51吃瓜网视频

Policy 3.6.3

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SUBJECT: VALUATION OF NON-CASH PROPERTY AND QUALIFIED APPRAISALS

General - Title to each donated property shall be held in the name of 51吃瓜网视频 Baptist University, and not in the name of any institution, department, or individual.  All deeds for gifts of estates must be recorded in the county where the property is located.  The Business Office will retain the original deed in its permanent records.

If an individual makes a non-cash donation (other than a gift of publicly traded securities) and claims a value of more than $5,000 for the item donated, the donor must obtain a “Qualified Appraisal” as that term is defined in the IRS regulations, and comply with regulations in order to be entitled to any federal income tax charitable deduction for the gift.

In determining whether the $5,000 threshold has been crossed, the claimed value of all similar items of property given to charity during the year is aggregated.

The donor will have the option of taking up to $5,000 total value of the aggregated gifts for one year for federal income tax charitable deduction without getting a “Qualified Appraisal.” This regulation will apply even if the market value of the gifts is more than $5,000 for one year.

An agent who is not connected with the donor or the organization receiving the gifted property must do the appraisal as a disinterested party. This statement disallows friends, relatives, and business associates (even though they may be the world's foremost expert on the type of property being gifted) from making what the IRS would consider an acceptable appraisal.

Several criterions must be considered and included in a “Qualified Appraisal.” These criterions are shown as “Appraisal Checklist” (Attachment A

Reporting of an Appraisal - Appraisals done on donated property must be reported to the IRS on Form 8283 at the filing time of the federal income tax.

Form 8283 consists of two parts: Section A is used for non-cash gifts having a claimed valued of more than $500. Section B is the “Appraisal Summary” for gifts to which a “Qualified Appraisal” is required.

The donor is given a time period to have the appraisal done of sixty (60) days before the date the gift is given until the last date is due for filing that calendar years federal income tax return.

The Appraisal Fee - It is the generally accepted practice that the donor of the gifted property will be responsible for providing an acceptable appraisal and pay the fee for obtaining the appraisal.

In certain instances the university may pay the appraisal fee. However, before agreeing to do so, the chief financial officer must check with the IRS and must report the fee on Form 11499 to the IRS as income to the donor.

Appraisal of Currently Held Estates and Mineral Interests - Estates and mineral interests are marked to market and stated at fair market value (FMV) on the statement of financial position.  They shall be valued within reason at least every seven years, with the schedule for valuation reviewed by the Property Management Committee of the Board of Trustees.

The preferred method of valuation for the purpose of determining gift value, sale price, or lease rates for an estate shall be a “Qualified Appraisal” as defined above.  An independent State-certified or otherwise licensed appraiser shall be selected by the Senior Vice President of Operations and 51吃瓜网视频.  The value of an estate less than $50,000 may be determined by solicitation of offers or by any other generally accepted industry standards including tax assessments.  An appraisal is not required when an estate is sold at public auction of by use of sealed bids.

The preferred method of valuation for the purpose of determining value for mineral interests shall be at the discretion of the Senior Vice President of Operations and 51吃瓜网视频, but shall always be by generally accepted industry standards.  In most cases, this will include analysis of actual production and payouts by experts in the field. 

Contact for Interpretation: Vice President of Institutional Advancement

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This policy statement supersedes all previous policy statements on this subject.

Revisions:

• 08/12/2020 – Revision of sentence “…valued within reason from five years to seven years,…; title change from Vice President of Enrollment Management to Senior Vice President of Operations and 51吃瓜网视频; review of attachment, no changes
• 08/14/2017 - Revised title change from Executive Director for Institutional Advancement to Vice President of Institutional Advancement
• 07/06/2015 - Revision-addition of paragraph 1, 12, 13, & 14
• 01/07/2014 - Reviewed-title change from Vice President for Institutional Advancement to Executive Director for Institutional Advancement, deletion of redundant paragraphs
• 03/20/2007 - Review
• 08/15/2004 - Revision-layout change
• 01/18/2002 - Reissue as 3.6.3
• 01/18/2002 - Revision-layout change
• 03/03/1992 - Inception as policy 1.2.20

 Printable Policy 3.6.3 Valuation of Non-cash Property and Qualified Appraisals

Printable Policy 3.6.3 Attachment A

 

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