Gifts-in-Kind Procedure | SCC

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About

Gifts-in-Kind Procedure

Division: Advancement
SCC Procedure Number: SPR7.6.6.1
OPR: Vice President of Institutional Advancement
Issued: 9/25/2020
Revised: 
Approved SCC President/CEO: 9/25/2020
Reference KCTCS Policy: KCTCS Administrative Policy 7.6 Policy and Procedure for Private Fundraising and KCTCS Administrative Procedures 5.2.2-P Assets, Inventory, and Surplus Management and 5.3.11-P Gifts and Endowments

Procedure:

Before a gift-in-kind is accepted on behalf of Somerset Community College (SCC), the Office of Institutional Advancement must be contacted and documentation of the proposed gift-in-kind will be provided.  Gifts that are deemed beneficial to SCC may be accepted. In evaluating the appropriateness of proposed gifts, all gifts-in-kind will be discussed with the academic dean and/or Vice President using the following criteria and the gift-in-kind form will be initialed by the academic dean or VP before getting final approval of the College President.

  1. How the gift will assist SCC in meeting its mission, vision, and goals.
  2. The costs involved in the acceptance or use of the gift and the budgetary impact of such costs upon the institution.
  3. Conditions on the acceptance of the gift and all ramifications of such conditions upon the College, program, its public image, and its philosophical bases.
  4. Any real or implied obligations derived from the acceptance of a gift and possible conflicts of interest that may result.

SCC will not furnish property appraisals or valuations of property to donors for tax purposes or knowingly participate in a transaction in which the value of a gift is inflated above its fair market value to obtain a tax advantage for the donor. The valuation of gifts-in-kind shall be the fair market value, as stated in writing by the donor for gifts of $5,000 or less or as stated by a qualified third-party appraiser for gifts of more than $5,000. “Fair market value” is defined by the Internal Revenue Service (IRS) as “the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.” 

After all documentation is complete, the gift-in-kind may be received by SCC.  The Office of Institutional Advancement will provide the receipt and acknowledgement to the donor for all gifts-in-kind.

Donated assets and inventory (gifts-in-kind) are defined using the same value criteria as purchased equipment. Gifts-in-kind will be tracked and recorded according to KCTCS Administrative Procedure 5.2.2-P Assets, Inventory, and Surplus Management.

Reviewed: 4/18/2022, 5/10/2023: Format changes, 5/8/2024