Gifts-in-kind are an important way of benefiting Fairmont State through a charitable gift to the Foundation. These gifts include donations of property other than cash and marketable securities such as real estate, works of art, books, equipment, furnishings, software, and licensing.
A gift-in-kind requires an official transfer of ownership of property from the donor to the Foundation. The IRS requires the donor to determine the fair market value of the gift for individual, foundation, or corporate tax reporting purposes. The Foundation will issue a gift-in-kind receipt consisting of a simple description of the donated property.
Gifts-in-kind that have a fair market value of more than $5,000 require the completion of IRS Form 8283. Acceptance of a gift-in-kind is made by officials at the Foundation. Further, gifts-in-kind that involve unique handling provisions or require a subsequent use of Foundation resources such as personnel costs, storage facilities, set-up costs or license fees may require a written agreement between the donor and the Foundation.
Corporate gifts-in-kind of $25,000 or more should be substantiated by a list of the donated property, inventory or equipment along with a record of software and the length of or type of licensing provided with a value for any annual support agreements. The substantiation may be in the form of signed correspondence from the corporation. The fair market value, as determined by the corporation, will be the dollar amount which is booked for recognition purposes.