Gift-In-Kind Form

Thank you for taking the time to complete this form. It is important because it: • Allows the Foundation to thank the donor • Provides a record of the item(s) for the College that need to be shared with the District Board and may need to be considered for the College’s insurance purposes Gifts in-kind are non-monetary items of tangible personal property such as equipment, automobiles, inventory, clothing, food, and other personal assets or materials that represent value to Southwest Wisconsin Technical College. A gift in-kind, as defined above, must be tangible property. Donors of gifts-in kind can generally receive a tax deduction equal to the fair market value or the property at the time of the contribution. Unreimbursed expenses such as professional services and limited use of private property are not considered tax-deductible, charitable gifts in-kind by the Internal Revenue Service. We might certainly receive such gifts. The Foundation may record the value of donated professional services for acknowledgement purposes but no tax receipt will be provided to the donor but the donor. If you have any questions, please contact the Southwest Tech Foundation at foundation@swtc.edu or 608-822-2379.

Donor Name*

Name of the entity that should be acknowledged and recognized for the gift-in-kind. For tax deductible gifts-in-kind, this should be the name of person or entity claiming the charitable contribution on a tax form. If a gift from a business, indicate the name of the business and contact person at the business. If a personal gift, indicate the name of the individual.

Contact Name if applicable

Do you wish to be an anonymous donor?

Check Box for YES

Are you seeking charitable gift credit?

Check Box for YES

Address*

City*

State*

Zip*

Phone number*

Email address*

Description of Gift*

Include brand names, sizes, number of items, model, year, quantity, serial number, and/or vehicle identification number if applicable:

Check box if it's a Vehicle or Machinery.

Estimated dollar value of gift*

Fair market value at the time of contribution as determined by the donor. Fair market value (FMV) is the price that property would sell for on the open market.

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Please attach verification for gifts over $500. (receipt, documentation, etc.) Third-party appraisal and IRS Form 8283 required for gifts more than $5,000.

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Donations of Gifts-in-Kind valued from $500 to $4,999 – The donor will need to file IRS Form 8283 with his/her tax return to claim the deduction and the donor should advise his/her tax consultant. Donations of Gifts-in-Kind valued $5,000 and above – The gift must be accepted and approved the Southwest Tech President. An IRS Form 8283 is absolutely required by the IRS and by the Southwest Tech Foundation. The donor will need to have an independent appraiser sign the IRS Form 8283 and return it to the Southwest Tech Foundation for acknowledgment and receipting. For gifts of this value, the donor should seek the advice of his/her tax consultant. If the item donated is sold, transferred, or disposed of within two years from the date of the gift, the Dean must notify the Southwest Tech Foundation in writing so that the Foundation might comply with IRS regulations regarding such transaction.

Donor Signature*

I agree all information above is accurate.

Donor Signature Date*

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