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).
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 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 firstname.lastname@example.org and/or David Pineschi at email@example.com 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
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/or the Advancement Office.
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.
The GIK form can be found in the Fundraising section of my.jessup.edu or as a PDF link in the Fundraising Section. For further assistance on the completion of the GIK form, please contact Flavia Mich or David Pineschi in the Advancement Office.
David Pineschi | 916-577-1809 | firstname.lastname@example.org
Flavia Mich | 916-577-8052 | email@example.com