410.1 Policy
College of Eastern Idaho and its Foundation will accept licensable vehicle and off-road equipment donations, as approved by the administration and division manager. The college and its Foundation maintain the right to refuse donations for any reason including, wrecked, untitled, or undeliverable vehicles.
410.2 Procedures
Donations
All donations will be evaluated by the mechanical trades’ faculty and foundation staff prior to acceptance. The evaluation includes, but is not limited to, cost of repairs, educational value, and resale value.
If accepted, the foundation staff will execute the transfer of title, including paying the transfer title fee and delivering the vehicle to the mechanical trades’ faculty for any necessary repairs. A transmittal of title fee expenses will be provided by the foundation staff to the business office and the faculty and students for the appropriate recording of that expense related to each vehicle.
Repairs
Repair of donations and recording of repair expenses will be made by the student VICA club members and the faculty advisor in the following manner:
- A work order will be established and maintained for the parts used to repair each vehicle. Each vehicle will be assigned a unique project name when the vehicle is accepted; all accounting records must bear the project name. The business office, and the Foundation must be notified of the project name.
- In order to calculate the net profit from each donation, the students, with oversight from the faculty advisor, will maintain a computerized spreadsheet for each vehicle. The spreadsheet will reflect the proceeds from the sale of the vehicle and all associated expenses including work order, advertising, title transfer, liability release, and the 10% gross sale contribution to the Foundation.
- After properly posting the invoices on the project work order and spreadsheet, the students will deliver all parts invoices to the business office for vendor payment. Invoices delivered to the business office for payment will bear the unique project name for the specific vehicle.
- The faculty advisor, with the students, will place an advertisement for the sale of the repaired item in local classified publications.
Sale
The payment for the sale of the vehicle shall be delivered to the foundation. The foundation in turn will write a check to CEI in an amount equal to the gross sale less 10%, the 10% deduction being a contribution to the foundation for each vehicle donation. This check and a transmittal of calculation will be delivered to the business office.
Reconciliation
After the business office has recorded and paid all expenses and received the net sale proceeds, the project net will be reconciled with the project spreadsheet. Upon agreement with the business office, the foundation staff, and the faculty and students, the project net amount will be transferred into the VICA account for club activities.