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Gift-in-Kind gift processing

  • 1.  Gift-in-Kind gift processing

    Posted 6 days ago

    I have been looking for over an hour today, in Best Practices and CASE Global Standards with no luck. Please help.

     

    I understand that we provide no value to the donor in an acknowledgement, but do you enter a price or value during gift processing? And, when it is valued at well over $5K (grand piano), but the donor gave it to avoid moving it and with no appraisal, how do you enter it?

     

    If I am asked by a VP or the President for lifetime giving, I'd like to be able to include those, but can I?

     

    Please advise. I've been made aware of a few GIKs accepted over the last few months, so I need to get these entered.

     

    Thank you.

     

    Denise Mattie

    Director of Advancement Services

    Division of Institutional Advancement | Maedgen #209

     

    McMurry University

    1 McMurry University | #938 | Abilene, TX

    325-793-4750
    mcm.edu | give.mcm.edu 

    68270171-ac72-4324-9093-1b37b968f2da

     



  • 2.  RE: Gift-in-Kind gift processing

    Posted 6 days ago
    This is addressed by CASE.  See pages 32-33.  If you don't have an appraisal find a comparable retail value!

    And, yes, you should record and count these amounts!

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Gift-in-Kind gift processing

    Posted 6 days ago
    To add to John's clear directions specifically regarding the expensive piano:

    1. If the donor wants to take a deduction for over $5k, they will need an appraisal for the IRS. You are not obligated to get an appraisal to value the piano though, and can use a comparable retail value or get an informal appraisal from a dealer or knowledgeable instructor.
    2. The donor's desire to get rid of the piano does not override their charitable intent - they could have simply thrown in out - so this is still a valid donation
    3. If the donor pays the moving cost, that is a deductible gift too. If they do not, it's simply an expense on your books. The decision to accept the gift should factor these costs in, but the costs associated with accepting the donation are not reflected in the donor database.


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:






  • 4.  RE: Gift-in-Kind gift processing

    Posted 5 days ago
    Good morning,

    This was timely. We just received word that a donor wants to give 2015 Wintech International Single rowing shell along with an invoice from January 2018 for $4500. Is the invoice too old? In Raiser's Edge we can enter a value and a receipted amount. Should the value be $4500 and the receipted amount be $0?

    ------------------------------
    Therese Morris
    Advancement Data Manager
    St. Paul's School
    tmorris@sps.edu
    ------------------------------


  • 5.  RE: Gift-in-Kind gift processing

    Posted 5 days ago
    Whether you want to use a three-year-old invoice for internal counting purposes is a matter for your gift acceptance committee to decide.  Personally, for anything over a couple of years, I double-check online or contact a local reseller.  I honestly have no clue how these items depreciate.

    But, again, this is for internal counting purposes only.  So, whatever your gift acceptance committee is comfortable with should be acceptable.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 6.  RE: Gift-in-Kind gift processing

    Posted 5 days ago

    Thank you John.

     

    Therese

     

    Therese M. Morris

    Advancement Data Manager

    St. Paul's School

    P. 603-229-4735

    tmorris@sps.edu

     






  • 7.  RE: Gift-in-Kind gift processing

    Posted 5 days ago
    Correct, receipted amount is $0. Re the value of the boat, here's an ad for the 2014 model that's going for $5,800, https://www.row2k.com/classifieds/index.cfm?ad=21498 


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:







  • 8.  RE: Gift-in-Kind gift processing

    Posted 5 days ago

    Hmmm.

     

    I would say, rather, that the receipt should describe the property received in enough detail to  uniquely identify it, but should include no amount, zero or otherwise.

     

    My US$0.02 worth; the usual disclaimers apply.

     

    Good luck!

     

    Alan

     

    Alan S. Hejnal   

    Data Quality Manager

     

    SNAGHTML5cbfa34

     

    Smithsonian Institution - Office of Advancement

    600 Maryland Ave SW Ste 600E

    PO Box 37012, MRC 527

    Washington, DC 20013-7012

    Voice: 202-633-8754 | Email: HejnalA@si.edu                                                                                                                                            

     






  • 9.  RE: Gift-in-Kind gift processing

    Posted 5 days ago
    Alan, this is an RE-specific thing. The receipt itself should follow the IRS rules for a GIK receipt. The receipted amount field in RE should be $0, so that various functions including production of receipts and ack letters, and several reports, will run as expected. 


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:







  • 10.  RE: Gift-in-Kind gift processing

    Posted 5 days ago

    Ah.  Interesting.

     

    Thanks.

     

    Alan

     

    Alan S. Hejnal   

    Data Quality Manager

     

    SNAGHTML5cbfa34

     

    Smithsonian Institution - Office of Advancement

    600 Maryland Ave SW Ste 600E

    PO Box 37012, MRC 527

    Washington, DC 20013-7012

    Voice: 202-633-8754 | Email: HejnalA@si.edu                                                                                                                                            

     






  • 11.  RE: Gift-in-Kind gift processing

    Posted 5 days ago
    Thank you all for your help.

    Our receipts include the following:

    =========  Non-Cash Gift Processed 6/22/2018 ==========

    Constituent Name

    Type:      Gift of Property 

    Note:       Description of Property 

    ============================================ 

    Please retain this document and consult your tax advisor for information regarding this non-cash gift donation. 

    Your gift may require that IRS Form 8283 be completed by you with an appraisal of property donated.  In addition, the deduction you receive from this gift may be limited to the cost of the goods donated if your cost is less than the market value of the donated property. 

    <Constituent ID>

    ============================================



    ------------------------------
    Therese Morris
    Advancement Data Manager
    St. Paul's School
    Concord, NH United States
    tmorris@sps.edu
    ------------------------------