Tyler Junior College

Gifts of Personal Property

Donations of artwork, books, equipment, collections, antiques, and other personal property are sometimes appropriate gifts to the Tyler Junior College Foundation.

Before making a gift of tangible personal property, please consult with the Foundation to confirm that your gift can be used according to your wishes while also supporting the mission of the College. Gifts of tangible personal property entitle you to a deduction of the property's full fair market value - up to 30 percent of your adjusted gross income - as long as the property is determined by the Foundation to be related to the College's educational purpose and you have held it for more than a year. If your gift is likely to be valued at more than $5,000, you must have it appraised by an independent, licensed appraiser within 60 days prior to the gift's transfer to determine the value of your deduction.

This policy is established to govern the acceptance and disposition of all gifts of tangible personal property, including but not limited to works of art, manuscripts, antiques, rare books, livestock, mortgages, copyrights and literary works. All gifts that fall under this policy must be approved in advance of acceptance of such gifts. It is the responsibility of any Foundation officer, departmental or other College official (principally the Library, College Relations and the Foundation) presented with a gift or working with an estate to bring all gifts subject to this policy prior to accepting such gifts.

Criteria for Acceptance

The Foundation will consider accepting gifts of tangible personal property after a thorough review that indicates the property is:

  1. readily marketable; or
  2. needed by the College for use in a manner which is related to one of the purposes for which tax exempt status of the Foundation was granted; that is, for education or research. Contributions should support and enhance the mission and purpose of Tyler Junior College.

Approval/Acceptance Process

  1. The Foundation officer will prepare a written summary of the gift proposal and submit the summary to the Executive Director of the Foundation and the President of Tyler Junior College. At a minimum, the summary shall include the following information:
    • description of asset - if art, title of the work, medium, dimensions, condition, and any special requirements or problems in connection with the gift;
    • the purpose of the gift (e.g. for teaching purposes, for campus display);
    • an estimate or appraisal of the gift's fair market value and marketability;
    • any potential College use and, if so, written review by the department to benefit from the asset;
    • any special arrangements requested by the donor concerning disposition (e.g. price considerations, time duration prior to disposition, potential buyers, etc.)
  2. The Executive Director of the Foundation and the College President will review the material presented by the Foundation officer and make a determination to accept or reject the proposed gift (or, if necessary, to postpone a decision pending the receipt of additional information). The final determination shall be communicated to the Foundation officer, and the Foundation officer shall communicate the Foundation's decision to the donor in writing.
  3. If a proposed gift of tangible personal property is accepted, the Foundation Office and/or the President's Office will acknowledge receipt of the gift on behalf of the Foundation and the College. The Foundation or the College will not appraise or assign a value to the gift. Donors of property gifts over $5,000 must obtain an appraisal by an independent third party appraiser in accordance with current tax law requirements. The donor must also complete tax forms 8283 and 8282 for the IRS.

Note: All gifts of tangible personal property must be able to be liquidated in order to be accepted by the Tyler Junior College Foundation. No tangible property shall be accepted that obligates the College to ownership of it in perpetuity without prior approval from the President. No perishable property or property which will require special facilities or security to properly safeguard said property will be accepted without prior approval of the President. Other property of any description, including mortgages, notes, copyrights, royalties, easements, trademarks, and patents may be accepted only by prior approval of the President.