This statement explains the process for reporting equipment, services and other assets donated to the University by outside suppliers.
All assets donated to the University must be included in a department’s Capital Assets Management System (CAMS) inventory. It is the responsibility of each department to notify the University Advancement Services Office when equipment and other assets have been donated to the University.
When equipment is donated, there are certain sections of the Notification of Gift Form (BA-151) that must be completed and forwarded to the University Advancement Services Office. This form will be logged in by the Advancement Services Office and forwarded to the CAMS Office. This form is required to properly tag and account for gifts on the University’s inventory. In order to issue a receipt for the donated item and provide the donor with an IRS form, several items are needed:
- A deed of gift or something giving a description of the property that is being donated;
- An appraisal if the value of the equipment is above $5000 – the IRS requires that the appraisal come from a qualified appraiser and that the appraisal be signed.
Questions about the BA-151 Notification of Gift Form should be directed to the University Advancement Services Office at phone number (919) 515-9088.