Donations of artwork, books, equipment, collections, antiques, and other personal property are sometimes appropriate gifts to Southwestern.

Before making a gift of tangible personal property, please consult with the University to confirm that your gift can be used according to your wishes while also supporting the mission of the University.

Gifts of tangible personal property entitle you to a deduction of the property's full fair market value - up to 30 percent of your adjusted gross income - as long as the property is determined by Southwestern to be related to the University's educational purpose and you have held it for more than a year. If your gift is likely to be valued at more than $5,000, you must have it appraised by an independent, licensed appraiser within 60 days prior to the gift's transfer to determine the value of your deduction. The University will consider gifts with a minimum $25,000 appraisal.

This policy is established to govern the acceptance and disposition of all gifts of tangible personal property, including but not limited to works of art, manuscripts, antiques, rare books, livestock, mortgages, copyrights and literary works made to Southwestern University. All gifts that fall under this policy must be approved in advance of acceptance of such gifts by the Committee for Gift Acquisitions (CGA). It is the responsibility of any development officer, departmental or other University official (principally the Library, School of Fine Arts or University Relations and Development Office) presented with a gift or working with an estate to bring all gifts subject to this policy before the CGA prior to accepting such gifts.

The CGA consists of the Vice President for Fiscal Affairs and representatives from Development including the Associate Vice President and Director of Planned Giving. Where gifts in the fine arts are concerned the committee will include the Dean of the School of Fine Arts and appropriate fine arts faculty.

Criteria For Acceptance

The CGA will consider accepting gifts of tangible personal property after a thorough review that indicates the property is:

1. readily marketable; or
2. needed by the University for use in a manner which is related to one of the purposes for which tax exempt status of the University was granted; that is, for education or research. Contributions should support and enhance the mission and purpose of Southwestern University.

Approval/Acceptance Process

1) The development officer will prepare a written summary of the gift proposal and submit the summary to the CGA through the Director of Planned Giving. At a minimum, the summary shall include the following information:

• description of asset; -if art, title of the work, medium, dimensions, condition, and any special requirements or problems in connection with the gift.
• the purpose of the gift (e.g. for teaching purposes, for campus display);
• an estimate or appraisal of the gift's fair market value and marketability;
• any potential University use and, if so, written review by the department to benefit from the asset;
• any special arrangements requested by the donor concerning disposition (e.g. price considerations, time duration prior to disposition, potential buyers, etc.)

2) The CGA will review the material presented by the development officer and make a determination as of whether to accept or reject the proposed gift (or, if necessary, to postpone a decision pending the receipt of additional information). The final determination of the CGA shall be communicated to the development officer by the Director of Planned Giving, and the development officer shall communicate the University's decision to the donor in writing.

3) If a proposed gift of tangible personal property is approved by the CGA, the Development Office or the President's Office will acknowledge receipt of the gift on behalf of the University. The University will not appraise or assign a value to the gift. Donors of property gifts over $5,000 must obtain an appraisal by an independent third party appraiser in accordance with current tax law requirements. Tax forms 8283 and 8282 must be completed for the IRS.

Note: All gifts of tangible personal property must be able to be liquidated in order to be accepted by Southwestern University. No tangible property shall be accepted that obligates the University to ownership of it in perpetuity without prior approval from the CGA. No perishable property or property which will require special facilities or security to properly safeguard said property will be accepted without prior approval of the CGA.

Other property of any description, including mortgages, notes, copyrights, royalties, easements, trademarks, and patents may be accepted only by prior approval of the CGA.

Southwestern University and Art Department Faculty are not responsible for any appraisal.

(Approved by the Institutional Advancement Committee of the Board of Trustees, February 26, 2001)