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Gifts of fixed assets are valued and recorded in the following manner:
- Land and Buildings acquired by gift or bequest is recorded at fair market value at the date of acquisition. The fair market value is assigned as the result of satisfactory independent appraisal contracted for and reviewed by Campus Planning, unless an independent appraisal completed within twelve months preceding the date of acquisition is available for review and approval by Campus Planning. Land and buildings donated as gifts to the endowment or other funds is recorded as investments and sold expeditiously for cash.
- Movable equipment with a fair market value equal to or greater then $100,000 will be capitalized. Gifts of moveable equipment less then $100,000 is recorded as gifts-in-kind and expensed.
Last modified February 02 2012 07:35 AM