From www.taylor.edu - Taylor University, integrating faith and learning

Giving by Gifts-in-Kind

Gifts In-KindGifts-in-kind refer to non-cash donations of materials or long-lived assets. For Taylor University, examples would include items such as art objects, prized collections, antiques, products, computer software and hardware, office products and supplies, educational materials, etc. Gifts-in-kind can be designed as one time gifts or as on-going programs.

All gifts-in-kind to Taylor University must be approved by the offices of University Advancement, Business and Finance and the department responsible for receiving the actual gift.

Current tax law requires that Taylor University issue a receipt indicating that a gift-in-kind has been received. Taylor does not value the gift-in-kind on the gift receipt. Instead, the donor is responsible for obtaining the fair market value at the time of the gift. If the gift-in-kind is valued by the donor at more than $5,000, then an appraisal must be obtained by the donor.

Please contact us regarding questions concerning specific gifts-in-kind. Please contact a tax accountant concerning how these donations may apply to your individual tax issues.