The Pentera Blog
Ask the Experts - How to Reflect a Gift of Gold
Dear André,
The exchange of the gift of gold is complete. Now that that part of the transaction is complete, there seems to be some internal debate as to the type of gift and how to properly reflect it in the gift receipt letter. I would welcome your thoughts on closing this out.
Lisa K.
Dear Lisa,
Your receipt should reflect and describe the asset that was given to your institution - in your case, ten Krugerrand coins. You should not place a value on the gift in your receipt. There is a conflict of opinion as to what type of an asset (i.e., tangible personal property or cash equivalent) a Krugerrand would fall under.
André
