Wake Tech welcomes in-kind donations, which help the college keep pace with changing technology and equipment needs and meet the demands of increased enrollment. Gifts in kind must:
- fulfill a stated need of one or more college departments, and
- be approved by Facilities or IT personnel to ensure compliance with existing infrastructure.
If directly related to Wake Tech’s mission, a gift in kind may be tax deductible at current market value. If unrelated, the deduction is usually limited to what was paid for the item(s).
Appraisals may be required (see below), and if a required appraisal is not submitted, the value of the gift will be recorded as $0. Wake Tech does not appraise gifts; donors are responsible for substantiating the value of donated items with the IRS and should contact their financial advisors or tax attorneys for assistance.
If your gift has an apparent value of less than $5,000, an appraisal is encouraged but not required. If your gift has an apparent value of $5,000 or more, the IRS requires an appraisal and IRS Form 8283. Exceptions include: 1) closely-held stock, which must be appraised only if the apparent value is $10,000 or more; 2) gifts of service; 3) gifts of out-of-pocket expenses; and 4) limited use of private property.
If your gift has an apparent value of $5,000 or more, an appraisal is encouraged but not required; however, a completed IRS Form 8283 is required if you plan to seek a tax deduction.
Gifts in kind will be acknowledged with an official letter from the Foundation and included in Wake Tech’s Annual Report. Additional acknowledgements (signage, logo placement, press releases) may also be considered.
If you’d like to make gift in kind donation, please complete the Gift in Kind form and submit it to the Foundation. If you need assistance with the form, please contact Heather Buck at 919-866-5924 or email@example.com.
Wake Tech Employees:
Instructions for Accepting Gift In Kind Contributions