Gift Agreement between

<Insert Donor(s) Name>

and

The University of Tennessee Foundation, Inc.

The following sets forth an agreement by and between <name of donor(s)> (the Donor(s)) and the University of Tennessee Foundation, Inc. (the Foundation). The Foundation is a not-for-profit corporation in the State of Tennessee organized to support the fund raising activities of the University of Tennessee (the University) and is an organization described in Internal Revenue Code 501(c)(3). Gifts to the Foundation should be made payable to the University of Tennessee Foundation, Inc.

(I) THE GIFT

The Donor(s) <agrees/agree> to donate <description of gift property> to the <Name of Endowment/Scholarship/Current Fund> as indicated by <his/her signature or their signatures>. The Donor(s) <has/have> supplied an appraisal for this gift-in-kind, which is valued at $______. <Note: appraisals are required for any gift-in-kind valued at $5,000 or more. If less than $5,000 this line can be omitted.> The appraisal is attached as Appendix A.

The Donor(s) <is/are> required to file IRS Form 8283 (Non-cash Charitable Contributions) if the value of the donated property is greater than $500.

Optional - For more information on the Donor(s) and the reason for making this gift, please refer to Appendix B.>

(II) PURPOSE

The Foundation will accept this gift property<describe the purpose of the gift—e.g., “for placement in the McClung Museum” or “which will be added to the collection for the University of Tennessee, Knoxville Libraries” or “to the research laboratory for the Hamilton Eye Institute” or “to the Department of Computer Science”>.

If it becomes impossible or impractical to use the gift for the purpose designated by this Gift Agreement, or if this Gift Agreement is determined to be in conflict with any federal, state, or local law, regulation, or ordinance, the Foundation’s Board of Directors, in consultation with the Donor(s) (if possible) or with the President of the University, will direct the use or disposition of the property in the best interest of the University. Before disposing of the property, the University will use its best efforts to identify an alternative use that is as close as possible to the original intent of the Donor.

(III) SCHEDULE AND FORM OF CONTRIBUTION

The Donor(s) <agrees/agree> to transfer the gift property to the Foundation by the <_____> day of <______>, 2011.

(IV) RECOGNITION

The Donor(s) <gives/give> the Foundation permission to publicly recognize <his/her/their> commitment. The Foundation will, however, clear any press releases with the Donor(s) before issuing such release.

(V) ADMINISTRATION

If the Foundation should dispose of this gift property within two years of receipt, the Treasurer’s Office will file an IRS Form 8282 (Donee Information Return) within 125 days after the date of disposition.


For a gift to the University of Tennessee Foundation, Inc., please sign and date below:

______
[Name of Donor] Date
[Address]
[Address]
[Address] / ______
[Name of Donor] Date
[Address]
[Address]
[Address]

On behalf of the University of Tennessee Foundation, Inc.

______

Johnnie D. Ray Date

President of the University of Tennessee Foundation, Inc.

APPENDIX A – GIFT APPRAISAL

APPENDIX B

Optional - Set forth biographical and other background information about the donors.>

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