Gifts in kind are gifts other than cash or securities. They are very important to Ursuline, as they provide incentive for our community to participate in silent and live auctions at events. Gifts in kind can also be used, in some cases, to defray the budget cost to the school of having to purchase an item.
Procedure for gift in kind receipts
Ursuline Academy uses a special gift in kind receipt. This receipt is to be issued by the person actually taking the gift from the donor. The person taking the gift completes the form; giving the white copy to the donor, the yellow copy to the committee or school organization under which the gift is being received, and the pink copy is retained by the Advancement Office so that the gift may be recorded and recognized by the Academy. The donor will then use this receipt to verify that a tax deductible contribution has been made to the Academy.
Assigning dollar value
Following IRS guidelines, Ursuline does not assign a dollar value on receipts for any gift in kind item received. It is the donor’s responsibility to assign this value. Donors are encouraged to staple any store receipts to their copy of the gift in kind receipt that directly corresponds to the item(s) described on the gift in kind receipt. This makes it easier for donors to remember the value of the gift should they wish to use this information later for tax purposes.