CAREER CLOSET |
The Internal Revenue Service (IRS) requires that the college list the value of non-cash donations on our books at a reasonable market value. The “fair
market value” of the non-cash donation established on this form is to be used for internal purposes only, and may not meet the IRS requirements for
income tax deduction purposes.
Establishing the fair market value of non-cash donations:
• Estimated value is less than $500: The donor will be asked to supply reasonable documentation as to the fair market value of the donation.
•
Estimated value greater than $500, but less than $5,000: The donor will be asked to supply documentation as to the fair market value of a
donation. In addition, the donor must complete IRS Form 8283 (www.irs.gov/form8283) which is to be filed with the donor’s tax return.
•
Estimated value greater than $5,000: IRS regulations require the donor to provide a written appraisal by a qualified appraiser, and to complete
IRS Form 8283. Both the written appraisal and Form 8283 must be filed with the donor’s tax return. The donor will be sent an acknowledgement
letter from the AAMU Foundation.
STEP 1: Donor Information
Name: ________________________________________________________AAMU Staff: Y N Attended AAMU: Y N Years: _______
Company: _______________________________________________________________________________________________________________
Address: _______________________________________________________City: _________________________ State: _______ ZIP: ____________
E-mail: ________________________________________________________ Day Phone: ___________________ Evening Phone: ________________
STEP 2: Description of Donation
(Include quantity, label, brand name, etc.)
Estimated fair market value: ________________________________________ Total value: _________________________________________________
Method used in determining value: ____________________________________________________________________________________________
(Attach copy of appraisal if necessary)
STEP 3: Confirmation of Donation
STEP 4: Authorization to Accept Donation
__________________________________________________ ___________________
Date
AAMU CDS Representative (print name)
_________________________________________
Signature
Approval by
AAMU Director of Development:____________________________________________________________________ Date: ___________________
Questions? CONTACT REBA TRAMMELL (256) 372-8344 or reba.trammell@aamu.edu
This form is for college use only. This is not an agreement on the “fair market value” of a gift.
IN-KIND GIFT FORM
(NON-CASH)
AAMU personnel initially contacted: __________________________________Ext.: _________________Date donation received: ___________________
*
ALL clothing donations for AAMU Career Closet will be recevied by AAMU Career Development Services.
STEP 5: FORWARD THIS FORM TO AAMU MARKETING, COMMUNICATION &
ADVANCEMENT OFFICE
click to sign
signature
click to edit
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