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CHAPTER 6. UNIVERSITY FACILITIES AND SERVICES

The University of Texas at Austin            Policy Memorandum 6.315
Office of the President                      Revised April 20, 1995 

Subject: NONCASH GIFTS

Pursuant to Part Two, Chapter I, Sec. I, Rules and Regulations of the Board of Regents, noncash gifts to The University will be carefully reviewed before they are accepted. The authority to accept gifts to The University is vested in the Board of Regents. For gifts of $25,000 or less, this authority is delegated to the President.

The University welcomes contributions, both large and small, in support of university programs. Recommendations for the acceptance of gifts, showing details as to value, form, stipulations regarding use, and provisions for custody, shall be transmitted through regular University administrative channels, including Deans and the applicable Vice President, to the Vice President for Business Affairs. Prospective gifts of books or other library materials shall be routed by the Deans to the Director of General Libraries. An IRS Form 8283, Noncash Charitable Contributions, must be included for items (or groups of similar items) which have a claimed value of more than $5,000 per item or group.

The University, as a tax exempt organization, must exercise discretion to assure that it accepts only those items which have value to The University. Therefore, the following will be used by The University in considering the acceptance of noncash gifts:

1. Potential use by The University.

2. Acceptability of donor restrictions.

3. Market value (if disposal of the item is permitted by the donor).

4. Space requirements (if the item is to be retained for University use).

5. University expense associated with the gift, including repairs, maintenance, renovations,annual operating expense, shipping, storage, safekeeping, etc.

When a decision is made not to accept a gift, this decision will be given to the applicable dean and department head for purposes of communicating the decision to the donor.

When a decision is made to accept a gift, relevant correspondence and other documentation will be transmitted by the Vice President for Business Affairs to the Development Office for processing in accordance with the Regents' Rules.

The University does not provide estimates of value for tax purposes, nor does it attempt to interpret the tax regulations. A copy of IRS Form 8283 (when applicable), signed by the Vice President for Business Affairs, and other routine acknowledgements by the Development Office and others are provided to donors.