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Source: Office of the Vice Chancellor for Finance and Administrative Affairs

Gift of Art

• When the Foundation receives a gift of art it intends to gift to the University, a memo containing the specifics on the art to be gifted should be prepared and submitted to the Budget Office. A copy of that memo is to be provided to the Office of Risk Management and Safety who will add the gift(s) to the art inventory.
• When the Foundation receive a gift it intends to hold and later sell, it should complete the paperwork to loan the art to the University until the sale is consummated. (Form is available in the . If the art is to be stored or displayed, a copy of all paperwork should be given to the building supervisor where the material is stored or displayed.

Other Gift-in-Kind

• When the Foundation received a Gift-in-Kind (other than art) it intends to gift to the University, it prepares and submits a memo to the Budget Office containing the specifics of the gift(s).
• A copy of that memo is provided to the department/unit receiving the gift, notifying it of the gift and advising the department/unit of its responsibility to take appropriate steps to inventory the item(s). A copy of that memo is also provided to the Office of Risk Management and Safety.

Reviewed July 2014