All in-kind donations are directed through the Howard Community College Educational Foundation, Inc. (HCCEF). In-kind donations include but are not limited to equipment, products, or services that will enhance the day-to-day operations of the college or its mission and goals. Such donations must be approved by the appropriate department or division chair and area vice president/president based on need and not all donations may be accepted. Prior to the acceptance of an in-kind donation, the following should be considered:
It is the responsibility of the donor desiring a tax deduction to obtain an independent appraisal and for submitting this evaluation to the HCCEF (in-kind forms are available from the development office to serve this purpose). For non-cash gift donations with a value under $500, the donor's estimate is acceptable. For those items with a value between $500 and $5,000, an internal "expert" can value the property (e.g., the college librarian can value books at this level). For those items with a value over $5,000, an independent qualified appraiser must sign the form or provide the information on letterhead. Any costs incurred for valuations are covered by the donor.
All approved donated objects are to be accompanied by an appropriate written confirmation of title transfer (gift in-kind form). Title should be obtained free and clear without restrictions as to use, accession or future disposition, or encumbered by conditions set by the donor.
The college reserves the right to obtain its own appraisal. The costs of appraisals obtained by the college are the responsibility of the college.
A letter of gratitude to the donor will be prepared by the appropriate college department for the president’s signature, with a copy to the HCCEF office.
A copy of the gift in-kind form and a formal acknowledgment letter will be sent to the donor from the HCC Educational Foundation and will operate as an official receipt for the donor’s purposes. These documents will set forth an adequate description of the gift and its condition.
Objects received from a donor who has received a tax deduction will be retained by the college for the period specified by current rulings of the Internal Revenue Service before deaccessioning is considered.
In-kind gifts will be insured in accordance with appraised or estimated value.
Ongoing maintenance and care of the in-kind gift, if appropriate, will occur.
Policy Manual Review/Revision: 03/11/11