Joanne,

Having come to sponsored research from the field of institutional advancement, I believe I can answer your question.  Yes, a gift must be irrevocable.  There is an IRS publication that says so, and I'm sorry I don't recall the pub. number, but you may be able to search the IRS web site for "charitable gifts."  If a gift has strings attached, such as a requirement that certain things be done or else the gift has to be returned, then it's really a contract and not a gift.

Another excellent source of information on this is the book put out by CASE titled "CASE Management Guidelines" which defines gifts and addresses valuation issues.  There was a huge issue about two years ago in which colleges were counting donated software (valued by the corporate "donors" in the millions of dollars) as gifts, even though the software came with the requirement that hundreds or thousands of dollars must be spent for annual maintenance contracts.  If you want details, I'd be happy to talk off-line.

Landy

__________________________
Landy C. Johnson, MPA, Ph.D.
Director of Grant Development
Assumption College, Alumni Hall 024
500 Salisbury St.
Worcester, MA  01609-1296
(508)767-7666
xxxxxx@assumption.edu
http://www.assumption.edu/research

------------------------------

Date:    Wed, 31 Jan 2007 15:17:20 -0600
From:    "Altieri, Joanne [PRV/R]" <xxxxxx@IASTATE.EDU>
Subject: Must a "gift" be irrevocable?

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I've probably already searched all of your websites, but is there a
federal or legal or IRS definition for "gift" that includes the
"irrevocable" condition.  Most of your university definitions say the
gift must be "irrevocable" and I thought it might be an IRS definition,
but I can't find it anywhere.  Does anyone know?

=20

Joanne K. Altieri, Director

Office of Sponsored Programs Administration

1138 Pearson Hall

Iowa State University

Ames, IA 50011-2207

Phone:  (515) 294-7723

Fax:  (515) 294-8000

Email:  xxxxxx@iastate.edu <mailto:xxxxxx@iastate.edu>=20

=20

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