To establish responsibilities, policies, and procedures for the solicitation, receipt, timely processing, acknowledgement and expenditure of all cash and non-cash gifts to the University.
If the estimated fair market value is less than or equal to $5,000 per item or collection of similar items, no additional documentation regarding value is required for University purposes. The University may rely on the donor’s estimated value of the gift for purposes of annual fundraising reporting. The University does not record these gifts on its financial statements.
b) If the estimated fair market value exceeds $5,000 per item or collection of similar items, the college, unit or division should provide independent documentation substantiating the donor’s valuation of the gift to UKPAE and AFRS. Examples of substantiating documentation include appraisals, letters from experts/dealers, receipts, invoices, itemized inventory lists or published value listings (catalogue or internet).
VII. Definitions