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Giving to the Foundation

In-Kind Gifts

All non-cash gifts are termed “in-kind gifts.” The three main categories of gifts-in-kind are 1) equipment and supplies, 2) services, and 3) other (such as art objects, antiques, jewelry, securities, and real estate). See Forms, Documents, and Policies for a copy of the In-Kind Gift Report Form, which must be signed by the donor and returned to the Foundation Office.

Documentation and Approval Process

College employees and Board members who receive an offer of equipment, property, or service must consult the Foundation Office. A non-cash donation cannot be accepted until a completed “In-Kind Gift Report” form (see above) is returned to the Foundation Office signed by the donor and by staff or faculty in the office or department designated to receive the gift. The Executive Director of the Foundation must approve the gift for acceptance. The signature of the President of the College is also required on the form.

All in-kind gifts to the Foundation are accepted in accordance with policies of the Tennessee Board of Regents. For certain gifts (such as real property) approvals from the Tennessee Board of Regents and the TBR Chancellor are required. Proper records of all such gifts donated shall be documented and kept on file in the Foundation Office and shall be reported annually to the Tennessee Board of Regents.

Checklist for Review of Donations to the Pellissippi State Foundation

Gifts-in-kind should be reviewed with special care to ensure that acceptance will not involve financial commitments in excess of budgeted items or other obligations disproportionate to the use of the gift. Consideration should be given to the cost of maintenance, cataloging, delivery, insurance, display, any space requirements for exhibition or storage, or liabilities related to gifts of real estate.

A “Checklist for Review of Donations to the Pellissippi State Foundation” (see Forms, Documents, and Policies) is available to assist staff or faculty members who are working with potential donors of in-kind gifts. Submission of the checklist to the Executive Director of the Foundation is optional.

Gifts Requiring Institutional Support

All gifts requiring institutional support (such as staff, financial assistance, storage, etc.) require approval by either the President of the College or by the Chancellor of the Tennessee Board of Regents, as applicable. TBR Policy 4:01:04:00, “Solicitation and Acceptance of Gifts,” requires the Chancellor of TBR to approve gifts prior to acceptance if the gifts have conditions that ultimately will require consideration by the Tennessee Board of Regents or the Chancellor. Examples are gifts to support the initiation of a new academic program or capital improvement project.

Gift Appraisals (Federal and/or State Tax Documentation)

Neither the Foundation nor the College places a value on donations for federal and/or state tax purposes. When gifts-in-kind are given to the Foundation with the intent of the donor to receive a tax deduction, it is the responsibility of the donor, not the Foundation, to obtain an appraisal of the gift for tax purposes. Internal Revenue Service policy does not allow the charity issuing the receipt to become involved in the appraisal process.

To our donors: Your gift to the Pellissippi Foundation will impact your financial situation. This Web site does not provide legal or financial advice. Consult your attorney, tax adviser, and the Foundation before making or planning a gift.