Adherence to this policy will ensure that a Gift in Kind is accepted in accordance with the University’s mission and programs. The policy is also in place to ensure that the potential benefit of the gift is greater than the potential costs related to the gift. Further, the policy will ensure a Gift in Kind is reported to the University of Wisconsin System Board of Regents.
This policy applies to all University of Wisconsin–Madison divisions, department and employees accepting and receiving a Gift in Kind donation.
Gift in Kind donations require formal acceptance and are reported to the University of Wisconsin System Board of Regents. A Gift in Kind donation may be a tangible item, good, and/or service, which are typically items that the University would have to otherwise buy if the item, good, or service hadn’t been donated. Gift in Kind donations of tangible, personal property made to the University of Wisconsin-Madison (the University) are typically facilitated through the Division of Business Services, Accounting Services, Gift Management. Gift in Kind donations to the University, other than tangible, personal property, are typically routed to the Wisconsin Foundation and Alumni Association (WFAA) for processing. See Appendix A for examples.
The following considerations should be made before acceptance of a donation:
When an employee is notified of a potential Gift in Kind, the employee must notify the College, School, or Division’s Dean/Director’s office of the impending gift. If acceptance of the Gift in Kind is deemed appropriate, the employee must follow the Acceptance of Gift in Kind procedure. If the donor requests a signed agreement, acknowledging acceptance of the gift, the Accounting Services Director of Financial Information Management has been granted delegated authority to sign the agreement, pursuant to the UW-System President’s memo of October 1, 2012 and Regent Policy Document 13-1 General Contract Signature Authority, Approval, and Reporting.
Gift in Kind donations are to be recorded at a measurable and determinable fair market value at the date the gift is received. Following is a list of acceptable sources used for providing fair market values:
Approvals to accept a Gift in Kind donation must take place prior to taking custody of the donation. Receipt of the Gift in Kind is coordinated at the department level and may include additional personnel such as Accounting Services, Property Control and the Department Property Administrator when capital equipment is involved. Gift Management will report the Gift in Kind to the University of Wisconsin System Board of Regents.
Disposal of a Gift in Kind should be coordinated with the Gift Management department and, when necessary, the Accounting Services, Property Control department to ensure appropriate procedures are followed.
Failure to comply with this policy could result in an audit risk to the University of Wisconsin – Madison.
Typically Routed through Accounting Services, Gift Management (campus department will take possession of the item)
Typically Routed through WFAA