The purpose of this policy is to assure that all gifts-in-kind received by WPI support the mission of the University and are consistent with its policies; are not a hazard to faculty, students, or staff; are properly accounted for in the University's financial and inventory systems; and are appropriately acknowledged. An additional aim is to provide informational transparency, so that any costs or activities related to the gift that might require the allocation of University resources will be known before the gift is accepted.
A gift-in-kind is an item such as equipment, software, or product that is voluntarily transferred from one entity to WPI without charge or consideration. Gifts-in-kind can sometimes encompass tangible property, such as books, artwork, or musical instruments, owned by an individual and transferred to WPI as a gift.
Authority to Accept Gifts-in-Kind
No gift-in-kind will be accepted until the proper clearances have been obtained and authorization has been received from the Academic Department Head (for faculty) or the Divisional Vice President (for staff).
A recipient of a gift-in-kind is required to complete an target="_self">Acceptance Request for Gifts of Equipment or Materials. The request automatically goes to a number of University offices, and to the pertinent Department Head or Divisional Vice President for approval. Faculty do not have the authority to accept a gift-in-kind without this authorization.
While the University understands the desire of some donors to remain anonymous, their identity must be disclosed on the target="_self">Acceptance Request for Gifts of Equipment or Materials for our internal records. Unless anonymity is specifically requested, the University regards all gifts as a matter of public record.
Valuation of Gifts-in-Kind
All gifts of educational materials and equipment will be valued based upon what it would cost WPI to purchase the item, after any educational discount is taken. When a piece of equipment is provided on a short-term basis, the value of the gift is considered to be the amount that it would have cost the University to lease the equipment for that amount of time. WPI's Office of Corporate and Foundation Relations can assist with valuation if needed. Note that WPI does not provide valuation information to the donor. Please contact the Director of Individual Giving regarding valuation of gifts of real estate or tangible personal (not corporate) property.
Disposal of Gifts-in-Kind
Once donated, the donated item becomes the property of WPI, and the University retains the right to dispose of a gift-in-kind as it sees fit. The University will sell, recycle, dispose of the item, or return it to the donor, at the University's discretion, unless a specific agreement has been made for other arrangements.
Approved by the Gifts-in-Kind Committee February 10, 2003