91ÖÆƬ³§

 grants authority to the Board of Visitors to make rules and policies concerning the institution. Section 7.01(a)(6) of the  grants authority to the President to implement the policies and procedures of the Board relating to University operations.

• Board of Visitors Policy 1801 - Development Policy

Gift - Any receipt of funds that involves money or other property (including gifts-in-kind) given voluntarily and made without receiving, or expecting to receive, anything of equal value (as defined in  of the Internal Revenue Service).

Gifts-in-Kind - Non-monetary gifts including, but not limited to, art, books, collections, equipment, real estate, software, and intellectual property.

University-Affiliated Foundations - Includes the Educational, Athletic, Museum, Real Estate, and Research Foundations that are tax-exempt nonprofit organizations created to further the educational purposes, athletic activities, and related objectives of the University.

This policy applies to all employees and students. Employees include all staff, administrators, faculty, full- or part-time, and classified or non-classified persons who are paid by the University. Students include all persons admitted to the University who have not completed a program of study for which they were enrolled; student status continues whether or not the University's programs are in session.

Gifts-in-kind to the University may be accepted only by the President or designee and within the statutes and regulations prescribed by the Commonwealth of Virginia.

Gifts-in-kind normally cannot be accepted if a financial obligation is imposed by the donor upon the University for display, maintenance, or repair.

The University will take appropriate measures to safeguard, utilize, or display gifts-in-kind according to type, value, and condition as determined by the University and donor.

All gifts-in-kind become the sole property of 91ÖÆƬ³§. A University-affiliated Foundation may receive gifts-in-kind when specifically requested by the donor and when it is in the best interest of the University. The Vice President for University Advancement shall be the President's designee for acceptance and acknowledgement of gifts-in-kind.

The Office of University Advancement and University-related foundations have established procedures for the acceptance of gifts-in-kind.

• For gifts to the University, the appropriate department head must acknowledge that the gift can and will be used to further the University's exempt purposes.
• For gifts to the Educational, Athletic, Real Estate, Research or Museum Foundations, the decision to accept or reject gifts is assigned to the Executive Director or the Assistant Treasurer of the respective Foundation. In cases where additional guidance is advised, the Executive Committee of each Foundation will be consulted.

All gifts will be recorded and acknowledged by the appropriate University-affiliated Foundations. Support for gifts to the University will be provided to the University Office of Finance for any additional administration.

Applicable records must be retained and then destroyed in accordance with the .

Associate Vice President for Advancement

• University Policy 1101 - Gift Management
• University Policy 1103 - Establishment and Operation of Annual and Endowed Scholarships, Fellowships, and Prizes
• University Policy 2500 - Visual Arts Collection Policy