or other value provided by
the auction sponsors; the cost to the auction sponsor should not be considered, but
rather the fair market value of the goods or services received.
All letters of acknowledgment and a receipt for life insurance will contain the
statements: “No goods or services were provided in exchange for your contribution.
For tax deductibility, please seek guidance from your tax or financial advisor.”
Cash and cash equivalents. A gift receipt will be issued to the legal donor that
includes a declaration as to the name of the donor, name of the fund(s) where the
gift was applied, gift value, date of the gift, and value of any goods or services
provided. The cash gift receipt will serve as the official charitable tax receipt for
Internal Revenue Service purposes and will comply with IRS Publication 1771.
Securities. A gift receipt will be issued to the donor that includes the name of the
donor; name, quantity and value of stock (gift value); name of the fund(s) where the
gift was applied; date of the gift; and value of any goods or services provided. The
receipt will contain the additional statement: “The above values/dates are for internal
gift recognition purposes.”
Real Property. A letter of acknowledgment will be issued to the donor that includes
the name of the donor, name of the fund(s) where the gift was applied, description of
the property, and date of the gift.
Life Insurance. A gift receipt will be issued to the legal donor that includes the name
of the donor, insurance policy number and issuing company, face value of policy,
and date of the gift.
Gifts in Kind and Tangible Personal Property. A letter of acknowledgment will be
issued to the donor that includes the name of the donor, name of the fund(s) where
the gift was applied, description of the property, and date of the gift.
Miscellaneous:
The Foundation strongly urges and advises the donor to seek independent
professional counsel prior to making a gift. It is not the province of the Foundation to
give legal advice.
It is the responsibility of the donor to secure an appraisal when appropriate. Any
appraisal obtained by the Foundation is for exclusive use of the Foundation.
The Foundation will seek the legal advice of counsel, when appropriate, as part of
the fiduciary role of the Foundation.
The Foundation will respect donor wishes in regards to publication of information or
other forms of recognition.
The Foundation will file all applicable IRS required filings in a complete and timely
manner.
Document1
Page 3 of 4
DEFINITIONS:
Gift: Any transfer of personal or real property made voluntarily and without
consideration. A gift is motivated by charitable intent and is irrevocable. A gift is not
complete until accepted by the Foundation.
Legal Donor: The last person in control of the donated assets; the donor eligible to
claim a tax deduction for the gift. In general, the person whose signature is on the
check, unless such person is acting as an agent for an organization, or in whose
name securities or real property is registered is the legal donor. May be a person,
company, donor-advised fund, foundation, estate or trust.
RESPONSIBILITIES:
Chief Compliance Officer: ensure no subsequent changes to gift value; establish gift
value on non-cash gifts
FORMS/DOCUMENTS:
IRS Publication 1771: Charitable Contributions, Substantiation and Disclosure
Requirements
IRS Publication 561: Determining the Value of Donated Property
Document1
Page 4 of 4