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Content
+ USTCAF Equipment/Non-Cash Capital Donation Guideline
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0. Aim and purpose
University of Science and Technology Alumni Foundation (USTCAF)
allows and accepts equipment and non cash capital donation, as an
alternative way to cash donation in assisting USTC's research and
teaching programs.
The equipment and non cash capital donation is designed to
assist USTC's needs in science, engineering and teaching programs, by
saving USTC's funds from the cost associated with purchaing these
equipements.
1. Qualifying equipment or non cash capital donation
1-a) Science or engineering instruments or equipments
1-b) Software tools/licenses or educational tools.
1-c) Books or Journals
2. Valuation of Equipment or Non-Cash Capital Donation
The valuation of equipment or non-cah capital donation is
accessed based on the cost saving USTC or AF can benefit
if USTC or AF will have to purchase such items. This is
for AF's record keeping purpose only. The donors are advised
to follow appropriate law or regulations in
claiming the value for tax or operation cost purpose.
2-a) The fair market value of the donation, as agreed upon by
both the donor and USTC based on fair market value.
2-b) The price as indicated by the purchase receipt, if the
donor purchased the equipment for the purpose of donating
it to USTC or USTCAF.
2-c) Any cost associated with transporting the equipment
or non-cash capital donation
to USTC, as incurred by the donor.
Once a confirmation of receipt and relevant documentations
have been received by AF, the donation amount will be
officially listed in AF's donation record, under equipment and
non-cash capital donation category. The cash-equivallent
value of the donation is also recorded
in AF's total donation record.
3. Equipment or Non-Cash Capital Donation Procedures
3-a) The donor(s) transport the equipment or non-cash capital to
USTC or AF.
3-b) USTC or AF will send out a confirmation of receipt to donor
and copy AF.
3-C) USTC or AF will provide an acessment of fair market value,
sent to AF for AF's documentation purpose only. USTC or AF
may consult th donor(s) during accessment of the fair
market value, but this bares no legal intention of
confirming the vale of the donation.
3-d) The donor(s) is advised to follow appropriate law or
regulations in claiming the legal value of the donation
for tax or other purpose. AF will not be responsible for
this.
4. Rights of equipment and non-cash capital donors
The equipment and non-cash capital donors are considered as AF members based on AF
guidelines and are subject to AF rulings. The donors of equipment and non-cash capital
have equal voting rights as other donors to the AF funds. The donors of equipment and
non-cash capital are eligible for AF benefits.
5. Bill of Conflicts
Equipment and non-cash capital will become USTC's and/or AF's
property. Usage of the equipment or non-cash capital donated
to USTCAF is under the supervision of AF or USTC.
The accessment of fair market value is solely the
responsibility of the donor, AF bears no legal obligations
in verifying the fair market value of the equipment or non-cash
capital donation. The record of the fair value of equipment
and non-cash donation only reflects USTC or AF's accessment
of the cost savings USTC or AF can benefit from
this donation, not a legal verification from AF on the value
of donation. Hence, in the case that AF or USTC has rejected
the donation, or there is no agreement between USTC and the
donor, or USTCAF and the donor, on the fair market value the donor
has claimed, USTCAF can refuse to record the donation on AF's
official record.
It is further advised that the donor should follow
appropriate laws or regulations in claiming the
value of donation for any tax or corporate operating cost purpose.
7. Exemptions
Any exemption from the guidelines listed in this article will
have to be approved by 2/3 GB members.
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