Gifts In Kind
A gift-in-kind is a voluntary contribution of goods or services that can be used to advance the mission of Beth Israel Deaconess Medical Center (BIDMC). It is also a gift that can be readily converted to cash and may qualify as a charitable deduction for the individual(s) making the gift.
Please note that contributed services cannot be counted as a gift and do not qualify as a charitable tax deduction to the donor. However, a donor of services may be able to deduct expenses incurred while performing said services. In such cases, the donor should be advised to consult with a tax accountant.
If the item is to be converted to cash, then the donor may claim a deduction of the cost value or the fair market value, whichever is less. It is the sole responsibility of the donor to determine the value of a contributed item; the receiver cannot assign a value to the donated item(s).
BIDMC will enter the contribution of a gift-in-kind in its donor database and issue a receipt to the donor. The receipt will contain only a description of the contribution and will not include a statement as to the value of the contribution. It will further contain a statement as to what, if any, goods or services were given in exchange for the contribution. BIDMC cannot issue an acknowledgement for contributions that cannot be used or readily converted to cash.
The IRS has specific regulations regarding gifts-in-kind. For more information on BIDMC's policy for accepting gifts-in-kind, call the Office of Development at (617) 667-3393.