With the exception of stocks and securities, and in accordance with IRS regulations, the donor is responsible for determining the value of non-cash gifts. All non-cash contributions are recorded at the fair market value at the date of the gift. Absent any significant indications to the contrary, the estimated fair market value is that claimed by the donor for gifts up to $5,000. If no value is provided by the donor, the item will be given a value of $1.00 .
For donations valued above $5,000, donors must establish the fair market value of the gift with a recognized independent appraiser per IRS regulations. Independent means that the party providing the valuation review or appraisal must not be related to the donor, UNMF or UNM. A qualified appraisal dated no more than 60 days prior to the date of the contribution is required by the IRS to substantiate a donor’s charitable deduction for non-cash gifts. To avoid conflicts of interest UNM or UNMF cannot pay or reimburse a donor for appraisal costs and will neither furnish nor confirm an appraisal to the donor. Until the estimated fair market value is independently confirmed, the department or unit will not receive gift credit.
If requested by the donor, and supported by independent valuation review as required by the IRS, UNMF will acknowledge receipt of the non-cash charitable contribution on IRS 8283. Only the UNMF president or CFO may sign the Form 8283.
The value of a person’s or organization’s time or service is not considered a charitable contribution and is countable, regardless of whether the individual assists as a volunteer or as a professional providing specialized service.
Processing Non-Cash Gifts-in-Kind
Donations of tangible personal property should be reported to Gift Administration on the appropriate Reported Gift form. Each item must be on a separate form. If a collection is being given then the collection can be entered on one form. The form should be signed by the appropriate Development Officer or Department Head.
Donor ID Number – Enter the Advance Entity ID number assigned to the donor. If the donor is new indicate “new.”
Donor Name – Enter the donor’s full name, including middle name or initial. When more than one person is listed on the check, enter the name of the person signing the check. This is the legal, primary donor.
Company Name – Enter the company’s full name only if the gift is from a company or organization