Gifts in kind to Felican University are appreciated, as they can help certain areas and programs of the college or offset potential costs. Gifts in Kind include donations of property such as real estate, works of art, books, equipment, furniture & furnishings, software and licensing.
A gift in kind requires an official transfer of ownership of property from the donor to the University. The IRS requires the donor to determine the fair market value of the gift for individual, foundation, or corporate tax reporting purposes. The University will issue a gift in kind receipt consisting of a simple description of the donated property.
How to give a Gift-in-Kind:
Before a gift-in-kind can be accepted by the University, a Felician Advancement official must determine that the type of gift is consistent with the mission and purposes of Felician University. The university’s mission and values can be found here. If the gift is not directly needed by the institution, the property must be readily marketable and the donor should understand that the gift might be disposed in this manner. The potential benefit of any gift must be greater than its potential cost to the University. Consideration will be given to the cost of acceptance of the gift (shipping and handling charges), the long term viability of the gift (maintenance, storage, insurance, etc.), and its marketability.
- A Gift In Kind form must be completed. An advancement department official will assist in this process, allowing the donor to determine fair market value and fill in the description of the gift in the space provided. IRS regulations require the donor to determine the fair market value. For corporate gifts of $25,000 or more, a letter from a representative of the corporation stating the fair market value with an accompanying inventory of the donated property is acceptable.
The completed paperwork can be given to an Advancement official who will make sure the transaction will be acknowledged and receipted. The University recommends that the donor consult with his/her tax advisor to determine the appropriate tax consequences of any charitable contribution.
- The gift/asset must be placed in the physical possession of a Felician official. Any gift in kind that is determined by Felician Advancement officials to be inappropriate for permanent preservation may be disposed of by the University.
If you have any questions or concerns, or are looking for more information on making a gift-in-kind to Felician University contact Brian Melloh, Database Administrator, at email@example.com or 201-355-1430.