University of Virginia Library

B. General Policies Pertaining to Solicitation and Acceptance of Certain Types of Gifts

1. Gifts of Tangible Personal Property

An offer of a gift to the University of tangible personal property may be accepted initially and conditionally on behalf of the President and the Rector and Visitors by deans, directors of libraries and museums, and other authorized officers. The receipt and acceptance of such tangible gifts with estimated value of $500 or more shall be reported to the Vice President for Development for confirmation and formal acceptance by the Rector and Visitors.

Gifts to the University of tangible personal property such as paintings and other works of art, or furniture, or collections should not be accepted if made on the condition or expectation that the items will be permanently exhibited, or that the collections will be maintained and shown as such. Any gift offered with such a restriction or condition shall be reported to the Vice President for Development and may be accepted only by vote of the Board of Visitors.

• The following are unacceptable restrictions or considerations in connection with gifts-in-kind:
• (a) The acceptance of such gifts shall not involve significant additional expense for their present or future use, display, maintenance or administration.
• (b) No financial or other burdensome obligation or expense is or will be directly or indirectly incurred by the University as a result thereof.
• (c) University officers or faculty members should not furnish valuations or appraisals to donors in connection with gifts-in-kind to the University of Virginia.
• (d) Gifts of tangible personal property (such as books and paintings) will not be accepted if made on the condition, or understanding, or expectation that the items will be loaned back to the donor or persons designated by the donor for life or extended periods of time to be determined by the donor.

2. Gifts of Real Property

• (a) An offer of a gift of real estate shall be reported to the Vice President for Development and may be accepted only by vote of the Board of Visitors.
• (b) No financial or other burdensome obligation or expense shall be incurred directly or indirectly by the University as a result of a gift of real property, particularly where the donor wishes to retain a life estate for himself or others in the property. Expenses for maintenance and real estate taxes shall be borne by the donor where a life estate is retained in such property.
• (c) Restrictions as to the ultimate sale of real property received as a gift will not be accepted by the University. Where final sale is not restricted, designating a purpose within the University for a fund created by the assets received from a sale of such property is permissible.

3. Gifts of Securities

Gifts of securities often involve complicated technical considerations and may have very special tax consequences to the donor. All gifts of securities to the University must be handled by the Treasurer's Office. The Treasurer of the University will then notify the Office of University Development of all such gifts.