In Kind (non-cash) Donation Form
The Internal Revenue Service requires the university to report the value of noncash donations at reasonable market value. Please note the “estimated dollar value” amount of the noncash donation listed on this form will be used for internal purposes only and may not meet the IRS requirements for income tax deduction purposes.
Establishing the fair market value of noncash donations:
- Estimated value is $500 or less: The donor will be asked to supply documentation as to the fair market value of the donation.
- Estimated value is greater than $500 but not more than $5,000: The donor will be asked to supply documentation as to the fair market value of the donation. In addition, for tax credits, the IRS requires that the donor completes IRS Form 8283 (available online at www.irs.gov ), which is to be filed with the donor’s tax return.
- Estimated value is greater than $5,000: IRS regulations require the donor to provide a written appraisal by a qualified appraiser and to complete IRS Form 8283. Both the written appraisal and Form 8283 must be filed with the donor’s tax return. The written appraisal should be provided when making the noncash donation.
——DOCUMENTATION OF VALUE MUST BE ATTACHED——
(or gift will be booked at a value of $1)