Inspect it, clean on my cleaning machine, treat with Last Treatment. Put it in plastic sleeve and put a small adhesive dot on it with the year purchased, and attach LAST sticker. Then play it and enter it into my database.
What is the first thing you do when you unwrap a new vinyl record?
That is, apart from kiss the person who gave it to you!
You might play it, catalog it, archive it, clean it or simply store it. I am sure there are many other things you do!