LSSU Gift Acceptance Policy
Noncash Charitable Contributions
A gift-in-kind is a voluntary contribution of property other than cash and marketable securities. Gifts-in-kind may include items such as supplies, equipment, books or artwork. A gift-in-kind contribution will be accepted by the LSSU Foundation only if it can be used to advance the mission of Lake Superior State University.
For Faculty and Staff:
Your first step is to contact the director of Risk Management to evaluate if LSSU can accept the gift for educational purposes.
Secondly, if the donor wants to take a Charitable Contribution for their gift-in-kind, contact the LSSU Foundation to verify that the donor has the proper documentation and is eligible to receive a tax deduction as allowed by IRS guidelines.
In order to process the gift-in-kind donation, a Gift-in-Kind Form must be completed. A University representative and a Foundation representative must sign the paperwork or it is not officially accepted by the University. If not formally signed, the donor will not receive the proper gift receipt and acknowledgment for tax purposes.
The LSSU Foundation requires a donor correspondence or description of the gift-in-kind with an esitmated fair market value determined by the donor on all gifts-in-kind. An appraisal is required for gifts valued at $5,000 or more and a completed IRS Form 8283.
IRS Publication 561 is designed to help donors and appraisers determine the value of property that is given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution the donor claims in his or her return.
IRS Publication 561: Determining the Value of Donated Property
The donor must have the required paperwork completed within 120 days of the University's receipt of the gift in order to receive proper credit regardless when they file their taxes.
Gifts of $1 to $4,999: The donor provides a written description and a fair market value of the gift. The value may be based on documentation (i.e sales receipt or valuation based on similar items listed on reputable sites - i.e. Ebay, Amazon) to verify value.
Gifts of more than $5,000: The donor must provide the LSSU Foundation with an appraisal from an independent and qualified source. It is the donor's responsibility to complete the required forms and provide any related appraisal documentation or costs in order to receive the proper deduction.
The LSSU Foundation will submit Form 8282 to report information to the IRS and donors about dispositions of certain charitable deduction property made within three years after the donor contributed the property. IRS Form 8282 and Instructions
When considering a gift-in-kind donation, please contact the LSSU Foundation and tax advisor before donating the in-kind item.
For additional information contact:
LSSU Foundation Director of Constituent Relations at (906) 635-2665 OR LSSU Director of Risk Management at (906) 635-2626