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Transfer of Property Ownership Procedure

  • 1.  Transfer of Property Ownership Procedure

    Posted 30 days ago

    Hello –

     

    Can my fellow College/University Foundations please share with me their procedure/process of transferring ownership of donated property (i.e. equipment) to their College/University? Even if you don't have a written procedure, a few bullet points would be appreciated!

     

    Thank you!

     

    Katlyn Porter

    Assistant Director of Advancement Services

    Zane State College Foundation

    Kporter2@ZaneState.edu

    (O) 740.588.1374

    (C) 740.297.5246

    image002.jpg@01D5A052.C2FF6EA0

     

    Zane State College employees are working both on campus and remotely. If you plan to visit the campus, please contact me ahead of time so we can review my on-campus availability. We can continue to meet online as well. All students and visitors will be provided a disposable face mask and are strongly encouraged to wear masks while on our premises.

     

    Stay healthy!

     

    Office Hours:

    Monday through Thursday 7:00 am – 5:00 pm

     

     



  • 2.  RE: Transfer of Property Ownership Procedure

    Posted 30 days ago
    There are a great number of gift acceptance policies as well as property ownership checklists in the Downloads Community!

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Transfer of Property Ownership Procedure

    Posted 29 days ago

    Hi, everyone.  I hope all is well. 

     

    Katlyn, I am working on this now.  Once completed, I can share with you.  It may be in draft form until I receive approval.

     

    Do you have any specific questions? 

     

    Tracy

     






  • 4.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago

    Hi Tracy –

     

    I would love for you to share this with me, even if it is just a draft! This will be only the second time the Foundation will be accepting a gift of personal property over $5,000 and I want to make sure we take all of the correct steps to complete this gift. My biggest question would be, is there any legal documentation that needs to be completed between the Foundation and the College to transfer ownership after the gift is accepted and processed? The Foundation will fill out IRS Form 8283.

     

    Thank you,

     

    Katlyn Porter

    Assistant Director of Advancement Services

    Zane State College Foundation

    Kporter2@ZaneState.edu

    (O) 740.588.1374

    (C) 740.297.5246

    image002.jpg@01D5A052.C2FF6EA0

     

    Zane State College employees are working both on campus and remotely. If you plan to visit the campus, please contact me ahead of time so we can review my on-campus availability. We can continue to meet online as well. All students and visitors will be provided a disposable face mask and are strongly encouraged to wear masks while on our premises.

     

    Stay healthy!

     

    Office Hours:

    Monday through Thursday 7:00 am – 5:00 pm

     

     






  • 5.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago
    Wouldn't it be easier to have the donor give the property directly to the College?  Also, often (depending on the nature of the property) the gift remains an asset of the Foundation for use by the College.  So no ownership changes are needed.

    The sort of internal paperwork required is something you need to ask your CFO and Counsel.  Much will likely depend on the structure of the relationship between the two entities and existing MOUs.  I seriously doubt you would need to complete an 8283 if the Foundation is established as a supporting organization.  Anyway, I think you need to work this out with your finance and legal representatives.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 6.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago

    Thank you, John. Yes, I am sure it would be easier.

     

    But, if the Foundation ends up accepting the gift instead of the College would the Foundation then need to fill out the IRS Form 8283? We are a 501(c)(3) and 509(a)(1) organization.  

     

    Our gift acceptance policy says we would transfer ownership to the college immediately. That is why I am confused about what the next "formal" step would be if the Foundation accepts the gift on behalf of the College. Ultimately the asset would not be held by the Foundation in the end.

     

    I have reached out to our CFO for further guidance, but thank you for the support!

     

    Katlyn Porter

    Assistant Director of Advancement Services

    Zane State College Foundation

    Kporter2@ZaneState.edu

    (O) 740.588.1374

    (C) 740.297.5246

    image002.jpg@01D5A052.C2FF6EA0

     

    Zane State College employees are working both on campus and remotely. If you plan to visit the campus, please contact me ahead of time so we can review my on-campus availability. We can continue to meet online as well. All students and visitors will be provided a disposable face mask and are strongly encouraged to wear masks while on our premises.

     

    Stay healthy!

     

    Office Hours:

    Monday through Thursday 7:00 am – 5:00 pm

     

     






  • 7.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago
    I cannot answer your questions without knowing the legal relationship between your College and the Foundation.  As to the 8283, I think it unlikely one is needed as neither of your entities can claim a charitable gift deduction.  That's the purpose of the 8283 - to substantiate a deduction claim for property valued at $5,000.

    However, you MAY have to file an 8282 and send a copy to the original donor.  The 8282 is required any time you transfer or dispose of a $5,000+ donated asset reported on an 8283.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 8.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago

    I was also thinking that the Foundation would probably need to file IRS Form 8282 at the time of the transfer.

     

    My US$0.02 worth; the usual disclaimers apply.

     

    Good luck!

     

    Alan

     

    Alan S. Hejnal   

    Data Quality Manager

     

    SNAGHTML5cbfa34

     

    Smithsonian Institution - Office of Advancement

    600 Maryland Ave SW Ste 600E

    PO Box 37012, MRC 527

    Washington, DC 20013-7012

    Voice: 202-633-8754 | Email: HejnalA@si.edu                                                                                                                                            

     






  • 9.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago

    So sorry – I should have clarified.... If the Foundation accepts the gift on behalf of the College, the Foundation should SIGN and the IRS Form 8283 that the original donor fills out when donating the property to us. Once I re-read my email, I realized I made it sound like the Foundation was filling out an 8283 form when transferring ownership to the College.

     

    (Major case of the Mondays here)

     

    So then, when the property is transferred to the College, the Foundation would fill out form 8282 showing that we transferred the asset. That seems to be my next step.

     

    Thank you,

     

    Katlyn Porter

    Assistant Director of Advancement Services

    Zane State College Foundation

    Kporter2@ZaneState.edu

    (O) 740.588.1374

    (C) 740.297.5246

    image002.jpg@01D5A052.C2FF6EA0

     

    Zane State College employees are working both on campus and remotely. If you plan to visit the campus, please contact me ahead of time so we can review my on-campus availability. We can continue to meet online as well. All students and visitors will be provided a disposable face mask and are strongly encouraged to wear masks while on our premises.

     

    Stay healthy!

     

    Office Hours:

    Monday through Thursday 7:00 am – 5:00 pm

     

     






  • 10.  RE: Transfer of Property Ownership Procedure

    Posted 25 days ago
    Yes, that all sounds accurate to me.  Again, however, you may not need to "transfer" the asset to the College.  Rather, your MOU may allow the College to use the asset without transferring it.

    The 8283 is the donors' responsibility.  You need only sign it if the donor presents it to you for signature.  If you do accept it and MUST transfer it (meaning you cannot use the asset), then you may have to indicate the asset was an unrelated use gift.  Doing so may impact the value the donor can claim for tax purposes.  And, since you have no intention on using it the 8282 will also need to reflect the unrelated aspect of the donation.

    These are all further reasons to involve your CFO before doing anything.

    John



    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987