CMC Foundation – Gift-in-Kind Details & Instructions

Definition: Gifts-in-Kind are gifts of property that are voluntarily transferred by a donor to CMC without compensation. These gifts may include equipment, vehicles, materials, supplies, artwork, and other personal property a donor might give to CMC for use in its outreach programs.

Gifts of services are not considered to be a tax-deductible contribution.

If the item(s) donated will remain in the department’s possession, a fixed asset number must be assigned by CMC Purchasing Department. Contact the Purchasing Department at 843-347-8255 for more information and for assignment of this number.

If the item donated to CMC is sold, transferred or disposed of within three years from the date of the gift, the department shall notify Purchasing and the Foundation in writing, within one week of the sale, so the Foundation can comply with IRS regulations in reporting such a transaction.

The donor and department representative complete the Gift-In-Kind Acceptance Form. The department head shall sign the form where appropriate and send to the Foundation for receipting. It is more important to designate the department and Foundation fund that the gift is to be credited to.

In-Kind Donations up to $5,000:

If the donation is from $500 to $4,999.99, the department representative accepting the gift should inform the donor that an IRS Form 8283 will need to be filed with their tax return to claim the deduction and should advise the donor to contact his/her tax consultant.

In-Kind Donations of $5,000 and above:

If the donation is $5,000 or more, the department representative accepting the gift shall inform the donor that an IRS Form 8283, signed by an authorized appraiser, is required by the IRS and the Foundation, in addition to a copy of the appraisal.

In-King Donations of Motor Vehicles, Boats and Airplanes:

In addition to the completed Gift-In-Kind Form (Including donor’s Tax ID Number and/or Social Security Number), please provide the Foundation with a copy of the Vehicle Certificate of Title (front and back), copy of the Bill of Sale, IRS authorized appraisal (if value is over $5,000.00), and IRS Form 1098-C and IRS Form 8283.

When an in-kind gift of a vehicle, boat or airplane has been received by the department, please inform the CMC Purchasing Department at 843-347-8255 for assignment of a fixed asset number.

The department representative shall also contact Facilities and Operations at 843-347-8140 and complete a separate process for title transfer (SC Department of Motor Vehicle).

community

Gift-In-Kind Acceptance Form

Please complete and submit.

  • All gifts of equipment and materials donated through the CMC Foundation become CMC property
  • Disposition of these gifts must conform to CMC guidelines and procedures.
  • Gifts of motor vehicles, boats and airplanes shall include title, bill of sale (if applicable) and IRS Form 1098-C
  • In addition to the above, if value is over $5,000, IRS Form 8283 signed by an IRS qualified appraiser and written appraisal is required.
  • You may be required to contact CMC Facilities Management for Title Transfer process.
  • You may be required to contact CMC Purchasing Department for assignment of Fixed Asset Number.
  • Refer to the CMC Foundation Gift-In-Kind Details and Instructions for additional information.
  • If you need help completing this form or have questions, please contact us at 843-347-8058.