The primary focus of this was expressly the donation of Intellectual
Property and the appropriate valuation of such.  For example, was the IP
essentially useless, and thus valueless, but taken as a gift write-off
based on costs or some other value that did not recognize the true present
value of the gift.

It is part of a focus on generating tax write-offs at a value greater than
present value of the gift.

It has nothing to do with foundation supported sponsored programs.

Chuck

At 12:45 PM 1/7/2004, you wrote:
>Happy New Year!  I am hoping someone can clarify this for me:
>
>The Philanthropy Digest reports that:
>
>"The IRS intends to seek penalties for improper deductions for gifts of
>intellectual property and said it would review, and perhaps penalize,
>promoters and appraisers who solicited such transactions. Earlier this
>month, Senate Finance Committee chairman Charles Grassley (R-IA) said his
>panel would pay closer attention to the deductions claimed for a wide
>variety of noncash contributions such as cars, real estate, and patents.
>
>"We're seeing an increasing number of donations that don't pass the smell
>test," said IRS commissioner Mark W. Everson. "Donations that are overly
>inflated or made with strings attached are going to receive increased
>scrutiny."
>
>I know that they are talking about inkind donations from individuals, but
>my question is this:  Can grants made by private foundations in support of
>research (strings attached) be counted as part of a university's annual
>campaign.  I think most of us would agree that it should not be
>counted--but what is the source that says that this is not allowed?  I
>would really appreciate specific citations.
>
>Thanks to anyone who can help--please send to be directly as I am on the
>digest format.
>
>Pam
>
>
>Pamela F. Miller, Ph.D.
>Director, Office of Sponsored Projects
>The University of San Francisco
>2130 Fulton Street
>San Francisco, CA  94117-1080
>TEL  415-422-5368
>FAX  415-422-6222
>EMAIL  xxxxxx@usfca.edu
>
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Herbert B. Chermside, CRA

Virginia Commonwealth University
Sanger Hall, Room 1-022
PO BOX 980568
Richmond, VA  23298-0568
Voice:  804-827-6036
Fax     804-828-2051
e-mail xxxxxx@vcu.edu

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