What is a gift?

A gift is a voluntary and nonreciprocal donation of personal (cash, securities, books, equipment, life insurance, etc.) or real property provided by a non-governmental donor for which no goods or services are expected, implied or forthcoming.

Should goods or services be provided in exchange for a gift, the value of those benefits must be subtracted from the donation amount and the net will be recorded as a gift.

Providing the donor the names of recipients of scholarships, awards, or providing a summary of how the funds were expended does not prevent the contribution from being considered a gift. Gifts may be outright or deferred, and may be restricted for a specific purpose, or unrestricted in nature. If the gift is restricted, all expenditures must relate to the purpose of the gift, as stated by the donor.

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Updated on February 28, 2020

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