Gifts In Kind
Non-cash, personal property donations like equipment and furniture are always welcomed, when they support Cleveland's mission or have resale value. Before donating an in-kind gift, certain restrictions must be considered to ensure that tax regulations and university policies are satisfied. Shipping and handling costs necessary to accept the gift must be factored in, as well as the gift's long term viability to maintain, store or insure it.
The Cleveland College Foundation acknowledges all gifts in writing, but cannot assign a contributed value to your gift. The IRS requires a professional appraisal if the value of the gift exceeds $5,000. The donor must pay any fees associated with an appraisal. At tax time, the IRS also requires submitting Form 8283 for non-cash gifts worth in excess of $500. Once you have filled out Form 8283, mail it to the Cleveland College Foundation and the appropriate parties will provide the needed signatures and return it to you. You can then attach this form, along with an appraisal, to your tax return. This assures that your donation will be tax deductible under IRS regulations. The Cleveland College Foundation suggests that all donors seek professional valuation for their in-kind donations if they plan on taking a deduction.
Making an in-kind gift is easy!