Gift Appraisal, Acceptance and Disposition

A. Cash, Near Cash, or Public Securities

Gifts of cash or securities that are readily marketable, and, to which no conditions are attached, are routinely accepted and administered by Development & Advancement Services.

B. Gift Appraisal and Acceptance Process

1) Prior Approval

2) Gift Acceptance Committee

3) Information Required Prior to Consideration of Proposed Gift

4) Acceptable Gifts

5) Unacceptable Gifts

6) Disposition Policy

 

1. Prior Approval
All gift agreements requiring execution by the university shall first be reviewed and approved by the university’s Legal Counsel.  Where substantially the same agreement is used repeatedly, only the proforma needs to be approved.

The university will assess the value, and decide whether to accept or reject the following types of gifts, in order to protect the interests of donors and the university:

  • Gifts of real estate, shares in privately-owned companies, personal property, listed personal property, and any other property interests which cannot be readily appraised or marketed;
  • Gifts involving trusts or interests in property;
  • Other gifts to which conditions are attached or which may expose the university to potential liability.

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2. Gift Acceptance Committee
Gifts that require outside professional appraisal or valuation, that may put obligations on the university, or expose it to potential liability, are subject to review by the University’s Gift Acceptance Committee (hereinafter “the Committee”) in accordance with the policies and procedures in this document. The Committee shall include, but not be limited to the following:

  • Comptroller or designate;
  • University Legal Counsel or designate;
  • Vice President (Administration) or designate;
  • Vice President (External) or designate;
  • Dean/Director or designate of the faculty or unit to benefit from the proposed gift;
  • Any other person, including external parties that can provide expert input for the Committee’s consideration

The Committee is responsible for assessing whether the terms of gifts are acceptable to the University of Manitoba, whether the University of Manitoba has the capacity to process and manage the gift and for ruling on certain gifts where policy application is unclear. In carrying out their responsibilities, the Committee will oversee the process described below.

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3. Information Required Prior to Consideration of Proposed Gift
Before deciding to accept a gift, relevant information shall be ascertained, including:

  • Description of the property;
  • For property that is not: inventory of a business, publicly traded securities, real estate in Canada, or Canadian Cultural Property:
    1. Ascertain when the property was acquired by the donor; 
    2. Ascertain how the property was acquired;
    3. Determine who previously owned the property;
  • Purpose of the gift;
  • Estimated fair market value;
  • Income, expenses, encumbrances and carrying costs;
  • Environmental risks or problems;Special arrangements for disposition requested by the donor.

Not withstanding property detailed above, prior to acceptance, gifts in excess of $100,000 may be referred to the Committee for any reason.

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4. Acceptable Gifts
The university welcomes gifts that support the pursuit of its mission.  Indicators that a gift is acceptable include:

  • The university has a use or need for the gift or, when there is no immediate need, the gift is marketable.
  • The gift and its accompanying terms are legal.
  • The purpose of the gift is compatible with the work/priorities of the University of Manitoba or the unit for whose benefit the gift is intended.
  • The size and/or benefit of the gift are not perceived to be disproportionate to the work or cost required to support/sustain the gift.
  • There does not appear to be a physical hazard and/or liability concern associated with the gift. 

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5. Unacceptable Gifts
The university has the right to decline any gift that is not consistent with its mission. Gifts will not be accepted by the university that:

  • Consist of property that has been assigned a tax shelter number;
  • Violate any federal, provincial or municipal law;
  • Create any fund to provide scholarships, fellowships, professorships, chairs or lecture series with restrictive clauses that would violate The Human Rights Code (Manitoba), or that reserve to the donor or his/her representative the right to designate the recipient or that do not meet academic criteria determined by the Senate;
  • Commit the university to name a faculty, program or endowment fund, without prior approval of the Board of Governors or the Senate;
  • Compromise the university’s academic integrity or interfere with the university’s academic judgment;
  • As a condition thereof, require any action on the part of the university which is unacceptable to the university or violates university policies and regulations;
  • Contain unreasonable conditions;
  • Are gifts of partial interest in property, unless the university agrees otherwise;
  • Are financially unsound or that would expose the university to liability or embarrassment;
  • Rely on an appraisal or evaluation, provided to the donor by third parties, that is perceived to be inaccurate or unreliable. 

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6. Disposition Policy
In the case of gifts-in-kind, unless otherwise agreed by the university through the terms of the deed of gift, all such gifts may be disposed of under the following guidelines:

  • Consultation with the appropriate faculty or unit representatives.
  • The proceeds of a sale of the asset will benefit the university faculty or unit for whose benefit the gift was originally given.
  • In the absence of such a beneficiary, the university will direct the proceeds.

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Gift Acceptance Policy

Gifts to the University

Definitions

Philanthropy and Tax Credits

Gift Appraisal, Acceptance and Disposition

Issuing of Receipts

Stewardship

Guidelines for Types of Gifts