IN-KIND DONATION FORM: This form is used when a donor donates something to the College. See Instructions below or attached.
IN-KIND DONATION FORM
RULES AND REGULATIONS:
IN-KIND donations must meet the standard charitable organization rules as outlined by the Federal Accounting Standards Board (FASB) which includes:
Current standards of the FASB require that contributed services be recognized and recorded. The following criteria must be met: (1) the donation must be useful; (2) the service creates or enhances a non-financial asset; (3) the services require specialized skills and are provided by individuals with those skills.
Providing IN-KIND services and materials require review and approval from New Hope Christian College management staff prior to acceptance. Only signed, approved donation forms are acceptable as acknowledgement of in-kind donations.
Instructions for completing the IN-KIND DONATION FORM:
- Provide specific project information related to the event being planned including date, city and county.
- Provide detailed information related to the description of the item or service being donated. For printing donations, include specific number of pages, packets or other items that are being considered. For other material items, include specific quantities being considered. No financial donations are considered in-kind donations.
- The Estimated Fair Market Value (FMV) must be completed by the donor. The college cannot place a FMV amount or interpret the value of any non-financial donations.
- Provide donor-benefit amounts being returned to the donor in exchange for their in-kind donation.
- Example: A donor provided printing of 100 booklets for an Educational Conference and received a dinner at the event. The cost of the dinner must be itemized and recorded.
- Provide information related to the donor including name, organization, address and other contact information.
- Record the date received and your name.
- Send the completed form to the New Hope Christian College Accounting department for review and approval. A copy of the completed, approved form will be sent directly to the donor and one copy of all in-kind donation forms will be maintained at the New Hope Christian College Accounting department for audit purposes.
- Donations that cannot be accepted or fall outside the standard guidelines for acceptance will be rejected. A formal letter will be sent to the donor and a copy of the notice will be retained for our records.