Gifts in Kind (FIX007)

Organizations receiving gifts with a value of more than $500 must notify the Development Office by completing this form.

The Development Office will sign and forward the form to the Property Accountant for any property having a value of $500 or greater that was donated to the University. The Property Accountant will assign and physically affix a tag to the property. UALR’s donated property is recorded on its general ledger at its fair market value at the time the donation is received. Donor’s guidelines that set restrictions on the use and/or dispostion of the property will be recorded in the notes included in the Fixed Assets record.

Gifts in Kind (FIX007)

Source Information: Indicate the donor’s/lender’s name.

Org Name: The name of the organization that received the property.

Org Code: The 6-digit organization code for your organization.

Date: The date the asset was donated.

Description: A description of the asset that was donated.

Serial Number: The serial number of the asset that was donated.

Location: The building and room number where the property is located.

Cost: Estimated Fair Market Value/Appraisal.

Tag#: The permanent tag placed on the asset by the Property Accountant.

Remarks: Optional remarks.

Organization Head Signature: The signature of the Organization Head.

Development: The Development Office must sign for any gift appraised at $500 or over.