Making a Gift-In-Kind to Cleveland College
Non-cash, personal property donations like equipment and furniture are always welcomed when they support the mission of the college or have resale value. Before accepting an in-kind gift, certain restrictions apply to ensure that tax regulations and college policies are satisfied. Shipping and handling costs necessary to accept the gift must be considered, as well as the gift’s long term viability to maintain, store or insure it.
The Cleveland 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 Cleveland Chiropractic College - Kansas City. The Cleveland Foundation staff 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 Foundation suggests that all donors seek professional valuation for in-kind donations if they plan on taking a deduction.
Making a Gift-In-Kind is easy. Contact Dr. John Nab at
john.nab@cleveland.edu or call 913-234-0620 to discuss your intentions. To download IRS Form 8283, click
here for a link to the IRS website.