Gift-in-Kind PolicySource: Office of the Vice Chancellor for Administrative
Gift of Art
When the Foundation receives a gift of art it intends to gift to the University,
a memo containing the specifics on the art to be gifted should be prepared
and submitted to the Budget Office. A copy of that memo is to be provided
to the Office of Risk Management and Safety who will add the gift(s) to
the art inventory.
When the Foundation receive a gift it intends to hold and later sell, it
should complete the paperwork to loan the art to the University until the
sale is consummated. (Form is available in the Forms
Downloading Area. If the art is to be stored or displayed, a copy of
all paperwork should be given to the building supervisor where the material
is stored or displayed.
When the Foundation received a Gift-in-Kind (other than art) it intends
to gift to the University, it prepares and submits a memo to the Budget
Office containing the specifics of the gift(s).
A copy of that memo is provided to the department/unit receiving the gift,
notifying it of the gift and advising the department/unit of its responsibility
to take appropriate steps to inventory the item(s). A copy of that memo
is also provided to the Office of Risk Management and Safety.
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