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Policy 3.6.4

Policy 3.6.4

SUBJECT: ACCEPTANCE, ACQUISITION, RETENTION, TRADE AND/OR SALE OF DONATED WORKS OF ART OR OTHER IN-KIND GIFTS

General - Even though the Office of Institutional Advancement does not actively seek out gifts of art from donors, occasionally donors voluntarily express a desire to donate works of art to the university. The following policy statements apply to the acceptance, acquisition, retention, trade and/or sale of donated works of art.

Policies and Procedures - The university shall accept only those art objects or other in-kind gifts which will enhance the cultural, educational and aesthetic aspects of the university.

1. The university reserves the right, unless prior agreement is made before acceptance of the artwork or any in-kind gift, to either insure or not insure these types of gifts and also reserves the right to establish the amount for which the gift is insured. Insuring of art or in-king gifts must not become an inordinately large expense or liability to the university and must fit within the guidelines of the mission of the university.
2. In the event that the university sells, exchanges, or otherwise disposes of donated artwork appraised at over $5,000 within two years after the date of receipt of the artwork, the university shall file an information return (Form 8282, Donee Information Return) with the IRS and furnish the donor a copy of that return. This acknowledgment does not represent concurrence in the claimed fair market value. This policy statement is an IRS regulation.
3. The wishes of the donor where legally and ethically possible shall be taken into consideration relative to the disposition, trade and/or the retention and display of art objects.
4. When selling art objects or other in-kind gifts, the university shall strive to receive the highest dollar amount attainable while taking into consideration factors such as cost of advertising, available markets and current needs of the university.
5. If sold or traded, proceeds from the sale or trade shall be used in accordance with policy 3.6.1. For additional information relative to the acceptance, exchange, acquisition, retention and sale of donated art objects, please make inquiries to the Office of Institutional Advancement.

It shall be the responsibility of the donor to report to the IRS gifts of art donated to the university. Information relative to appraisals and donor's filing of IRS Form 8283 is contained in policy 3.6.3.

Contact for Interpretation: Vice President of Institutional Advancement

This policy statement supersedes all previous policy statements on this subject

Revisions:

-   08/14/2017 - Revised title change (Executive Director for Institutional Advancement to Vice President of Institutional Advancement)


-   01/07/2014 - Reviewed-title change (Vice President of Institutional Advancement to Executive Director of Institutional Advancement)

-   03/20/2007 - Review

-   10/01/2004 - Revision-layout change

-   10/01/2003 - Revision-layout change

-   01/18/2002 - Reissue as 3.6.4

-   01/18/2002 - Revision-titles changed

-   08/23/1993 - Inception as policy 1.2.20.1

Printable Policy 3.6.4

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