Financial Services Manual (FIN)

Effective: 11/1/2005

Revised: 11/1/2009

FIN 128: Gifts in Kind

Purpose

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

Sources

Internal Revenue Service

University policy

Policy

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.

Cross-References

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 Manual—PCS 206, “Acquisition of Gifts and Donations to the University.”

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