In today's political, economic, and ecologically-sensitive climate a university's or college's indiscriminate acceptance of gifts can have catastrophic consequences. Some donations of cash or even real property can bring with them legal and political, as well as ethical and philosophical complications that can cost the institution considerable money and embarrassment. This booklet provides guidance on what a gift policy should contain and how it might be implemented. Information provided covers the types of gifts that can be made to an institution such as various kinds of outright cash gifts, real and tangible personal property, wills, commercial paper, life insurance, and charitable lead trusts and gift annuities. The manner in which the gift policy is implemented is also discussed and it is suggested that the institution's governing authority conduct a comprehensive orientation to acquaint individual schools, colleges, and departments with the institution's gift policy. The appendix contains a model university gift policy. (GLR)