Acceptance of Gifts in Kind Policy
Expresses the guidelines for the acceptance of gifts in kind.
|Policy Number||Policy Owner|
VP of Administration
- 1.0 Purpose
- 2.0 Revision History
- 3.0 Units and Persons Affected
This is a joint policy of the State University of New York at Plattsburgh and the Plattsburgh College Foundation. This policy does not apply to gifts of real property; stocks and other securities; or art, historical treasures, books and materials given to Feinberg Library (including Special Collections) or the Art Museum.
Acceptance of all gifts in kind that are to be used by a department of the College in furtherance of the department or College's mission is the responsibility of the College and requires appropriate approval in accordance with the State University of New York Gift Acceptance Procedures which delegates authority for acceptance of gifts of more than $1 million to the Chancellor of the State University of New York and authority for acceptance of gifts of not more than $1 million to the President of the College. In addition, the following considerations must be given appropriate weight prior to any acceptance:
- The ability of the College to honor any terms or restrictions placed on the gift;
- any cost associated with administering, caring for, maintaining, or disposing of the gift;
- any physical or environmental hazards associated with the gift;
- the ability to ascertain an appropriate fair market value for the gift; and
- the ability to locate a suitable location or storage for the gift
Gifts in kind that are not to be used by a department of the College in furtherance of the department or College's mission may be accepted by the Plattsburgh College Foundation, Inc, in accordance with their internal policies and procedures. Those policies may include the requirement that the marketability and value of the property to be donated be clearly demonstrated. In addition, there must be the understanding that the property may be sold at any time and the proceeds used in accordance with the wishes of the donor provided the gift meets the needs of the Foundation or College or supports an activity of the Foundation or College. Careful consideration of the potential costs, risks and liabilities associated with the acceptance of such gifts must be an integral component of any process used to determine acceptance or rejection of the gift.
Whether acceptance of a particular donation is the responsibility of the College, the Foundation, or the State University of New York, possession of the donation cannot occur until proper authorization has been granted. Authority for acceptance and best utilization of those gifts covered under this policy is delegated to the Vice President for Administration on the recommendation of the applicable Vice President or Dean for gifts that are of benefit to a particular department. For gifts that benefit the College in general, the Vice President for Administration is responsible in consultation with the Vice President for Institutional Advancement or designee. The Office of Institutional Advancement must be notified as early as possible in the process for accepting any gift in kind and must be notified of the final decision regarding acceptance of the gift.
Exemptions to this policy may be granted to departments or individuals involved in gift in kind activity that involves items of low value that pose little risk to the College. Requests for exemptions from this policy should be submitted to the Vice President for Administration. The exemption request should include a description of the activity involved including frequency, type, and range of value of items to be accepted, provide a justification for the exemption, and include procedures in place to control the activity. The Vice President for Administration may also issue unsolicited exemptions for such activity that is frequent, involves items of low value and which pose little risk to the College. Exemptions cannot apply to individual items valued at $5,000 or more.
- 5.0 Definitions
- 6.0 Responsibilities
- 7.0 Procedures
- 8.0 Forms
- 9.0 Appendix
- 10.0 Distribution and Training
For additional information about this policy, please contact the Policy Owner listed above.