Acceptance Of Gifts (Excluding Real Estate)

Contact the oversight unit listed below if you have questions or concerns regarding this policy.

Date Approved:10-12-2016
Last Revision:8-29-2017
Last Reviewed:8-29-2017
Approved By:President
Oversight Unit:PURCHASING
Attached form file: VehicleDonationOct2017.docx
NonVehicleDonationOct2017.docx
TangibleOver5000DonationFebruary2018 (6).docx
This policy has a related procedure. Click to view the procedure below.
This policy has a related guideline. Click to view the guideline below.
Purpose

To ensure that NMU staff understand and follow gift acceptance protocols.   

Policy

Tangible Personal Property valued less than $5,000 may be accepted using the Personal Property Donation Form, with approval by the Department Head and the Manager of Purchasing.  Licensed vehicles which meet the criteria determined by the Manager of Purchasing may also be accepted using the Personal Property Donation Form and required attachment forms.  Neither type of donation requires approval higher than Department Head and Manager of Purchasing. 

For all other gifts, a committee comprised of the University President, the CEO of the Foundation, and the NMU Foundation Board President or a designee of any of the foregoing may convene to review the terms of any non-monetary gift and its impact on the University’s interests.  The NMU Board of Trustees will review all Committee recommendations for acceptance. 

Donor anonymity in publications will be respected when requested by the donor and permitted by law; anonymity cannot be assured unless the donation is made directly through NMU Foundation. 

The Gift Acceptance Committee reviews all gifts in the following categories to determine whether the gift will be accepted by the NMU Foundation or by Northern Michigan University (See NMU Foundation Policy for details and criteria):

  • Closely Held Securities
  • Real Property
  • Intellectual Property
  • Restricted Gifts
  • Tangible Personal Property, including art, valued in excess of $5,000 (except licensed vehicle, no matter the value, which may be processed through the university)

Form Checklist

Guideline

Last reviewed: 2/26/2018

Form checklist

 

Type of Donation

 

Form

Requirement

All donations:

 

NMU donation form

All signatures, except the signature from purchasing, are collected before NMU takes possession of the donation.

Non vehicle over $500 value

 

IRS 8283 – section A

Optional – Donors attach IRS 8283 to their tax returns for non-cash donations.  NMU does not have to provide this for donations less than $5000, but donors appreciate receiving the blank form.  NMU cannot be the source of the valuation/appraisal.     

All Vehicles:

 

Transfer title

Donor completes title assignment section.   NMU keeps for action with the Secretary of State. 

 

 

IRS 1098C - Copy C

Copy C is for the owner’s records. 

Vehicle valued $500 or more:

 

IRS 1098C - Copy B & C

Copy B and C are both for the donor.  NMU must have a copy to complete the final 1098C copy A for the IRS when the value is $500 or more.

 

 

IRS W9

Donor signs.  NMU keeps original.  The controller’s office submits the information electronically to the IRS

 

 

IRS 8283 – section A

Optional for vehicles under $5000 value.   Donors attach IRS 8283 to their tax returns for non-cash donations.  NMU does not have to provide this for donations less than $5000, but donors appreciate receiving the blank form.   NMU cannot be the source of the valuation/appraisal.    

Vehicle valued $5000 or more:

 

IRS 8283 – section A & B

Donors need a copy signed by NMU for their taxes. By IRS rules, the donor must provide a copy of section B complete to NMU.  NMU cannot be the source of the valuation /appraisal.     Then NMU reviews the information and completes Part IV (signature) and sends a copy to the donor (no timing stated in the rules, but it is assumed within a reasonable time period).  Only the persons who sign NMU tax forms may sign this form.  If Part IV is not signed when we take possession, NMU will send a copy to the donor after the signature is affixed.  Never give a signed copy before we take possession of the donation.