CFI Workshop: Fair Market Value

In this STAR Canada Foundation for Innovation (CFI) workshop, we take an in-depth look at Fair Market Value (FMV) assessments – What are they? Why are they needed? We take a step-by-step walkthrough of how to complete an FMV assessment and solidify your knowledge with practical case studies.
 

Learning Outcomes:

1. Understand what a Fair Market Value (FMV) assessment is
2. Understand why an FMV assessment is needed
3. Understand how to complete an FMV Assessment for Purchases with an In-kind Contribution of both more than and less than $100K
    

Key Takeaways:

1. When do I need to complete a CFI FMV assessment?
    
   A Fair Market Value (FMV) assessment needs to be completed for all CFI equipment purchases, regardless of the in-kind contribution amount. The assessment determines the proper valuation of items purchased. If the in-kind portion is less than $1,000, no FMV is necessary.
    
2. CFI FMV Assessment: Obtaining comparable quotes
    
   If there are no comparable quotes available for an item, you can:
   • contact Procurement Services to see if U of T has pricing structure information from previous purchases of similar items from the same vendor
   • ask the vendor for a redacted quote to obtain comparable data
      
3. When is the best time to complete a CFI FMV Assessment?
    
   The best time to complete the Fair Market Value (FMV) Assessment is at the time of purchase when you have easy access to comparable information.