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It explains reporting obligations to the ASU Foundation for tax-law compliance, gift acknowledgement, and issuing official gift receipts. The manual also prohibits employee acceptance of value intended to influence official conduct, defines when independent or internal valuations are required for gifts in kind, and clarifies recording rules for capital and non-capital items. 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3/1/1965 Revised: 7/15/2025  \nPurpose  \nTo comply with federal tax regulations regarding noncash donations, and to properly acquire and record gifts and donations to the university  \nSources  \nInternal Revenue Service ASU Foundation  \nPolicy  \nAny gift or donation acquired by or given to the university must be reported to the ASU Foundation for the purposes of complying with applicable tax laws regarding noncash contributions, acknowledging the gift, and issuing an official gift receipt.  \nProhibited Gifts and Gratuities  \nUniversity employees shall not accept or solicit, directly or indirectly, anything of economic value as a gift, gratuity, favor, entertainment, or loan that is or may appear to be designed to influence official conduct in any manner, particularly from a person who is seeking to obtain contractual or other business or financial arrangements with the university (e.g., a vendor who has interests that might be affected substantially by the performance or nonperformance of the employee’s duty) .  \nSuch persons include both present and potential suppliers and contractors to the university and agents working on behalf of suppliers and contractors (see the Purchasing and Business Services Policies and Procedures Manual—PUR 104,“Gifts and Gratuities”) .  \nValuation Review  \nIndependent Valuations:  \nIndependent valuations are not required to accept gifts in kind, however, for gifts in kind (GIKS) over $10,000 independent valuations are required in order to receive tax credit for donors.  \nIn order for a valuation to be considered independent, the party that provides the valuation, review, or appraisal must not be related to the donor, ASU, ASUF, or any ASU financially related organization. The ASU Foundation primarily relies on donor supplied information for valuation and will neither furnish nor confirm an appraisal to the donor, however, based on indication of value, ASU could choose to seek an independent valuation if it appears warranted.  \nInternal Valuations:  \nFor GIKs with a value of $10,000 or more where no independent valuation is provided, the receiving department should, if possible, provide an internal valuation to be used for recording purposes. Internal valuation review methods include, but are not limited to, the following:  \n1. the net value of the equipment as stated by the donor (for new equipment)  \n2. a quotation obtained by Purchasing and Business Services (for donated equipment commonly sold through wholesalers)  \n[3.](3. an)[ an](3. an) estimate by the director of Purchasing and Business Services based upon comparable items and  \n[4.](4. an)[ an](4. an) estimate of knowledgeable persons employed by the university.  \nInternal valuations should be reviewed and approved by the head of the department receiving the donation before submitting. Internal valuations are not valid for tax credit purposes.  \nRecording Gifts in Kind  \nThe Foundation will provide to Capital Asset Management (CAM) copies of all gift in kind documentation received which CAM will use to record gifts in Workday. GIKs are determined by CAM to be either capital or non-capital and are recorded at these amounts:  \n\n| Gifts with an independent valuation | Recorded as stated by the valuation |\n| --- | --- |\n| Gifts with an internal valuation | Recorded as stated by the valuation |\n| Gifts of $9,999 or less with no valuation | Recorded as stated by the donor |\n| $10,000 or more with no valuation | Recorded at $1 |\n\nCapital Gifts in Kind:  \nIn the event an 8283 tax form is issued to the donor, capital gifts will be tagged with a yellow property control tag (as appropriate) and tracked for inventory purposes. In the absence of any valuation, if it is deemed that a donation is likely worth $10,000 or more on a per unit basis, and would normally be capitalized, the donation will be recorded at $1 and tracked for inv","cbCaikcqnBhnbSRb","https://ap.wps.com/l/cbCaikcqnBhnbSRb","pdf",169918,"English","# Purpose\n## Policy\n## Prohibited Gifts and Gratuities\n## Valuation Review\n## Recording Gifts in Kind\n## Capital Gifts in Kind\n## Real Property\n## Exception\n## Cross-Reference","[{\"question\":\"What is the purpose of PCS 206?\",\"answer\":\"To comply with federal tax regulations for noncash donations and to properly acquire and record gifts and donations to the university.\"},{\"question\":\"What reporting is required for gifts or donations acquired by or given to the university?\",\"answer\":\"They must be reported to the ASU Foundation for tax-law compliance, acknowledgment, and issuance of an official gift receipt.\"},{\"question\":\"When are independent valuations required for gifts in kind (GIKs)?\",\"answer\":\"Independent valuations are not required to accept gifts in kind, but are required for GIKs over $10,000 to receive tax credit for donors.\"}]","Property Control System Manual (PCS) - PCS 206 - Acceptance of Property, Gifts, and Donations to the University | PDF",1789799760]