Section 6. Local Church Finances
6.3 Church Income
6.3.1 Offerings Policy
6.3.2 Offering Collection Procedures
6.3.3 Fundraising
6.3.4 Receiving Gifts in Kind
6.3.2 Offering Collection Procedures
6.3.3 Fundraising
6.3.4 Receiving Gifts in Kind
6.3.5 Receiving Gifts for Other Charities
Services may not be acknowledged by the issuance of a charitable receipt. A gift must be of finances or property.
A receipt can only be issued for gifts “in kind” for the fair market value of the gift on the date it was given. When a gift in kind has a fair market value of more than $1,000.00, a qualified written appraisal is required to justify the amount of the receipt. Records must be kept to show how the value was determined.
There are special rules concerning the gift of securities and specific advice should be sought concerning any such gifts.
Services may not be acknowledged by the issuance of a charitable receipt. A gift must be of finances or property.
A receipt can only be issued for gifts “in kind” for the fair market value of the gift on the date it was given. When a gift in kind has a fair market value of more than $1,000.00, a qualified written appraisal is required to justify the amount of the receipt. Records must be kept to show how the value was determined.
There are special rules concerning the gift of securities and specific advice should be sought concerning any such gifts.
