To appropriately record and receipt gifts of non-publicly traded securities to the University and to comply with tax law requirements and University stewardship guidelines.
May, 2023Responsible Office
It is the responsibility of the Office of the Treasurer to accept, receipt and sell gifts of non-publicly traded securities (privately held and restricted securities, closely held interests, passive partnership interests, venture capital investments, etc.) Because values are not readily accessible and there may be indeterminable discounts for minority and illiquid interests, no valuations are included on donors’ receipts. Donors should consult with their tax advisors to determine an appropriate deduction to take for such gifts. Gift credit for non-publicly traded securities is applied to a donor’s record based on proceeds realized upon sale.
Donors of non-publicly traded securities may be required to file Form 8283, Noncash Charitable Contributions, with their federal income tax returns. The University will complete and sign the Donee Acknowledgement section of a Form 8283 provided to it by a donor, including supplying the date of receipt and an acknowledgment that the University does not intend to use the donated property for an unrelated use,
The University is required in most cases to file Form 8282, Donee Information Return, with the Internal Revenue Service if donated non-publicly traded securities are sold, exchanged, or otherwise disposed of within 3 years after the date the University received the property. The University will give a copy of Form 8282 to the original donor of the property.