220.127.116.11: Miscellaneous Provisions Regarding Gifts
1. Securing Appraisals and Legal Fees for Gifts to Spalding: It will be the responsibility of the donor to secure and pay for any required appraisal and the donor’s independent accountant, attorney, or other advisors for all gifts made to Spalding.
2. Valuation of Gifts for Development Purposes: Spalding will record a gift received by Spalding at the gist’s value for gift purposes on the date of the gift.
3. Responsibility for IRS Filings upon Sale of Gift Items: The University is responsible for filing IRS Form 8282 upon the sale or disposition of any asset sold within two years of receipt when the charitable deduction value of the item is more than $5,000, or as otherwise required by applicable law. Under current law, Spalding must file this form within 125 days of the date of sale or disposition of the asset. Acknowledgement and issuing of receipts for all gifts made to Spalding in compliance with the current IRS requirements shall be the responsibility of the Vice President for Development which may delegate the administrative responsibility to staff members.