When obtaining equipment through purchase or donations, a New Equipment Receipt Form must be completed and sent to the Foundation.

The Foundation policy is to transfer equipment with a value greater than $1000 to New York State unless the Fund Manager applies for a waiver.  Reasons for retaining the equipment in the Foundation include the expectation of a future sale or trade or appreciation in value.

Valuation of donated equipment is the responsibility of the donor and should be provided in a letter of transmittal which should also state the purpose of the gift and any restrictions placed upon the gift by the donor.  It is imperative that gifts of property, like other contributions, be immediately communicated to Development or a Foundation staff person so that the gift may be properly recorded and acknowledged.

The subsequent sale of property donated to the UA Foundation within a two-year period is required to be reported to the IRS. The subsequent sale of tangible personal property donated to the UA Foundation within a three-year period is required to be reported to the IRS. In some instances, sale of tangible personal property within the three-year period may trigger a recapture of various taxes by the IRS.

Equipment and Furniture

All equipment and furniture acquired through purchase or donations having a useful life of more than one year and an acquisition cost of $1,000 or more that has not been transferred to New York State is covered under this policy.  A record of all such assets is to be maintained in a property log showing date of purchase, purchase cost (or value at the time of donation), a complete description of the item (i.e. color, size, serial number), and the specific location of the property.  All property of the Foundation will be tagged and the assigned numbers recorded on all applicable documents pertaining to the property control system. 

In the event that a fixed asset is sold, scraped, or stolen, an adjustment will need to be made to the fixed asset property log.

Every year, prior to June 30, an inventory of fixed assets will be conducted to verify the location, condition, and physical existence of the assets.