Gifts In Kind
The Foundation may accept gifts of goods in kind (tangible personal property), including works of art; jewelry; antiques; coin, stamp and other collections; automobiles; manuscripts; and books. Such gifts may be accepted only after a thorough review indicates the property is readily marketable or may be used by the university. An essential issue for donors to consider before contributing a gift of tangible personal property is whether they would like the university to use or display the property. Prospective donors should be advised that the Foundation reserves the right to sell or otherwise dispose of the personal property in question, if such action is financially advisable or necessary.
Information to be provided to the Foundation for all goods-in-kind donations
- Donor's name, address and telephone number
- Donor's social security number or federal tax identification number
- Brief physical description of the donated asset, including an explanation of the method used to determine the fair market value
- Date the university/department acquired the asset and method of acquisition
Methods of valuation for goods-in-kind donations
Goods-in-kind donations (GIK) in excess of $5,000 and for which donors are eligible for a charitable gift deduction in accordance with current IRS regulations will be reported on the date of transfer at the fair market value placed on them by an independent appraiser employed by the donor. Gifts of $5,000 and under may be reported at the value declared by the donor or placed on them by a qualified expert on the faculty or staff of the institution. If a value as specified above is not placed on a GIK, the value on the donor's record will be $1.
Goods-in-kind donations which require a transfer of title, such as a car or boat, should be titled directly to Oklahoma State University rather than to the OSU Foundation. Notification of the donated item titled directly to the university should be made to the Foundation by the university/department in receipt of the donation.
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