Gift Acceptance Policy
Responsible Office: BInghamton University Foundation
Policy Type: Business Affairs
Policy Number: 212
Last Date Revised: 7/31/15
WHO SHOULD READ THIS POLICY
Binghamton University and its departments, including the Binghamton University foundation and Auxiliary Services.
To identify the procedures required for the valuation and acceptance of gifts or bequests to Binghamton University or any of its departments.
- Gifts to the University normally are received by the Binghamton Foundation.
- Gifts-in-kind received by the Binghamton Foundation that are used in University operations should be transferred to the State of New York following SUNY Gift Acceptance Procedure.
- The Property Control Custodian must be provided with a list of donated assets that have been transferred to the state. The list should include asset descriptions, their fair market value, and location for entry into the Property Control System.
- Donations of personal property are recognized at fair market value.
- The fair market value may be determined by the donor by appraisal, invoices, or other independent means as required by the IRS.
ASSET IDENTIFICATION AND PROPERTY CONTROL
Assets purchased from Binghamton Foundation accounts that are used in Binghamton Foundation operations or used by the State (Binghamton University) are identified as State or Foundation Property based upon where they are placed into service. All assets that are valued greater than $5,000 and used in State operations will be affixed with State Property Control tags.
NON-MONETARY GIFTS TO BINGHAMTON UNIVERSITY
- Non-monetary gifts to the University will be reviewed by the campus Designee prior to acceptance to assess possible risks inherent in acceptance of the gift and the costs to the University that may result from acceptance. Upon acceptance of the gift the Designee will fill out a Statement of Acceptance and provide the donor with a copy.
- Non-monetary gifts valued greater than $100,000 must also be reviewed by the SUNY Office of Philanthropy. The campus should accompany the gift acceptance request with a description of the gift, the purpose for which it will be used, and a list of any restrictions associated with the gift.
- The campus designee can accept gifts of books, periodicals, and documents which will be useful additions to the university library. This procedure does not apply to gifts such as these.
NON-MONETARY GIFTS TO BINGHAMTON FOUNDATION
- Non-monetary gifts to the Binghamton Foundation will be reviewed prior to acceptance by the Director of Planned Giving. The SUNY gift acceptance policy does not apply to gifts given to the Binghamton Foundation.
- If the Binghamton Foundation transfers ownership of an asset to Binghamton University, acceptance of the gift by the University should follow the above procedures.
All monetary gifts should be sent to the Binghamton Foundation by contacting the Director of Planned Giving.
- Gifts of land and buildings can be made to either Binghamton University or to the Binghamton Foundation.
- If the gift is made to Binghamton University can be accepted by the campus Designee and should also be submitted to the SUNY Office of Philanthropy for review. If the gift is made to the Binghamton Foundation it must be reviewed and accepted by the Binghamton Foundation Board.
WORKS OF ART, RARE BOOKS, AND OTHER UNIQUE GIFTS
- These items normally have very limited liability associated with their use by the University and title remains with the Binghamton Foundation.
- There is no requirement to enter these items into the Property Control System. The Library and Art Museum have their own inventory systems.
- Title will remain with the Binghamton Foundation. Deaccessed assets must follow the deaccession policies of the Library/Art Museum. Any net proceeds from the sale of Binghamton Foundation assets must be used to support programming related to the general purpose of the gift.