Oregon State University

207: Gift

Property Management Policy & Procedure Manual
Section 200: Equipment Acquisition
Effective: 07/01/1996
Revised: 01/30/2007

Purpose

To properly record gifts acquired by the University.

Background Information

Individuals, corporations or other organizations sometimes donate equipment to OSU.  The OSU Foundation is responsible for OSU gift administration, gift recognition, and IRS tax forms.

Policy

Any gift or donation acquired by or given to the University must be reported to the OSU Foundation for the purposes of acknowledging the gift and issuing an official OSU gift receipt.

Please report all gifts in writing to the OSU Foundation. Include the following information:

  • name, address, and social security number or tax ID number of the donor;
  • fair market value (FMV) of the gift;
  • purpose of the gift;
  • name and title of the staff member in charge of the gift; and
  • a copy of the gift letter and/or any other documents furnished by the donor.

The IRS requires that any gifts that are disposed of within three years of receipt have an additional tax form (8282) filed with the IRS; departments are advised to keep gift equipment for at least three years.

All gifts meeting the equipment definition should be added to inventory immediately.  The true market value of the gift should be ascertained by a formal appraisal at the time of transfer of ownership.

Antiques, or personal property received from noted alumni, and Assets gifted to the University that may have historic significance to OSU or the State of Oregon should be reviewed for possible inclusion in the Historic Properties register.  Property Management should be contacted if an item of possible interest is received.

Booking Gifts as Revenue
OUS has instituted a new policy requiring that tangible property (gifts-in-kind) donated to the university must be booked as revenue.  To facilitate the appropriate entries to the General Ledger, the OSU Foundation will send Property Management a monthly listing of all gifts-in-kind (capital and non-capital) received on behalf of OSU.  Property Management will contact individual departments requesting additional information on any item that appears to be a capital asset, and will process the journal voucher to book these gifts as required.

Prohibited Gifts and Gratuities
University employees shall not accept or solicit, directly or indirectly, anything of economic value as a gift, gratuity, favor, entertainment, or loan that is or may appear to be designed to influence official conduct in any manner, particularly from a person who is seeking to obtain contractual or other business or financial arrangements with the university (e.g., a vendor who has interests that might be affected substantially by the performance or nonperformance of the employee’s duty).

Such persons include both present and potential suppliers and contractors to the university and agents working on behalf of suppliers and contractors.

Procedure

Property Loaned for 90 Days or Less

Responsible Party Action
Department
  1. Receive equipment and letter of acknowledgement (gift letter) from donor.
  2. Submit acknowledgement letter and Gift-in-Kind form to the OSU Foundation for tax acknowledgement.
  3. Submit photocopies of all documentation (gift letter, appraisal, Gift-in-Kind form, etc.) along with a completed Fixed Assets Data Entry form to Property Management.
Property Management
  1. Create asset record in FIS Banner and sends bar code tag to department.


Additional Information

See the OSU Foundations website for related information on Gifts.

Contact Info

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Oregon State University, Corvallis, OR 97331
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