Get the free GIFT IN KIND VALUATION AND INTENT FORM - cms msu

This document recognizes the gift intentions of a donor to Michigan State University through the Michigan State University Foundation, detailing the items donated and their value.

How to fill out gift in kind valuation

How to fill out GIFT IN KIND VALUATION AND INTENT FORM

1. Begin by entering the name of the donor at the top of the form.
2. Provide the contact information of the donor, including phone number and email address.
3. Describe the item that is being donated, including its condition and estimated value.
4. Attach any necessary documentation that supports the valuation of the item (e.g., appraisals, receipts).
5. Sign and date the form to acknowledge the intent of the gift.
6. Submit the completed form to the designated organization or department.

Who needs GIFT IN KIND VALUATION AND INTENT FORM?

1. Individuals or organizations making a non-cash donation of goods or services.
2. Donors who are interested in receiving a tax deduction for their charitable contributions.
3. Nonprofit organizations that require documentation of gifts in kind for their records.

People Also Ask about

What documentation is needed for in-kind donations?

How should I recognize in-kind donations? Send the donor an acknowledgment that includes your tax ID number, a description of the goods and/or services they donated and the date you received them. This letter should also confirm that donors received no substantial goods or services in exchange for their contribution.

What is an example of a gift-in-kind?

This type of donation can include a wide variety of items, including tangible goods, like food, clothing, or equipment, as well as professional services, such as legal advice, graphic design, or marketing support.

What are the rules for gifts-in-kind?

An in-kind donation is the transfer of any other type of asset. In-kind gifts are contributions of goods or services, other than cash grants. Examples of in-kind gifts include: Goods, like computers, software, furniture, and office equipment, for use by your organization or for special event auctions.

What are the IRS rules for in-kind gifts?

In-kind donations of property are typically tax deductible, but the IRS will not allow taxpayers to deduct contributions of $250 or more unless they obtain a written acknowledgment from the recipient charitable organization.

How do you determine the value of in-kind donations?

Standards for gifts in kind The principles include: Need driven: Driven by a genuine and thorough understanding of the needs of the recipients. Quality controlled: Goods are carefully chosen, of appropriate quality, and in consultation with the recipient. Determined by informed choices.

How are gifts-in-kind valued?

Fair market value is the price you'd pay on the open market if you had to purchase the item or service instead of having it donated. To establish fair market value, you can check the price on the open market, get a competitor's quote, use a third-party source, ask your donor, look at a salary survey, etc.

For pdfFiller’s FAQs

What is GIFT IN KIND VALUATION AND INTENT FORM?

The GIFT IN KIND VALUATION AND INTENT FORM is a document used to report and evaluate the value of non-cash gifts that are donated to an organization, detailing the intent behind the donation.

Who is required to file GIFT IN KIND VALUATION AND INTENT FORM?

Individuals or organizations that donate non-cash items or services valued at a specified amount typically are required to file the GIFT IN KIND VALUATION AND INTENT FORM.

How to fill out GIFT IN KIND VALUATION AND INTENT FORM?

To fill out the GIFT IN KIND VALUATION AND INTENT FORM, donors should provide details such as the description of the gift, its estimated fair market value, the intended use of the gift, and the date of the donation.

What is the purpose of GIFT IN KIND VALUATION AND INTENT FORM?

The purpose of the GIFT IN KIND VALUATION AND INTENT FORM is to ensure transparency in the reporting of non-cash donations, facilitate accurate valuation for accounting purposes, and document the donor's intent.

What information must be reported on GIFT IN KIND VALUATION AND INTENT FORM?

Information that must be reported includes the donor's name, description of the gift, estimated value, date of donation, intended use, and any conditions attached to the gift.