The Citadel welcomes donations that are appropriate to educational programs or upcoming events and activities. Gifts-in-kind must be evaluated by The Citadel's administration prior to donation. Gift value is determined by the donor through an independent appraisal or a record of purchase.

Guide for Gifts-in-Kind to The Citadel
(Revised September 2007 by Andrew Castle)

Download this Guide in PDF Format.

This information aims to provide a brief overview of how gifts-in-kind may be donated to The Citadel. In simple terms, gifts other than cash may be considered gifts-in-kind. Examples include the following: real estate, equipment of immediate operational value to The Citadel, or marketable securities.

The Need for Policies and Procedures
The Citadel and the Foundation have established specific policies and procedures that govern the acceptance of gifts-in-kind. Detailed policies and procedures are necessary for several reasons:

• The Citadel must ensure that the gifts accepted
  • truly represent value to The Citadel,
  • will not result in unplanned administration or management expenses,
  • will not result in a liability for the Foundation or The Citadel, and
  • will not likely cause unanticipated tax concerns for the donor.
• The Citadel and the Foundation also must comply with IRS tax rules and filing requirements that govern these gifts.

The related policies and procedures may be accessed via the foundation website at the following address: http://citadel.edu/tcf/pages/misc/policies.shtml.

Key Points

• Gifts in kind take more time—sometimes a lot more time—to complete.
  
• Gifts of publicly traded stocks (allowing for possible donor tax advantages on appreciation) are fairly straightforward—guidelines are posted here: http://citadel.edu/tcf/pages/howto/securities.shtml.
  
• Planned gifts such as bequests, charitable trusts, and other deferred giving vehicles likewise represent a very attractive and often tax-advantageous option for contributing to The Citadel. Dan Shephard, Director of Planned Giving, is ready and willing to discuss the many options for gifts of this type.
  
• The policies of The Citadel and the Foundation follow and, in some cases, are derived from IRS rules; these policies aim to protect both the donor and the nonprofit status of the Foundation.
  
• Certain types of life insurance may be accepted (paid up, whole life, with the Foundation as sole beneficiary).
  
• Gifts of materials, equipment, etc. must be approved IN ADVANCE. Delivery should not be scheduled or accepted without pre-approval.
  
• Gifts of real estate may provide significant tax advantages for donors. The flip side is that such gifts require detailed documentation and analysis, and ultimately approval of the board of directors. A gift of real estate would likely require between two to three months at a minimum to complete.
  
• Labor or services of a donor or donor-controlled entity may not be recognized as a charitable gift per IRS rules and Citadel policy.
  
• In general, the Foundation will not establish the value of a gift. The donor must take responsibility for the valuation. The Citadel must require, in any event, that the valuation is reasonable, and based on that value, the gift might be agreed upon in an arm's length transaction.
  
• In most cases where the gift value is above $5,000, an independent, IRS-qualified appraisal must be provided by the donor to substantiate the value of the gift.

Where to Go for More Information
If you’d like to understand the policies and processes, the web pages linked below are a good place to start. If you have further questions, please contact a Major Gifts Officer at the Foundation, (800) 233-1842.

References
Policies: http://citadel.edu/tcf/pages/misc/policies.shtml
How to give: http://citadel.edu/tcf/pages/howto/index.shtml