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.
In-kind gifts with a value of more than $1,000 will need documentation, such as an itemized receipt. Appraisals may be required, and 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 a financial advisor or a tax attorney.
Donating an in-kind gift
Complete the Gift in Kind form and submit it to the Foundation. For assistance, contact Meg Stradling at 919-866-5924 or [email protected].
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 closely-held stock, which requires appraisal only if the apparent value is $10,000 or more; gifts of service; gifts of out-of-pocket expenses; and limited use of private property.
If your gift has an apparent value of $5,000 or more, an appraisal is encouraged but not required. But 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, such as signage, a logo placement or a press release, may also be available.
Wake Tech employees
Contact your department dean or supervisor or the department that would benefit from the in-kind donation to confirm the need for the donated item(s) and availability of space, power support, etc. If the item(s) will be donated, a Gift in Kind form must be filled out and returned to the Foundation office.
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