Personal property is generally defined as tangible non-cash gifts, materials or long-lived assets, other than land or buildings. They often include such items as art work, musical instruments, equipment and rare books.

Such gifts may be accepted only after a thorough review by the University to determine if it can be used by the University. Prospective donors should be advised that the University reserves the right to sell or otherwise dispose of the personal property in question, if such action is financially advisable or necessary.

The donor is responsible for providing the value of the gift. Gifts with values greater than $5,000 shall be reported at the value determined by a qualified independent appraiser. In accordance with IRS guidelines, the donor is responsible for obtaining the appraisal, the cost of which is not tax-deductible.

To make this gift, start by having a conversation with UMF’s advancement office in order to determine if the University needs or can use the gift in question.