Chapter Five:  Fiscal Affairs

Procedure Title:  Donations
Based on:  Board Policies Nos. 5 and 7
Procedure Number:  5.13
Date Adopted/Revised:  June 25, 2001; November 21, 2006; May 15, 2007; May 5, 2015

  1. Donations to South Arkansas Community College will become the property of the College and will be accounted for and disposed of according to the procedures set forth in the State Accounting Procedures Manual.

      1. The College will not place a value on a donation; however, the administration is authorized to seek and pay for appraisals on items or property when it is in the best interest of the institution to do so.

      2. Items with a useful life of more than two years or estimated fair market value of $2,500 or more, must be placed on the College inventory records.

      3. A donated item that may not be used for the purposed for which it was manufactured must be disassembled and utilized as supplies.

      4. Items that have no value to the College or that does not support its mission, may not be accepted.
  2. If a donor wishes to establish restrictions on the use or disposition of a donation, the Board of Trustees must accept the donation and the restriction or conditions.

      1. After the Board of Trustees has accepted a restricted donation to the College, additional donations for the same purpose may be accepted by the College without further action by the Board of Trustees.

      2. If the Board accepts a restricted gift, the restrictions will be followed and adequate records will be maintained to prove the use and disposition of the donation.

      3. Small gifts (less than $250) may be made to the College for support of ongoing programs in the College without formal approval of the Board of Trustees of the College.

      4. In those cases where small contributions would result in a changed practice or direction for the College, then such gifts will only be accepted by the Board of Trustees of the College.

      5. If a donor’s restricted contribution to the College is matched by his or her employer, the matching portion of the gift will be dedicated to the same purpose as the original gift if the employer’s matching gift program policies do not preclude such designation.

      6. In those cases where the employer’s policies restrict such action, the matching funds will be deposited in the general fund of the College.
  3. The College may accept loaned equipment to support its programs.

      1. The Board of Trustees will approve the conditions under which property is lent to the College.

      2. Adequate records will be maintained on equipment lent to the College to assure that the conditions of the loan are met and that the property is disposed of properly.
  4. Records of all donations to the institution will be maintained by the Chief Fiscal Officer.

APM 5.13