Hey there,
We have a donor that is selling their property. The University wants to acquire the property to hold retreats, receptions, and any other events deemed appropriate by the President's office. The donor has agreed to offer a deep discount to purchase. After an amount was decided upon, it was determined that the amount of the appraisal minus the purchase price would be gifted as an in-kind donation. We have crafted a gift agreement outlining the information, and have also received the appraisal for our records.
Other than the IRS form 8283, is there any other pertinent documentation that we need to proceed? We have crafted a gift agreement with the details. We are aware that their receipt will not contain a gift amount, as that is up to the donor to determine the value of the GIK. Is there anything I am missing?
Thank you for your guidance in advance.
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Holley Nielsen
Utah Valley University
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