Other Ways to Give
Gifts in Kind
Gifts-in-kind are items received by councils in lieu of cash. These are items that the council would have purchased if they hadn’t been donated – put another way, all gifts in-kind must be budget relieving. For example, if the council receives a gift of copier paper, that’s budget relief (since we already budget to buy paper). A new sailboat is not budget-relieving, we are not budgeting to buy a sailboat.
Gamehaven Council is not in the appraisal business. Thus, gift receipts to donors will not state a market value for any gift-in-kind. It is the donor’s responsibility to document the value of the gift. It is also the donor’s responsibility to properly classify the deduction as either a charitable deduction or a business expense (most companies will claim the latter). The IRS only expects the local council to provide a receipt that shows the date of the gift, and describes the donated item but does not value it.
For suggestions of a suitable gift-in-kind, reach out to Arne Landsverk.
Project Sales are direct contributions of cash used to obtain items already in the council’s operating budget. These contributions are “earmarked” and used for that purpose.
Project sale contributions will be provided with an IRS-suitable receipt of donation. For suggestions of a suitable project to fund, reach out to Arne Landsverk.
The goal of planned giving is to help you plan your estate and charitable giving in a way that benefits you, your family and Gamehaven Council. There are several ways you can make these planned gifts and enjoy tax and income benefits.
For more on planned giving, reach out to Arne Landsverk.