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Procedure: 9-5

Effective: July 9, 2001

Owner: Director of Gift Accounting,
   Office of University Development

Latest Revision: September 24, 2002

Processing Gifts in Kind

Procedure Steps

Scope | System References | Policy | Responsibility | Distribution | Ownership

Scope

This procedure outlines the steps necessary to process gifts of equipment or personal property.

System References [Top]

Forms

Deed of Gift - Corporate  (PDF)
Deed of Gift - Tangible  (PDF)
Deed of Gift - Intangible  (PDF)

or go to UVA Forms Directory.

Policy [Top]

See University Policy IX.A.11 -- "Gift In Kind Policies"

Responsibility [Top]

The Gift Accounting Department is responsible for accepting, recording and receipting gifts of equipment or personal property. Schools and departments are responsible for recommending the gift for acceptance, completing the gift deed and physically receiving the property gift.

Distribution [Top]

Department Fiscal Administrators
Gift Accounting Department
Property Accounting
Risk Management Department

Ownership [Top]

The Director of Accounting Services is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Procedure Steps [Top]

This activity is performed whenever a school or department wants to accept an offer of a gift of equipment or personal property from either an outside donor or a University-related foundation.

Department Receiving Property
   
1. Upon receiving an offer of a property gift, evaluate whether it is something that can be used or sold by the school or area to advance the mission of the University.
   
2. If the gift is desired, obtain the appropriate Deed of Gift form from the UVA Forms Directory and have the donor or the foundation representative complete the donor section of the form.
   
3. Have the school or area authorized officer (See Policy IX.A.11, Section 2.9) sign the deed indicating that the school has received the property listed on the deed and recommends its acceptance.
   
4. Forward the signed deed and all supporting documentation to the Gift Accounting Department, Office of University Development, (P.O. Box 400807, 400 Ray C. Hunt Dr., Charlottesville, VA 22904-4220) for processing.
   
Gift Accounting Department
   
5. Review the deed of gift for accuracy, completeness and proper signatures. Review the gift valuation for reasonableness as per policy. Evaluate property for conformance with Board of Visitors requirements.
   
6. After successful review completion, Director of Gift Accounting signs the Deed of Gift form on behalf of the Board of Visitors indicating gift acceptance by the University.
   
7. Once each month, enter gift information into the Development Gift System for recording purposes and produce gift receipts for mailing to donors.
   
8. Mail gift receipt and Deed of Gift form to donor.
   
9. Copy and distribute Deed of Gift form, Daily Donor Gift Report and supporting documents to Property Accounting and the Risk Management Department.
   
10. Copy Deed of Gift form and send back to receiving school or area.
   
11. Produce Development gift reports and distribute to the Development community.
   
Property Accounting
   
1. Receives Deed of Gift form and Daily Donor Gift Report and records equipment gifts with values of $5,000 or more on the Fixed Assets Ledger.
   
2. Tags each recorded piece of equipment with an inventory number.
   
Risk Management Department
   
1. Receives Deed of Tangible Property Gift forms for insurance purposes.
   
2. Ensures appropriate insurance coverage is maintained as may be necessary.
   
3. Makes any Risk Management recommendations to the responsible University department, as may be appropriate.
   
4. Updates the University's Statement of Values as appropriate to reflect the increase in contents for the applicable building.
   

 

End of Activity


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