Property Control System Manual (PCS)

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Effective: 7/1/2002

Revised:  

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PCS 1002–10: Gifts and Donations

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Purpose

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To ensure that assets donated to ASU are handled in accordance with the Internal Revenue Code and related regulations

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Sources

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Internal Revenue Code and the Internal Revenue Service
University policy

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Policy

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Disposal of assets gifted to ASU within three years of the acquisition date should be avoided whenever possible. Should disposal be necessary, procedures for disposing of ASU-titled equipment should be followed. In addition, the department is responsible for notifying the Financial Services tax unit and the ASU Foundation director of gift processing of the details of the property disposition so that the required IRS Form 8282 can be filed in a timely manner.

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Cross-Reference

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See also the Financial Services Policies and Procedures ManualFIN 303, “Gift Deposits (Including Gift-in-Kind Donations) and Special Event Receipts with a Gift Component.”

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