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GIK Reporting

  • 1.  GIK Reporting

    Posted 4 days ago
    Hello Friends!

    For the upcoming changes to GIK reporting which require a flag for "intend to liquidate to cash" discussed previously. Would this apply to **auction donations** as well as property and equipment gifts that we dispose of for cash? I am thinking yes but wanted to ask the hive mind.

    Aaron Forrest
    Senior Director, Gift and Donor Services
    University of Rochester

  • 2.  RE: GIK Reporting

    Posted 4 days ago
    Yes.  This pertains to the related/unrelated use notation requirements on the 8283 - and subsequently on the 8282.  Any property donation that you do not intend to use as it was designed but, instead, must liquidate, is an unrelated use gift.  That applies to all auction items.

    However, I have encountered a few cases where gifts given for auction did not sell - and were subsequently put to use as designed by the charity.  This is why it's best to never issue auction receipts until after the auction.

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

    Serving the Advancement Community Since 1987