University of Connecticut University of UC Title Fallback Connecticut

Gifts of Property to the University

The University may accept a gift if the value (whether financial, educational, or otherwise) of the gift is greater than its attendant costs, including exposure to financial, legal and other risks.  A department receiving a gift reports the gift to the Inventory Control Office on an Asset Global (Add) e-doc in the Kuali Financial System (KFS). The form requests identification of the department, the donor’s name and address, along with a model, serial number, or artist and title of painting, the location of the equipment (building and room number), along with an appraised value. The Asset Global (Add) e-doc is required for Inventory Control and insurance purposes.  If the gift is artwork, the department lists the name of the artist and title of painting or sculpture. The Asset Global (Add) e-doc is also used when accepting items donated through the UConn Foundation. The department acknowledges the gift in writing to the donor. A Noncash Charitable Contribution Form, IRS Form #8283, will be signed if prepared by the donor. The information regarding the donated property must be provided or completed by the donor, providing a concise description of the donated property, together with the physical condition and an appraised fair market value if an item is over $5000. (Click here for IRS instructions for Form 8283.)The appraiser must be qualified to make appraisals of the type of property being valued and perform appraisals for the public on a regular basis. A copy of the appraisal, along with the appraisers signed declaration on Form 8283, must be received. The selection of the appraiser is the responsibility of the donor, along with the payment for this service.  The authorized signature will be that of the University Controller, Charles Eaton.  Please mail the Form 8283 if applicable to Inventory Control for processing through the Controller’s office; do not attach the form to the Asset Global (Add) e-doc. General Policy on Gifts of Personal Property: The Board of Trustees realizes the importance of voluntary charitable support from many sources, such as corporations, companies, and individual donors. In order to insure continued benefit from this generosity and meet requirements established by the IRS, it is important that the procedures and guidelines are followed. The appearance of donor documents vary considerably; however, the procedure for processing donations is consistent.