Oops...sorry, all....I really misread this one! Oh well, maybe the CASE
reference will be useful to someone out there sooner or later...Thanks
for the clarification, Chuck.
Barbara :-[
Herbert B. Chermside wrote:
> 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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--
==================================================================
Barbara H. Gray, Director
Office of Research & Grants Administration
College of Charleston
66 George Street
Charleston, SC 29424
Campus Location: 407-G Bell Bldg.
Office: 843.953.5673 Desk: 843.953.5885 Fax: 843.953.6577
e-mail: xxxxxx@cofc.edu URL: http://www.orga.cofc.edu/
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