LSSU Foundation

LSSU Gift Acceptance Policy

Receiving Donated Items - Noncash Charitable Contributions

From time to time you will have the good fortune of finding an alum or business owner that would like to donate equipment, materials, furniture, vehicles, etc. Gifts received by the Foundation for the University must be able to be used to further the mission of LSSU.

Your first step is to contact Jenny Peterman, the director of Purchasing and Risk Management, to evaluate if LSSU can accept the gift for educational purposes.

Secondly, if your donor wants to take a Charitable Contribution for this gift, you must contact the LSSU Foundation to insure that your donor receives the proper documentation to take the tax deduction.

LSSU Faculty are asked to review and comply with the Gift-in-Kind procedure (pdf).

The LSSU Foundation obtains the following information on all gifts-in-kind:

• Donor correspondence, description of gift in-kind, appraisal required for gifts valued at $5,000 or more, IRS Form 8283 upon completion by donor.
• Completion of the LSSU Foundation Gift-in-Kind Report Information Form (pdf).
  Donor Name, Address, Phone, Description & Value of Gift, Donor signature and release, and Faculty or Program Manager signature
• Documentation: Signed letter or statement from the donor, describing item and fair market value of item.
  • Gifts of $1 to $499: The Foundation confirms the estimate of the fair market value of the gift provided by the donor.
  • Gifts of $500 to $4,999: the donor makes an estimate of the fair market value and provides the Foundation, in writing, a description of the gift and its value. The Foundation notes the gift as having an estimated value until further documentation is received to verify gift value.
  • Gifts of more than $5,000: the donor must provide the LSSU Foundation with an appraisal from an independent and qualified source.

To answer your questions or concerns, please contact:

LSSU Director of Risk Managment - 906.635.2626 - mthalacker@lssu.edu
LSSU Foundation Office - 906.635.2665 - foundation@lssu.edu