In-Kind Gift Forms

Request for Approval to Receive an In-Kind Donation form- Instructions

 

Purpose:

 

LeTourneau welcomes and encourages in-kind donations of equipment, material, and other tangible items.   Such donations can help support the mission of the university.   However, not all gifts are created equal and the associated costs of accepting some gifts might be sufficiently high as to make there acceptance prohibitive.

 

In addition to financial considerations the university is cognizant of other non-financial issues such as “good will” and the reality that companies can grow in generosity over time.   The Request for Approval to Receive an In-Kind Donation form is designed to help the university work through the decision of whether to accept a gift and requests such information as the value of the gift, the relationship the donor has with the university and what, if any costs will be born by the university if the gift is accepted.

 

Process:

 

The faculty/staff who is involved in the discussion with a potential in-kind donor is to complete lines 1-21 (as applicable) including the item description.   The form should then be forwarded to the director of Corporate, Foundation and Church Relations (CFR) in the University Development department.   The CFR will work with the faculty/staff involved to expedite, if at all possible, the approval to receive the gift.   The Vice President for University Development has approval authority.

 

If acceptance of a gift is not possible, the CFR will assist the faculty/staff as requested in communicating this to the donor.

 

Line #6 on the form requests the value of the item and line #11 requests information about how the value was established.   To assist the university in establishing the value of a potential gift the company offering the gift could complete and IRS Form 8283 and send this to us.   This form would need to be completed by the company if they intend to reflect the gift on their taxes.

 

The Form 8283 and the 8283 Instruction Sheet is available on the LETU.edu start page so the faculty/staff can send it to the donor as desired.

 

Any specific questions regarding the Request for Approval to Receive an In-Kind Donation form or the process of approval should be addressed to the CFR at 903-233-3808 or randyyeakley@letu.edu.

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