FundSvcs Community

It depends on what the discount was for. If reducing service/labor costs there is no gift per the IRS. For a GIK to exist here you will need to see an invoice reducing material costs only. They you can issue a receipt with no value but stating what materials they gave you or charged below market for. John John Taylor 919.816.5903 johntaylorconsulting@gmail.com Big ideas; small keyboard > On Jun 17, 2019, at 10:46 AM, Nathan.Laning <Nathan.Laning@trnty.edu> wrote: > > Our organization recently had some construction work done on a campus structure. The invoice that we received from the construction company included a line for a specific donation amount, reducing the total cost that we need to pay for the project. > > My initial thought is that we should provide the construction company with a gift-in-kind receipt, avoiding any specific dollar amount whatsoever. Something about recording a specific amount as determined by the company completing the work strikes me as questionable. > > Is the GIK receipt plan the proper approach? Are there any other issues we need to be specifically aware of when recording this gift? > > Thank you for your help. As we get into more construction projects on campus this summer, having this determined will be beneficial as more invoices with donated amounts may flow in. > > <image011.jpg> > Nate Laning > Director of Advancement Services | Trinity Christian College > 6601 West College Drive | Palos Heights, Illinois 60463 > <image012.png><image013.png><image014.png><image015.png> > 708.239.4822 | nathan.laning@trnty.edu > >

Our organization recently had some construction work done on a campus structure. The invoice that we received from the construction company included a line for a specific donation amount, reducing the total cost that we need to pay for the project. My initial thought is that we should provide the construction company with a gift-in-kind receipt, avoiding any specific dollar amount whatsoever. Something about recording a specific amount as determined by the company completing the work strikes me as questionable. Is the GIK receipt plan the proper approach? Are there any other issues we need to be specifically aware of when recording this gift? Thank you for your help. As we get into more construction projects on campus this summer, having this determined will be beneficial as more invoices with donated amounts may flow in. [cid:image011.jpg@01D524F1.7B93F4F0]<http://www.trnty.edu/> Nate Laning Director of Advancement Services | Trinity Christian College 6601 West College Drive | Palos Heights, Illinois 60463 [cid:image012.png@01D524F1.7B93F4F0]<https://www.facebook.com/trinitychristiancollege>[cid:image013.png@01D524F1.7B93F4F0]<https://twitter.com/trinitytroll>[cid:image014.png@01D524F1.7B93F4F0]<https://www.instagram.com/trinitytrolls/>[cid:image015.png@01D524F1.7B93F4F0]<https://www.linkedin.com/company/trinity-christian-college> 708.239.4822 | nathan.laning@trnty.edu

We mimic what they reported the work that was done - without adding the costs associated with the itemized work. We treat it as a gift-in-kind. JBA From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Nathan.Laning Sent: Monday, June 17, 2019 10:46 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] Donation on Invoice Our organization recently had some construction work done on a campus structure. The invoice that we received from the construction company included a line for a specific donation amount, reducing the total cost that we need to pay for the project. My initial thought is that we should provide the construction company with a gift-in-kind receipt, avoiding any specific dollar amount whatsoever. Something about recording a specific amount as determined by the company completing the work strikes me as questionable. Is the GIK receipt plan the proper approach? Are there any other issues we need to be specifically aware of when recording this gift? Thank you for your help. As we get into more construction projects on campus this summer, having this determined will be beneficial as more invoices with donated amounts may flow in. [cid:image001.jpg@01D524FA.6CA738E0]<http://www.trnty.edu/> Nate Laning Director of Advancement Services | Trinity Christian College 6601 West College Drive | Palos Heights, Illinois 60463 [cid:image002.png@01D524FA.6CA738E0]<https://www.facebook.com/trinitychristiancollege>[cid:image003.png@01D524FA.6CA738E0]<https://twitter.com/trinitytroll>[cid:image004.png@01D524FA.6CA738E0]<https://www.instagram.com/trinitytrolls/>[cid:image005.png@01D524FA.6CA738E0]<https://www.linkedin.com/company/trinity-christian-college> 708.239.4822 | nathan.laning@trnty.edu<mailto:nathan.laning@trnty.edu>

Was it a capital improvement or professional services? In other words, is the construction being capitalized by accounting? Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Nathan.Laning Sent: Monday, June 17, 2019 10:46 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] Donation on Invoice Our organization recently had some construction work done on a campus structure. The invoice that we received from the construction company included a line for a specific donation amount, reducing the total cost that we need to pay for the project. My initial thought is that we should provide the construction company with a gift-in-kind receipt, avoiding any specific dollar amount whatsoever. Something about recording a specific amount as determined by the company completing the work strikes me as questionable. Is the GIK receipt plan the proper approach? Are there any other issues we need to be specifically aware of when recording this gift? Thank you for your help. As we get into more construction projects on campus this summer, having this determined will be beneficial as more invoices with donated amounts may flow in. [cid:image002.jpg@01D524FA.EE750CD0]<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.trnty.edu_&d=DwMFAg&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=aOoEGBNPGtlwTzY8oxDK5Bg6lBIruOGxLEYT0f21cgU&s=ESRpySjkObiMUbaB-hV7CdG-S6eCuSFP6_0JXN8Pb-E&e=> Nate Laning Director of Advancement Services | Trinity Christian College 6601 West College Drive | Palos Heights, Illinois 60463 [cid:image003.png@01D524FA.EE750CD0]<https://urldefense.proofpoint.com/v2/url?u=https-3A__www.facebook.com_trinitychristiancollege&d=DwMFAg&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=aOoEGBNPGtlwTzY8oxDK5Bg6lBIruOGxLEYT0f21cgU&s=7FrfgHg2bMucEQeOSYSF3psieZ6GfY6Xn6N0O00caYk&e=>[cid:image004.png@01D524FA.EE750CD0]<https://urldefense.proofpoint.com/v2/url?u=https-3A__twitter.com_trinitytroll&d=DwMFAg&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=aOoEGBNPGtlwTzY8oxDK5Bg6lBIruOGxLEYT0f21cgU&s=TsINgFimHoV_0bOTM3r9f9RgxNEMUMEyKvRH__3pQ2c&e=>[cid:image005.png@01D524FA.EE750CD0]<https://urldefense.proofpoint.com/v2/url?u=https-3A__www.instagram.com_trinitytrolls_&d=DwMFAg&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=aOoEGBNPGtlwTzY8oxDK5Bg6lBIruOGxLEYT0f21cgU&s=I12ZbyWZdMvjl5PWuw4RgBT8Joxnw1tP8na_Lt7nKUA&e=>[cid:image006.png@01D524FA.EE750CD0]<https://urldefense.proofpoint.com/v2/url?u=https-3A__www.linkedin.com_company_trinity-2Dchristian-2Dcollege&d=DwMFAg&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=aOoEGBNPGtlwTzY8oxDK5Bg6lBIruOGxLEYT0f21cgU&s=GuV3o0KsMJWyYf9DVCVJ-P7kpukLj0tcVmeR4M7jqZc&e=> 708.239.4822 | nathan.laning@trnty.edu<mailto:nathan.laning@trnty.edu>