FundSvcs Community

Our institution recently submitted a grant application to a 501c3 org that coordinates and places AmeriCorps VISTA volunteers in our region.  The application was successful and we have secured two placements for the upcoming year.  As part of the award process, the partnering organization has requested a "Donation Acknowledgement letter documenting the value of this grant to your institution/organization". 

In the materials provided, they also give a document that addresses valuation (a calculation formula, not the legalities).  The document further specifies:  "We recommend a calculation based on national standards that incorporates a dollar valuation of the following: volunteer time, the Segal Education Award to the volunteer, health care coverage, and professional development investment. This is a standard method of assigning a monetary value to the human-resource costs that the member institution does not have to pay for, so that they may be counted as typical in-kind philanthropic support."

Has anyone run across this scenario and how was it addressed from both a receipting and gift entry/counting perspective?  I know volunteer hours in and of themselves are not a tax deductible/countable gift, but does the fact that a separate 501c3 is facilitating the AmeriCorps employee change that calculation (of labor)? 

Thanks in advance for any insight.