Upon receipt or arrival of donated equipment the receiving department shall complete the Asset Purchasing & Donation Inventory Form.docx (or Asset Purchasing & Donation Inventory Form.pdf and submit the form to the Business Office to add the item to the department's inventory.
The Foundation will send a letter of acknowledgement and thank you to the donor with the accompanying IRS Form 8283. The donor may use this form when preparing their taxes. If a vehicle is donated, the donor will also receive IRS Form 1098-C from the Foundation at the end of the year.
The Foundation will provide assistance to the department as needed to carry out the intentions of the donor.
The Foundation will provide the appropriate recognition in the form of a press release or other actions consistent with the value of the donation.
The Estimated Fair Market Value (FMV) is vital information. LSTC does not offer appraisal of the FMV of In-Kind Donations and United States Tax Codes place the responsibility on the donor to obtain the appraised value for their tax form 8283. The estimate provided is to give us an estimate of the value for inventory purposes.
All information must be completed in order to provide the Foundation with accurate accountability for all donations.
In-Kind donations will be considered college property and must follow the appropriate disposal procedure.
If the in-kind donation has a title you must get the title prior to or when you accept the donation.
- Log donation in cash/in-kind receipt log (Donor Relations)
- Copy and transfer title/official documentation (Accounts Payable Accountant)
- Enter in Access Donor Records (Donor Relations)
- Letter to donor – copy department/individual securing donation and send 8283 for part B completion (Donor Relations/EDD)
- File donor record (Donor Relations/workstudy)
- Prepare in-kind report for audit – from Access Donor Records (Donor Relations)
- 1098C (Director of Administration & Finance)
- 8282 if item is sold with Fair Market Value greater than $5,000 or titled vehicle (Director of Administration & Finance)
- If 8283 is returned for signature, make copy for file and Business Office (Donor Relations)