Gifts-in-kind are a popular way of benefiting AIP through a charitable gift to the AIP Foundation. Gifts-in-kind include donations of property other than cash and marketable securities such as works of art, books, equipment, furnishings, and patents, among others.
A gift-in-kind requires an official transfer of ownership of property from the donor to the Foundation. The IRS requires the donor to determine the fair market value of the gift for individual, foundation, or corporate tax reporting purposes. The Foundation will issue a gift-in-kind receipt consisting of a simple description of the donated property, and will recognize the donor for the value of the gift without referencing or receipting a specific dollar amount.
Gifts in kind that have a fair market value of more than $5,000 require the completion of IRS Form 8283. Acceptance of some gifts-in-kind may require approval by the Gift Acceptance Committee. Further, gifts in kind that involve unique handling provisions or require a consequent use of AIP resources such as personnel costs, storage facilities, set-up costs or license fees may require a written agreement between the donor and the AIP Foundation.
It is the practice of the AIP Foundation to transfer gift-in-kind assets to AIP.
For further information about gifts-in-kind, please contact Tanya Easton at teaston@aip.org or call 301-209-3012.