Example Gift in Kind Form

Category: Education

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FORT LEWIS COLLEGE FOUNDATION 1000 Rim Drive Durango CO 81301 970 247-7121 970 247-7179 fax GIFT IN KIND Non-Cash Gift FORM Date of Gift: Name in which donation should be credited: Donors SS optional: Company: Street Address: City/State/Zip: Home Phone: Work Phone: Description of material donated i.e. title artist condition age dimensions If additional space is needed attach additional pages: This agreement transfers unrestricted legal title of the gift to the Fort Lewis College Foundation. There are no restrictions as to the use of this gift unless specified hereafter: If additional space is needed attach additional pages: Estimated value is for insurance purposes: The FLC Foundation is not permitted to value a gift for tax deduction purposes. If the value of the gift is over 5000 the donor must obtain an appraisal and provide a copy of the appraisal to the Foundation. I we desire to transfer above property to the Fort Lewis College Foundation for and on behalf of Fort Lewis College. I we do hereby irrevocably assign transfer and give all my our right title and interest in the above described property to the Fort Lewis College Foundation. To the best of my our knowledge the item s is/are fit for intended use in good operating condition and if properly operated will not cause danger or damage to College property or personnel. I we represent and warrant that I we have complete and clear title to the Gift in Kind and the authority to make the gift. I we is/are aware that acceptance and disposition of donations are governed by the policies of the College without prior approval by me us. Donor/Agent Signature: Date In lieu of signature see attached copy of documentation

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General Information to be completed by FLC Representative Department/Unit to receive gift: Contact Person: Value of Gift: Established by: Donor Department Other_______________ Intended location of gift: Intended use of gift: Signature of Dean/ Director/Department Head: Date Foundation Office Review to be completed by gift processing staff Date Received: Value in system: Fund /Designation: Risk Management Approval if required: Acknowledgement to Donor: Yes No

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CONSIDERATIONS RELATED TO GIFTS IN KIND The donor should contact his/her financial advisor for any tax advice. For example the tax deduction of a gift may differ according to whether or not it is usable in a way that relates to the purpose of the donor. Fort Lewis College the FLC Foundation or any of its representatives cannot give any tax advice to the donor. It is the donor’s responsibility to establish the value of the donated item for tax deduction purposes. In all correspondence with the GIK donor receipts shall not declare the gifts estimated dollar value. The donor must file Form 8283 with his/her taxes to claim a deduction for any gift valued at 500 or more. If the gift value is 5000 or more the donor must provide to the Internal Revenue Service IRS an appraisal in addition to Form 8283 and obtain the signature of a FLC Foundation representative. A copy of the appraisal must be provided to the FLC Foundation. When a GIK exceeds 5000 in value and has been reported on IRS Form 8283 the FLC Foundation must report the disposition of the GIK to the IRS if disposition occurs before two years have passed since the item was donated. The unit/department in possession of the item has the responsibility of reporting the disposal to the FLC Foundation. The IRS can assess penalties for not reporting disposal of gifts. The College normally does not accept gifts that present a safety or environmental burden unless that burden is specifically justified for meeting an identified program need. Such burdens include risk of injury and to health the need for special safety equipment and/or facilities as well as environmental protection disposal costs and increased risk management supervision and training. The College does not accept toxic or corrosive chemicals radioactive materials explosives controlled substances biotissues or biofluids mercury PCBs materials of an unknown composition or used construction materials. Laboratory instructional office and maintenance equipment suitable for meeting a specific program need can be accepted if associated installation and operating costs to the beneficiary program can be justified. The Vice President for Finance and Administration acting as the Colleges Risk Management Director and consulting as needed with other officers and staff shall be the approving authority for gifts-in-kind having a risk potential. Indirect costs and benefits may be considered as appropriate. Items which have no identifiable risk include the following: items for fund raising events books and other papers and special collections works of art and general office equipment. CONSIDERATIONS RELATED TO CONTRIBUTED SERVICES IRS Position – Federal Tax Regulation Section 1.170A-1g g Contributions of services. No deduction is allowable under 170 for a contribution of services . However unreimbursed expenditures made to the rendition of services to an organization contributions to which are deductible may constitute a deductible contribution. For example the cost of a uniform which is required to be worn in performing donated services is deductible. Similarly out-of-pocket transportation expenses necessarily incurred in performing donated services are deductible. Reasonable expenditures for meals and lodging necessarily incurred while away from home in the course of performing donated services also are deductible. For the purposes of this paragraph the phrase “while away from home” has the same meaning as that phrase is used for purposes of section 162 and the regulations thereunder. CASE Position · CASE Management Reporting Standards – April 1994 and February 1996. Exclusions The following types of funds should not be counted in reports of annual fund-raising results or campaign reporting even if circumstances indicate that the payer regarded them as a contribution: - Contributed services.

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