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Non-Cash Gifts Policy

POLICY:  The Development Office records, receipts, and acknowledges all gifts to Francis Marion University or the FMU Foundation. Donors may designate their gifts to either Francis Marion University or the FMU Foundation. The Development Office has in place mechanisms to direct gifts and gift income as required by the University and/or the donor. Donors wishing to give to the University should contact Development Office directly at (843) 661-1295.

It is important to recognize that gifts classified as equipment, supplies, construction, architectural services, engineering services, or other services or in-kind contributions may require that we obtain prior approval from the State Budget and Control Board Office of General Services. Therefore, no commitment should be made to a donor in advance of all necessary approvals.

Gifts of real estate, personal property, equipment and other in-kind items will be assessed at fair market value. Documentation of gifts at fair market value must be provided to comply with IRS rules and guidelines and to insure accurate records and asset control. The donor should furnish the fair market value of a non-cash gift. For gifts valued at $5,000 or higher a written certification by a qualified appraiser may be required in accordance with IRS regulations (Form 8283). This form may be obtained from the Development Office. It is the donor’s responsibility to obtain the gift appraisal.

PROCEDURE:  The Non-Cash Gifts form should be used to report non-cash gifts to the University or the FMU Foundation. Information should be collected to comply with IRS regulations and properly recognize those individuals making the gift. The form should be completed by the individual or department anticipating the gift, and properly routed and signed prior to gift acceptance. It is required that the gift not be contingent upon any conditions, whether by gratis advertising, monetary, or any form of financial gain to the donor.

For certain gifts, it may be necessary to consult with the Director of the Physical Plant to insure that all requirements can be met prior to accepting the gift:

  • gifts that require permanent connection to the building or to any building service (electricity, water supply or drain, ventilation, gas, air, steam)
  • gifts that require the addition or extension of any building service, including electricity at a different voltage or increase in power available
  • gifts that require special cabinetry, support, or housing not acquired as part of the equipment
  • gifts that require special environmental conditions
  • gifts that are particularly large or heavy
  • gifts that require any cutting, patching, or building modification

Actions required for completing the process:

  1. The individual/department potentially accepting the gift contacts the Development Office and completes the Non-Cash Gift Form.
  2. The completed form is forwarded to the Provost or appropriate Vice President.
  3. All forms are then routed and reviewed by the Vice President for Business Affairs.
  4. The Vice President for Business Affairs forwards the form to the Director of Purchasing to obtain Office of General Services approval if required.
  5. The Director of Purchasing routes the form to the Development Office after Office of General Services approval.
  6. The Development Office records and acknowledges the gift to the donor and forwards the form to the Accounting Office and a copy to the department accepting the gift.
  7. The Accounting Office records the gift and notifies appropriate offices/departments if further action is needed.  (Example: notifying departments responsible for asset control and insurance)

 

 

Last Published: July 25, 2007 3:56 PM
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