Gifts

Guidelines for Noncash Gifts and Gifts of Tangible Services

Acceptance of Gifts

The official acceptance of all gifts on behalf of the University is governed by Regents’ Rules and Regulation on Gifts to The University of Texas System. Accordingly, the, Vice President for Research Development, and the Assistant Vice President, have the authority to accept gifts in cash or in kind in the amount of $500,000 or less. Gifts valued at over $500,000 require final acceptance by the Board of Regents.

Definitions

Non-monetary gifts referred to herein are tangible assets, including art, books, equipment, antiques, and intellectual property. Gifts of real property are governed by the UT System Gifts Policy Guidelines. Gifts of tangible services include, but are not limited to, hotel/motel accommodations, meals, air travel, and loaned vehicles. Examples: A donation of a painting qualifies as a non-monetary gift. A block of hotel rooms qualifies as a gift of tangible services.  A loan of equipment which will eventually be returned to the donor, or donations of intangible services such as management consulting, do not qualify as gifts.

Fair Market Value

The fair market value of a non-monetary donation generally is the price for which the property would sell on the open market on the date of contribution less the educational discount. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act and both having reasonable knowledge of the facts. Note: The donor is responsible for establishing the fair market value of a donated item.

Acceptance Procedures for Noncash Gifts: Assignment of Responsibility

Please note that any financial obligations or budget requirements for the gift are the responsibility of the College submitting the gift for acceptance. Additionally, in these procedures the terms, noncash and non-monetary, should be considered synonymous.

Donor Responsibilities:

  • The donor offers the gift to a departmental faculty or staff member.
  • The donor must submit a gift letter describing the gift and any related information on use or any third party appraisal information.

Faculty or Staff Member Responsibilities:

  • If the gift value is less than $1,000, a dean or director’s memorandum is not required. Only the Non-Monetary Gift Acceptance Form and any supporting gift documentation is necessary. Send directly to Gift Administration.
  • If the gift value is $1,000 or higher, a dean memorandum is required.
    • The faculty or staff member submits a memorandum to the dean via the Chairman asking for acceptance of a non-monetary gift. Either the memorandum or the chairman’s letter must include the following information:
      • The donor's name and address
      • A brief description of the item being donated
      • The fair market value of the gift. If information about the value of the gift is not provided by the donor, then a knowledgeable faculty or staff member should make an estimation for internal purposes only.
      • The name of the faculty or staff member who will be responsible for the gift.
      • Any restrictions the donor may be placing on the acceptance or use of the gift.
      • Any expenses to the University associated with the gift, such as costs related to delivery, storage, or maintenance.
      • A statement on how the gift will be used to benefit the University
    • Send the memorandum from the faculty member, the letter from the Chairman and the donor’s letter directly to Ann Herboek, Endowment Coordinator, mail code C2100.

Dean's Responsibilities:

  • The dean or director signs the Gift Acceptance Form (GAF).
  • The completed GAF and all related correspondence is forwarded to Gift Administration, Mail Code: F1000.
  • An IRS Form 8283 may accompany the paperwork to the Resource Development Office for an authorized signature.

Resource Development Office Responsibilities:

  • The Resource Development Office reviews the paperwork for acceptance according to UT standards and regulations. If approved, the Resource Development Office sends a copy of the approval to the dean or director's office, and records the gift onto UT records. Gift receipts are mailed to all donors, as well as a letter from the president for gifts of $25,000 or more for individuals, associations, and foundations of all kinds, and $50,000 or more for corporations.
  • Non-monetary gifts which do not receive routine approval generally fall into the following categories:
    • Gifts which involve legal issues requiring further review. If the review recommends acceptance, the procedures described above apply. If the gift is not recommended for acceptance, the dean or director's office will be contacted.
    • Gifts for which the documentation is incomplete. In this case, the dean or director's office will be contacted for further information