Gifts of personal property (in-kind gifts) are welcomed by Western New England University. An in-kind gift should have a use related to our educational mission. Certain regulations do apply, and approval by the University must be given before such gifts can be accepted.
If you are working with a member of the University's faculty or staff to consider an in-kind gift, that individual will follow the appropriate procedures for getting approval. If you have questions about the policies or procedures, please contact us.
Valuation of the in-kind gift is the responsibility of the donor.
Gifts over $5,000 contributed by an individual: The donor must obtain a written independent appraisal by a qualified appraiser of the property to be contributed. Per IRS regulations, the appraisal must be made not earlier than 60 days before the date the gift is contributed. If the property to be contributed is new, an invoice dated within 60 days of receipt of the gift will be adequate for valuation.
Gifts over $5,000 contributed by a company owner or corporate officer: An invoice is not adequate valuation when the in-kind gift consists of goods from the owner of a company or an officer of a corporation. In these cases, the price of the goods must be verified against published prices, such as sales brochures. The donor must supply appropriate documentation to the University.
Gifts of $5,000 or less: The University will accept the donor's estimate of the fair market value (this can be audited by the IRS). If no value is provided by the donor, the University will assign a value of $1.00.
In order to claim a tax deduction, the donor must file IRS Form 8283, Section B. Before filing, the donor must submit this form to the University, listing the donor's name, identifying number, and description of the donated property. Once the University has acquired the property, the University will complete Part IV of Form 8283 and return a copy to the donor. You may download a copy of Form 8283 and instructions from the Forms and Publications section of the IRS website. www.irs.gov
For donated property with a value greater than $500, if the University disposes of the property (by selling, discarding, or donating it) within two years after the date the University receives it, the University must file the Donee Information Return, Form 8282, with the IRS and send a copy to the donor. Donated property having a value of $500 or less is exempt from this rule.
Please contact us before making any in-kind gift to the University.