Donated Property Disposition

Purpose

This document describes the procedures used for disposing of donated property.

IRS Reporting Requirements

Internal Revenue Service (IRS) instructions for Form 8282 Donee Information Return (Sale, Exchange or Other Disposition of Donated Property) and Form 8283 Noncash Charitable Contributions Instructions provide guidelines that determine reporting requirements for property for which a tax credit is requested by a donor. These instructions contain specific information and are available in EPSS through a link to the IRS web site.

Donated property for which a tax credit was taken by the donor must be tracked for a three-year period from the date of the property donation. If disposition occurs three years or more after the donation, the IRS does not require reporting on Form 8282. If disposition occurs before the three-year period, then reporting on IRS Form 8282 may be required. Instructions attached to the form list specific requirements and exceptions for this reporting.

If reporting is required, then the operations manager must contact the Finance Office. The Finance Office coordinates the acquisition of necessary information from the original donor, donee, and successor donee, if there is one, and completes and forwards the form to the IRS and the original donor.

Reporting Information and Time Limit

IRS Form 8282 is included on the Forms and Originals page of the RF Web site and it should be referred to for identifying the specific information needed for form completion. In general, the disposing organization, the original donor, any previous donors and donees (should they exist), dates of donation and disposition, and amounts received at disposition must be identified.

If IRS Form 8282 needs to be filed, it must be sent by the donee (in this case the Research Foundation) to the Internal Revenue Service within 125 days after the disposition date. A copy must be forwarded to the original donor.

Database and Tagging Procedures

If IRS Form 8282 is required for disposition of the donated property, that information should be recorded in the Additional Description field of the PCS record. The date of submission to the IRS should also be included. Central Office will notify the operating location when the form is submitted so that the PCS record can be updated. When donated property is disposed of, the property record must be retired from the PCS. RF decals should also be removed.

Revenue from Disposition

Revenues generated from the disposition of donated property are returned to the operating location that disposed of the property.

Responsibilities

Operating Locations

The RF operations manager is responsible for ensuring that


Central Office

The Finance Office is responsible for

Reference

For information about guidelines related to IRS Form 8283 concerning making charitable donations, refer to Acquisition of Property

Change History

 

 

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