IN-KIND GIFTS AND EXCHANGES

INITIATED: December 1, 1993

APPROVED: February 2, 2000

PURPOSE

To give guidance to those wanting to offer to the University in-kind gifts and exchanges.

APPLICABILITY

Faculty, staff, students, contributors, donors, supporters, and vendors.

POLICY

Contributors, donors, supporters, and vendors occasionally offer to the University in-kind gifts and exchanges.  These offers generally have a value associated with them.  Any department head, dean, director, or division head who is negotiating with an individual company for an in-kind gift or an exchange must place in writing the terms of the offer and submit them to the Vice President for Finance and Administration.  Accompanying the terms should be a statement identifying the advantages and disadvantages of accepting the offer.

The Vice President for Finance and Administration will ensure that the appropriate offices have reviewed the offer and will communicate to the department any modifications necessary to the offer before the offer can be accepted.  The Vice President for Finance and Administration, as University contracting officer, will officially accept any offer for the University.  The Executive Director of the NMU Development Fund will officially accept any gift on recommendation of the Vice President for Finance and Administration.

REFERENCES

None.

INITIATING DEPARTMENT/DIVISION

Vice President for Finance and Administration

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