Responsible Executive Authority
This procedure describes the role of the Lane Community College Foundation in administering gifts, and the role of the donor in valuing donations. The procedure also describes the specific activities involved in gifts of various types, including scholarships, in-kind gifts, cash, securities, real estate, and bequests.
The Lane Community College Foundation acts in a fiduciary capacity in administering gifts in strict compliance with the instructions of the donor. If a gift is not accompanied by instructions, its use is determined by the Foundation Board of Trustees and directed to the program(s) with the most pressing needs. Gifts to the Foundation may be designated to the College Fund for general purposes, as determined by the Foundation Board of Trustees, or restricted to a specific department or program of the donor's choice.
Scholarships, Awards And Loans: Contributions
Community organizations and individuals will be encouraged to contribute to scholarships, awards and loan funds for Lane Community College students. All contributions for such purposes will be kept in a special Lane Community College Foundation account.
Gifts of Equipment & Materials: Any donation of equipment or materials to Lane Community College for use in college programs must be approved by the appropriate department head. After approval, the department receiving the gift will complete an LCC Foundation Gift-In-Kind Acceptance Form, following the directions on the back of the form provided by the LCC Foundation, and inform Purchasing Services when the gift has been received.
Title Transfer: If the gift requires a transfer of title, it is the responsibility of the department accepting the gift to make sure the title transfer is accomplished.
Valuation: The valuation of a gift-in-kind is the responsibility of the donor. The donor may give an estimate of the fair market value or provide receipts showing what they paid for the item, if it is relatively new. However, according to IRS regulations, the valuation must be done by an authorized appraiser. If the value of the gift is $5,000 or more, the valuation must be in writing. If the value of the gift is $500 or more, the Foundation will provide Form 8283 required by the IRS. For gifts such as automobiles, the donor may get a Kelly Blue Book valuation from a credit union or bank. As the recipient of a gift, the college and its employees are not considered authorized appraisers and shall not suggest a value to the donor for tax purposes.
Gift Acknowledgement: After the gift-in-kind form is received by the LCC Foundation, a letter of acceptance will be sent to the donor. This letter will include a full description of the equipment or materials donated, an amount of the fair market value provided by the donor or authorized appraiser, and the Foundation's tax identification number.
Sale or Disposition of Donated Equipment & Material: If donated equipment or material is sold or disposed of within two years of its receipt, the department shall notify the Foundation. The Foundation will file Form 8282 with the IRS.
Cash Gifts: Cash gifts by check or money order should be made payable to the LCC Foundation and mailed to:
Lane Community College Foundation
4000 East 30th Avenue
Eugene, OR 97405-0640
Cash always should be hand-delivered to the Foundation, rather than sent through the mail.
Gifts of Securities: Stock certificates can be delivered to your local broker with
instructions to hold for the account of, and instructions from, Lane Community College Foundation. You or your broker should immediately inform the Foundation that the stock is being held, and the Foundation staff will advise your broker concerning its disposition.
There are other options for transferring gifts of stock. Contact the Foundation director to discuss these in order to avoid any complications.
Real Estate and Personal Property: These gifts may be transferred to the Foundation, after the Board of Trustees agrees to accept and administer such gifts.If owned outright, delivery of a deed of conveyance, such as a warranty deed or bargain and sale deed, is sufficient to transfer real estate. Personal property should be accompanied by a written description of the assets and a statement of intention to give irrevocably.
If property is not owned outright, or if you desire to transfer less than the total asset at one time, details should be discussed with the Foundation director and an appropriate transfer document prepared on the advice of your attorney before the gift is made.
Bequests: Bequests call for careful thought and preparation of the appropriate form. A person who has established a fund or trust during his or her lifetime with the Foundation can add a bequest to the named fund. Any of these types of gifts may be transferred by will, and appropriate purpose may be designated for use of the gift. Any form of giving or retaining interest for others during a donor's lifetime may be accomplished by a bequest. Contact the Foundation director to discuss bequest plans.