The University policy indicates the goods or services received or given up should be valued at estimated fair market value. How can that value be determined?

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The University policy indicates the goods or services received or given up should be valued at estimated fair market value. How can that value be determined?

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A. Potential sources of valuation include cash sales value of similar goods or services, quoted market prices in catalogues or vendor price lists, auction values, independent appraisal, or any other external source that provides the value of an arms-length transaction involving similar goods or services.

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