| Policy Title | Gift Acceptance Policy |
|---|---|
| Responsible Office | Senior Associate Vice President for Budget and Business Affairs |
| Policy Type | Business Affairs |
| Policy Number | 213 |
| Last Revision Date | 5/13/2024 |
Purpose
To identify the procedures required for the valuation and acceptance of gifts or bequests to Binghamton University or any of its departments. Most charitable gifts to the University are received by the Binghamton University Foundation. Gifts of real property may be accepted by the Binghamton University Foundation or Binghamton University.
Monetary Gifts
All monetary charitable gifts (including cash, checks, credit cards, stock transfers, etc.) should be sent to the Binghamton University Foundation. See below policy regarding the acceptance of gifts by the Foundation. Any questions about depositing monetary gifts should be directed to the Office of Gift and Donor Records.
Non-Monetary Gifts to Binghamton University Foundation
- Non-monetary gifts (i.e., gifts of personal property or real property) to the Binghamton University Foundation will be reviewed prior to acceptance by the Vice President for Advancement or designee. The SUNY gift acceptance policy does not apply to gifts given to the Binghamton University Foundation.
Gifts-in-Kind — Personal Property
- Charitable gifts-in-kind offered to the University should be reviewed by the Vice President for Advancement or designee prior to acceptance. The receiving department should complete a Gift-in-Kind Transmittal Form when the item(s) has been received.
- Gifts-in-kind received by the Binghamton University Foundation that are used in University operations should be transferred to the University.
- The Foundation will provide to the University's Property Control Custodian a list of donated assets that have been transferred to the State. The list will include asset descriptions, their fair market value, and location for entry into the Property Control System.
Valuation
- 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.
Works of Art, Rare Books and Other Unique Gifts
- These items normally have very limited liability associated with their use by the University and are treated similarly to the above noted Gifts in Kind – Personal Property.
- There is no requirement to enter these items into the Property Control System. The Library and Art Museum have their own inventory systems.
- The campus designee in the libraries 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.
- De-accessed assets must follow the deaccession policies of the University Libraries or Art Museum. Any net proceeds from the sale of Binghamton University Foundation assets must be used to support programming related to the general purpose of the gift.
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.
Real Estate — Real Property
- Gifts of land and buildings can be made to either Binghamton University or to the Binghamton University Foundation.
- If the title of the property is transferred to Binghamton University, it can be accepted by the campus Designee (chief financial officer) and should also be submitted to the SUNY Office of Philanthropy for review. If the gift is made to the Binghamton University Foundation it must be reviewed and accepted in accordance with the policies of the Binghamton University Foundation Board.
Asset Identification and Property Control
All assets, whether received directly from a donor or purchased with donor funding, that are valued greater than $5,000 and used in State (University) operations will be affixed with State Property Control tags.
