Non-Cash Gifts

Gifts-in-kind (Non-Cash Gifts)

An individual, corporation, or organization may have a tangible item to donate to the University. This item may be considered a gift-in-kind. A gift-in-kind is a gift of personal property that is donated to The University Foundation. Such items as real estate, collectables, musical instruments, books, equipment, and artwork can qualify donors for charitable gift credit. Gifts-in-kind must be properly appraised through the donor's efforts.

Donors must communicate with the University prior to the acceptance of any such in-kind gift and should provide specific information detailing the in-kind gift.  They must formally transfer the ownership of the property to The University Foundation.

Receipts will be prepared by the Foundation and issued to the donor of in-kind gifts. These receipts will not list an amount, but will list a description of the in-kind gift which was donated. It is the donor's responsibility to determine the fair market value of the gift for IRS purposes. Although the gift value is not included on the donor's receipt, the fair market value is recorded on the Foundation's financial statements.

Any tax deduction related to a non-cash gift in excess of $500 requires the donor to complete an IRS Form 8283 ( PDF 237 KB ). Depending on the total value, it may require The University Foundation's acknowledgement statement verifying the receipt of the specific in-kind gift. An individual who donates an in-kind gift greater than $5,000 must get a qualified appraisal in order to deduct the value from their taxable income.

More often than not, the University can use the gift in its current state. Occasionally, it is in the University's best interest to sell the item. One of the University's advancement officers works closely with donors to make sure each donor's designation for the gift-in-kind is fulfilled.