Financial Services Manual (FIN)

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Effective: 11/1/2005

Revised: 11/1/2009

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FIN 128: Gifts in Kind

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Purpose

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To comply with federal tax regulations regarding non-cash donations and to properly acquire and record non-cash gifts and donations to the university

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Sources

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Internal Revenue Service
University policy

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Policy

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Any gift-in-kind donation, such as artwork, personal libraries, equipment, intellectual property, etc., must be reported to the ASU Foundation (serving under contract as ASU Development Office) for the purposes of complying with applicable tax laws regarding non-cash contributions, acknowledging the gift, and issuing an official ASU gift receipt, according to the policy and procedures in FIN 303.

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Cross-References

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For additional information, see FIN 303, “Gift Deposits (Including Gift-in-Kind Donations) and Special Event Receipts with a Gift Component.”

Also see the Property Control System Policies and Procedures ManualPCS 206, “Acquisition of Gifts and Donations to the University.”

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