gifts in-kind

Gifts in-kind are non-cash goods and services that are of value to Covenant Chapel and its mission.

In-kind giving is not a substitute for writing checks - Covenant Chapel definitely relies on the faithful, sacrificial and cheerful giving of its members and attendees. However, special charitable projects and certain equipment needs create opportunities for use of good and services that are most appreciated.

Many people emphasized the satisfaction they received from passing useful items they no longer needed on to charities. Not only were they helping a good cause they were recycling as well. It's a also a great way to help the economy and sometimes the ecology, because otherwise some items might just end up prematurely and unnecessarily in a landfill.

Helpful Tips For Gifts In-Kind...

 

  • ask before you give

Don't assume Covenant Chapel will need an in-kind gift simply because it has value. You should contact us to make sure we can make good use of your contribution.

  • place an accurate value on your donation.

Keep a record of what you gave - even document it with photographs if possible. Such record keeping is for your benefit as well as the charity's, especially if you intend on writing off your donation. IRS Publication 561 explains how to determine the fair market value of your donation. If you're thinking about donating a vehicle, keep an eye out for possible new legislation that may tighten valuation regulations.

  • Covenant Chapel can't usually put a value on your donation.

The exception to this is if we immediately sell the donation to raise cash, then the value of your contribution will be the amount raised. If we retain it for use, the value is determined by you and the fair market value of your donation. In an IRS audit, they probably will ask you to produce documentation showing how you valued the item(s). For example, if you donated a vehicle, the Kelly Blue Book value for the particular vehicle can be determined easily on the date of donation.

  • check if your donation is tax deductible.

Not every in-kind donation is tax deductible. Donated services, although often welcomed by organizations, generally cannot be written off. IRS Publication 526 outlines what types of donations can be deducted and how to claim a deduction.