Gifts in Kind
Gifts in Kind
A wide range of non-cash gifts, such as books, real estate, artwork, special equipment and other tangible personal property, are commonly referred to as gifts in kind.
A donor may make a gift of tangible property to Luther College. Typical gifts in kind include: land, buildings or other assets such as artwork, books, equipment, furnishings, etc. These gifts must be pre-arranged with Luther College. Such gifts are appraised on the date received and an official tax receipt is issued for the appraised value. The donor will receive a receipt for the fair market value of the property. A professional appraisal may be required.
The following types of property require special consideration and consultation with the Luther College to ensure that they support our academic programs and priorities:
- Real estate
- Certified cultural property
- Personal book collections
Benefits of a gift in kind
- You receive a charitable tax receipt for the appraised, fair market value determined on the day the gift is made;
- Gifts in kind can be made during your lifetime, or through your estate by including instructions in your will;
When the donation is made, Luther will either add the donated item(s) to its collections or it will liquidate the asset, depending on a mutually agreed-upon course of action.
Giving Gifts in Kind Through Your Estate
It is important to contact us before arranging this type of bequest to ensure that it supports Luther’s programs and priorities.
For more information, please contact us:
Chief Development Officer
Charitable Registration Number: 10765 0061 RR0001