Gifts In Kind
Gifts in-kind are goods and services that are of value to a nonprofit organization. Businesses do it, corporations do it, and so do individual donors. A partial list of items that ECA currently needs includes:
|Dishes||A Freezer||Digital Camera|
|Cell Phones||Vehicles||Shares of Stock|
Services could include
- Consulting services (e.g., fundraising assistance; technical support, public relations/social media)
- Printing services
- Inviting interested people to ECA for informational session
Here are some tips before you make a decision to give an in-kind donation
Ask before you give.
Contact Thomas Flaherty at firstname.lastname@example.org or 215 609 1054 to make sure we can make good use of your contribution. If not, we maybe able to refer you to someone who can.
Place an accurate value on your donation.
Keep a record of what you gave—document with photographs if possible. Let us know the value of the in-kind donation, as we need that information for grants, etc., when they must specify if they receive in-kind donations and the value of these in-kind donations. Such record keeping is for your benefit as well as ours, especially if you intend on writing off your donation. IRS Publication 561 explains how to determine the fair market value of your donation. If you're thinking about donating a vehicle, keep an eye out for possible new legislation that may tighten valuation regulations.
Don't assume your donation is tax deductible.
Not every in-kind donation is tax-deductible. Donated services, although often welcome, generally cannot be written off. IRS Publication 526 outlines what types of donations can be deducted and how to claim a deduction.