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In-Kind Donation Instructions


 

Gifts-in-kind are gifts of property that are voluntarily transferred by a donor to Patrick Lives On without compensation. These gifts may include food or beverages, products for raffles, equipment, vehicles, materials, supplies, artwork, and other personal property a donor might give to Patrick Lives On to help achieve their  fundraising goals.

 

Gifts of services are not considered to be a tax-deductible contribution but are greatly appreciated in support of our annual fundraising goals.

 

  • All gifts of equipment and materials donated through Patrick Lives On become their property.

  • Gifts of motor vehicles, boats and airplanes shall include title, bill of sale, and IRS Form 1098-C.

  • Values over $5,000, require IRS Form 8283 written and signed by an IRS qualified appraiser.

  • You may be required to contact us for Title Transfer process.

  • You may be required to contact us for assignment of Fixed Asset Number.

  • If you need help completing this form or have questions, please contact us at patrickboswellliveson@gmail.com

 

Donations up to $5,000: Donor completes the Gift-In-Kind Auction Donation Form. All auction donations will be designated to the LCC Foundation Harvest Dinner & Auction Fund (01217). Donor completes the Gift-in-Kind Form. All donors receive a charitable tax receipt or acknowledgement for all donated items upon acceptance of approved and completed form.

 

If the donation is between $500 to $4,999.99, in addition to the above, the donor will need to complete IRS Form 8283 and file it with their tax return to claim the deduction. The donor should seek the advice of his/her tax consultant to determine the extent of the in-kind gift’s tax benefit.

 

Donations of $5,000 and Above: In addition to the steps outlined above, the donor should provide a copy of an appraisal and have the IRS Form 8283 signed by an authorized appraiser as required by the IRS and the LCC Foundation. Donor provides copy of Form 8283 to the Foundation with appropriate Gift-in-Kind form. The donor should seek the advice of his/her tax consultant to determine the extent of the in-kind gift’s tax benefit.

 

In-Kind Donations of Motor Vehicles, Boats and Airplanes: In addition to the appropriate Gift-in-Kind Form (including donor's Tax ID Number and/or Social Security Number), please provide the Foundation with a copy of the Vehicle Certificate of Title (front and back), copy of the Bill of Sale, IRS authorized appraisal (if value is over $5,000.00), IRS Form 1098-C and IRS Form 8283.

 

When an in-kind gift of a vehicle, boat or airplane has been received by a college department, please inform us for assignment of a fixed asset number and completion of a separate process for title transfer (Illinois Department of Motor Vehicle).

 

Additional References and Notes:

IRS Form 8283: http://www.irs.gov/pub/irs-pdf/f8283.pdf

IRS Form 1098-C: http://www.irs.gov/pub/irs-pdf/f1098c.pdf

IRS Publication 526: https://www.irs.gov/pub/irs-pdf/p526.pdf

IRS Publication 561: https://www.irs.gov/pub/irs-pdf/p561.pdf

 

Notes: Under IRS regulations, the valuation of any gift-in-kind is the responsibility of the donor and/or authorized appraiser. Patrick Lives On and its employees are not authorized to give a value on any property to a donor for tax purposes. Employees may give a value to the Foundation for gift records only.