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Gift in kind

  • 1.  Gift in kind

    Posted 13 days ago
    Good morning!

    We have a donor whose company creates a very particular material exclusively for our students to use for their artwork. The material is donated to us as a gift in kind and is used in studios. The final product belongs to the students. We are curious to know if we need to if we need to value the cost of the production? If so, is this something that the donor must value? Is there anything else we need to consider?

    Thank you in advance!

    Marta

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    Marta Kostrzewa
    Budget and Operations Manager
    Pratt Institute
    mkostrze@pratt.edu
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  • 2.  RE: Gift in kind

    Posted 13 days ago
    It is ALWAYS the donors' responsibility to value any donation or property.

    Your Gift Acceptance Committee will need to determine a counting value based on whatever valuation evidence you can secure for internal gift recording purposes.  You mention a "very particular material."  It's possible that something similar can be purchased on the open market.  I would begin there.  However, if the company could provide you with an invoice reflecting the FMV, and then indicate that your cost is $0.00, that might suffice.  But I am not a member of your GAC, and I would turn this over to them for evaluation.

    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