Definitions.

# (a)

“Contribution” shall include the donation of cash, stocks and bonds, personal property, or real estate.

# (1)

Stocks and bonds shall be valued at the stock market price on the date of the transfer.

# (2)

Personal property shall be valued at the lesser of its fair market value or cost to the donor. The value may be inclusive of costs incurred in making the contribution but shall not include sales tax. If the donor received the personal property as a gift or inheritance and the item is considered a rare and valuable antique or work of art, an independent appraisal may be necessary in determining fair market value.

# (3)

Contributions of real estate shall be allowable for credit if title to the real estate is in fee simple absolute and is clear of any encumbrances.
The amount of credit allowable for contributions of real estate shall be based upon the lesser of two current independent appraisals conducted by state licensed appraisers.

# (4)

Contributions of stocks and bonds shall be converted into cash and deposited within 14 days of receipt of the donation into the capital outlay fund of a community college, the deferred maintenance fund or a technology and equipment fund of a technical college, or the deferred maintenance support fund of a postsecondary educational institution.

# (5)

Contributions of personal property shall be converted into cash and deposited within six months of the donation into the capital outlay fund of a community college, the deferred maintenance fund or a technology and equipment fund of a technical college, or the deferred maintenance support fund of a postsecondary educational institution.

# (6)

Contributions of real property shall be converted into cash and deposited within 18 months of the donation into the capital outlay fund of a community college, the deferred maintenance fund or a technology and equipment fund of a technical college, or the deferred maintenance support fund of a postsecondary educational institution.

# (b)

“Contributor” shall mean an individual, business entity, or not-for-profit entity that makes a contribution to an educational institution or the educational institution’s endowment association or foundation.

# (c)

“Educational institution” shall mean any of the following:

# (1)

A community college as defined in K.S.A.
79-32,261(d)(1) and amendments thereto;

# (2)

a technical college as defined in K.S.A. 79-32,261(d)(4) and amendments thereto;

# (3)

a state educational institution as defined in K.S.A. 76-711 and amendments thereto; or Income Tax

# (4)

Washburn university of Topeka.

# (d)

“Endowment association” and “foundation” shall mean either of the following:

# (1)

An entity designated as the investing agent for a state educational institution pursuant to K.S.A. 76-156a and amendments thereto; or

# (2)

an entity dedicated to securing financial support for Washburn university of Topeka, any community college as defined in K.S.A. 79-32,261(d)

(1) and amendments thereto, or any technical college as defined in K.S.A. 79-32,261(d)(4) and amendments thereto.

# (e)

“Secretary” shall mean the secretary of revenue or the secretary’s designee. (Authorized by and implementing K.S.A. 2007 Supp. 79-32,261;
effective June 20, 2008.)