Gift In-Kind Procedures

Definition

A Gift-In-Kind (GIK) is a voluntary contribution of goods or services that can be used to advance the mission of William Jessup University (WJU). These goods can be considered a tax deductible contribution to the donor, but the value of such contribution is not determined by the recipient (WJU).

Purpose

The IRS has specific regulations regarding GIK. This document outlines the process an employee of WJU should follow when presented with a GIK. It limits the liability that may inadvertently be assumed by placing value on gifts or by accepting a gift that does not advance the mission of WJU or cannot be readily converted to cash. It further assures that a donor will receive timely acknowledgement of his/her contribution.

It is strongly encouraged that for the recipient department to send a thank you letter for the goods received. WJU will send an official gift receipt letter; however, it is greatly appreciated when a department manager recognizes the generosity that has blessed our students.

Note: It is imperative that the letter say nothing about the value of the gift as it would violate IRS regulations.

Estimated Value

Estimated value is for WJU internal use only. It is not to be given to or acknowledged to donors. According to IRS regulations, donors must have the items independently assessed if they wish to receive a tax deduction. It is the responsibility of the receiving department to determine an appropriate value of the items donated and to provide the method for determining the value. Please email Flavia Mich at fmich@jessup and David Pineschi at dpineschi@jessup.edu with any website or information related to determining the value.

Note: Some items may need to be appraised by the donor prior to the reception of the donation

Procedure

When presented with a potential GIK, an individual must assess if the gift can be used to advance the mission of WJU. IF there is any question whether the GIK meets this requirement, the individual should contact his/her immediate supervisor and the University Office of Development.

If the gift is accepted, the individual should express immediate and sincere gratitude to the donor. At that time, the donor should complete a GIK form. If the donor does not complete the GIK the recipient should complete the form.

Gift-In-Kind Form

The GIK form can be found in the Fundraising section of my.jessup.edu or as PDF link in the Fundraising Section. For further assistance on the complete of the GIK form please contact Flavia Mich or David Pineschi in the development office.

David Pineschi | 916-577-1809 | dpineschi@jessup.edu

Flavia Mich | 916-577-8052 | fmich@jessup.edu