FundSvcs Community

 View Only

  • 1.  Gift in Kind -Deferred Commitment

    Posted 11-14-2023 06:56 AM

    We have a donor who has left a sculpture to us in her will. We have the appraised value as well as the signed commitment form. This is the first time we have seen a gift in kind left as part of an estate gift (besides real estate). Can this just be recorded as any other type of deferred commitment? Any advice on calculating present value (I am assuming this is the appraised value)? Thank you in advance for any insight!

    Colleen



    ------------------------------
    Colleen Deal
    Appalachian State University
    dealcf@appstate.edu
    ------------------------------


  • 2.  RE: Gift in Kind -Deferred Commitment

    Posted 11-14-2023 07:01 AM
    This is like any other bequest expectancy. It has no reportable present value as it is not an irrevocable gift but just an intent.

    Assuming the donor will reach the age requirement for revocable expectancies, enter and count the appraised value as a BE.

    John

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard



    Original Message


  • 3.  RE: Gift in Kind -Deferred Commitment

    Posted 11-14-2023 11:10 AM
    Colleen, by definition, appraised value is equal to present value. I agree with John on how to treat the gift, but if a long time remains before the donor reaches the age requirement for revocable gifts, you may need to reappraise the gift when it is time to record a value. 


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:




    Original Message


Related Content