Gifts & Donated Equipment

The University encourages gifts of tangible personal property that support the educational mission of the University. Any proposed gift of tangible personal property to the University, regardless of dollar value, should be reviewed and approved by the responsible school, college, unit dean or vice president, or respective designee. All gifts of tangible personal property with a value greater than $5,000 must also be reviewed and approved by the Senior Vice President of Development & Alumni Relations and the Senior Vice President, Chief Financial Officer, and Treasurer; gifts with a value greater than $5,000 being directed to an academic unit must also be reviewed and approved by the University Provost.

These reviews are designed to ensure that any tangible personal property gift accepted is consistent with the University’s mission of education, research, and public service, the required resources are available for the care and custody of the gift if it is to be retained, and that any donor restrictions can be met. The University requires that the Tangible Property Gift Acceptance Form be completed and signed off prior to the acceptance of any capital item. Please review the University policy for forms and more information at   https://www.bu.edu/policies/gifts-of-tangible-personal-property/

The University periodically receives donations of tangible personal property. These donations are of two types:

(1) gifts of marketable property to be sold upon receipt or soon thereafter, with the proceeds to be used in support of the University’s operations or added to the University’s endowment,

(2) gifts intended to be retained and used in support of the University’s mission of education, research, and public service.

This policy and its related procedures outline the University’s process for deciding whether to accept a donation of tangible personal property, taking into account such factors as the donor’s intent, the value and nature of the gift, and any restrictions placed on the gift. If the gift is expected to be retained, additional considerations include how the donated property will be used to advance the University’s mission and the initial and ongoing costs of care and custody of the property.

All school/college/unit financial administrators, central and school development officers, and any other individuals who may be in contact with a donor to receive offers of tangible personal property gifts to Boston University (“Donor contacts”) are expected to understand and comply with this policy.

Responsible Parties:

Donor Contact (any member of the University’s faculty or staff who receives an offer of a gift of tangible personal property) is responsible for notifying the dean or vice president of their school/college/unit and their development officer (at the School level, or at the central level if there is no school development officer) of any proposed gift of tangible personal property. The donor contact and the development officer will work together as appropriate to obtain the information necessary to facilitate the decision to accept or not accept the gift.

Development & Alumni Relations has responsibility for donor relationships, donor stewardship associated with gifts, and for helping to ensure gifts received by the University are appropriate based on the University’s mission of education, research and public service. Development & Alumni Relations carries out these responsibilities, including assisting to ensure compliance with donor-imposed restrictions, in collaboration with faculty, staff, and development professionals throughout the University.

Industry Engagement works with industry partners that may donate tangible property for collaboration with faculty and are responsible for ensuring that donations received by the University are appropriate based on the University’s mission of education, research and public service as well  ensuring compliance with donor-imposed restrictions.

Financial Affairs has overall responsibility for the custody of University assets, including tangible personal property, and carries out these responsibilities through the Office of the Comptroller, Property Management, Treasury, and Risk Management, in partnership with the University’s financial administrators in schools, colleges, and other units.

The Office of the Comptroller, through its Property Management group, ensures the appropriate internal control processes and procedures are in place for receiving, recording, and accounting for tangible personal property. It also verifies that the use of these gifts is consistent with any purpose restrictions put in place by the donor. The University’s tangible personal property assets with a value of $5,000 or more, including fine arts and collections, are recorded and tracked in two places: at the Gotlieb Archival Research Center and in Property Management’s Asset Accounting Module. Those two departments have responsibility for maintaining records related to the initial value, responsible school/college/unit and person/position, asset location, and for verifying the existence and condition of the assets according to University policy.

The Office of the Comptroller, through its General Accounting group, maintains the University’s permanent record of donor restrictions on all gifts, and provides this information upon request to University schools, colleges, and units.

Treasury and Risk Management are responsible for maintaining up to date records of valuation, as needed, to ensure insurance coverage levels are appropriate.

Financial administrators in the University’s schools, colleges, and units are the holders of these assets and have primary responsibility for their care and custody, for ensuring that their use is consistent with any donor imposed restrictions, and that changes in location and custody are communicated to Property Management or the Gotlieb Center in a timely manner.