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Gift-in-Kind Form The Celebration Gift in-Kind form
Instructions:
- All gifts of equipment and materials donated through the LCC Foundation become college property.
- Disposition of these gifts must conform to college (COPPS) guidelines and procedures.
- Gifts of motor vehicles, boats and airplanes shall include title, bill of sale, and IRS Form 1098-C.
- If value is over $5,000, IRS Form 8283 signed by an IRS qualified appraiser and written appraisal is required.
- You may be required to contact LCC Facilities (FMP) at (541) 463-5000 for Title Transfer process.
- You may be required to contact LCC Purchasing at (541) 463-5208 for assignment of Fixed Asset Number.
- If you need help completing this form or have questions, please contact us at (541) 463-5135.
Definition:
Gifts-in-kind are gifts of property that are voluntarily transferred by a donor to Lane Community College without compensation. These gifts may include equipment, vehicles, materials, supplies, artwork, and other personal property a donor might give to Lane for use in its educational programs or to the LCC Foundation for use in its annual auction or employee campaign.
Gifts of services are not considered to be a tax-deductible contribution.
The donor and/or department representative completes the Gift-In-Kind Acceptance Form. The department head or dean shall sign the form where appropriate and send to the Foundation for receipting. It is important to designate the department and Foundation fund that the gift is to be credited to. All auction donations will be designated to the LCC Foundation Harvest Dinner & Auction Fund (01217). All donors receive a charitable tax receipt or acknowledgement for all donated items upon acceptance of approved and completed form.
If the item(s) donated to the college (does not include auction items) will remain in the department's possession, a fixed asset number must be assigned by LCC Purchasing Department. Contact the Purchasing Department at (541) 463-5208 for more information and for assignment of fixed asset number.
If the item donated to Lane is sold, transferred or disposed of within three years from the date of the gift, the department shall notify Purchasing and the Foundation in writing, within one week of the sale, so the Foundation can comply with IRS regulations in reporting such a transaction.
In-Kind Donations up to $5,000:
If the donation is from $500 to $4,999.99, in addition to the above, the donor and/or department representative accepting the gift will need to complete IRS Form 8283, forward a copy to the Foundation and file a copy with their tax return to claim the deduction. The donor should seek the advice of his/her professional tax consultant to determine the extent of the in-kind gift's tax benefit.
In-Kind Donations of $5,000 and above:
In addition to the steps outlined above, the donor should have the IRS Form 8283 signed by an authorized appraiser and provide a copy of appraisal and signed IRS Form 8283 to the Foundation as required by the IRS and the LCC Foundation. The donor should seek the advice of his/her professional tax consultant to determine the extent of the in-kind gift's tax benefit.
In-Kind Donations of Motor Vehicles, Boats and Airplanes:
In addition to the completed Gift-in-Kind Form (including donor's Tax ID Number and/or Social Security Number), please provide the Foundation with a copy of:
- Vehicle Certificate of Title (front and back),
- Copy of the Bill of Sale,
- IRS authorized appraisal (if value is over $5,000.00),
- IRS Form 1098-C, and
- IRS Form 8283
When an in-kind gift of a vehicle, boat or airplane has been received by the department, please inform the LCC Purchasing Department at (541) 463-5208 for assignment of a fixed asset number.
The department representative shall also contact Facilities Management & Planning at (541) 463-5000 and complete a separate process for title transfer (Oregon Department of Motor Vehicles).
College Online Policy & Procedure for Donated Vehicles (FMP)
College Online Policy & Procedure for Gift and Donation Acceptance
IRS Form 1098-C - Contributions of Motor Vehicles, Boats and Airplanes
IRS Form 1098-C Instructions - Due to the very low volume of paper Form 1098-C and 1099-Q that IRS receives and processes each year, the forms have been converted to an online fillable format (.pdf). More information is available at IRS.gov.
IRS Form 8283 - Noncash Charitable Contributions
IRS Publication 526 - Charitable Contributions
IRS Publication 561 - Determining the Value of Donated Property
If you have questions or need assistance, please contact the LCC Foundation at (541) 463-5135.
Note: Under IRS regulations, the valuation of any gift-in-kind is the responsibility of the donor and/or IRS authorized appraiser. Lane Community College and its employees are not authorized to give a value on any property to a donor for tax purposes. College employees may provide a value to the Foundation for the purpose of recording the gift only.