A gift in kind is defined as a non‐cash or non‐cash equivalent gift. This may include gifts of art, books, jewelry, equipment, services, livestock, software, or other intellectual property. Gifts in kind warrant special consideration as they may obligate the Foundation to retain the property in perpetuity as they may be perishable or require special facilities or security to safeguard the property. It is the policy of the Foundation to liquidate items received as gifts in kind. If the gift is intended to be put in service, the donor relations professional must coordinate with the appropriate MSU-N department prior to acceptance.
Acceptance may be made only after thorough examination of the following criteria:
- Property use in light of the Foundation mission;
- Any donor requested restrictions on the use, display, or disposition of the property; and
- Carrying costs incurred by the Foundation if property is accepted.
In all instances, all other gift acceptance policies and procedures shall be in effect. Acceptance of gift in kind property shall be documented by the appropriate donor relations professional.
In the event that the property will be retained by the Foundation for a determined period of time for Foundation related purposes, only an officer of the Foundation may communicate the terms and conditions of such commitment to the donor. Donor relations professionals are not authorized to guarantee acceptance or retention of gift in kind property. Once gift in kind property is accepted for a related purpose and will be put in use by the Foundation, the Controller shall insure the property with the proper documentation of coverage to the donor’s permanent record or master file within fifteen (15) days of receipt of the Gift in Kind report.
If required for any purpose, the donor will provide the Foundation with a qualified appraisal, at the donor’s expense. The Foundation reserves the right to perform an independent appraisal by a party who is not affiliated with the donor and is selected by the Foundation.
In the event that gift in kind property is accepted by the Foundation, but shall be put in use by MSU-N, the donor relations professional shall coordinate with MSU-N personnel to oversee the proper delivery of the property. Upon confirmation of delivery, the donor relations professional shall confirm Foundation gift processing is complete through the receipting process.