In-kind donations help Wake Tech meet technology and equipment needs as enrollment increases. Gifts in kind must fulfill a stated need of one or more departments and be approved by Facilities or IT personnel. They may be tax deductible at current market value if directly related to Wake Tech’s mission; if unrelated, deductions are limited to what was paid for the item.
Appraisals may be required (see below); if a required appraisal is not submitted, the gift’s value will be recorded as $0. Donors are responsible for appraisals and for substantiating the value of gifts with the IRS, and should consult their financial advisors or tax attorneys.
Individuals: 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 requires appraisal 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.
Corporations/Foundations: 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 will be acknowledged with a letter from the Foundation and included in Wake Tech’s Annual Report. Additional acknowledgements (signage, logo placement, press releases) may also be available. To make a gift, please complete the Gift in Kind form and submit it to the Foundation. For assistance, contact Heather Buck at 919-866-5924 or firstname.lastname@example.org.
Wake Tech Employees: Instructions for Accepting Gifts In Kind