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Giving to the Foundation

IRS Requirements and Forms

IRS Forms 8282 and 8283

The Internal Revenue Service requires that an individual making a non-cash gift in excess of $500 for all contributed property must file a copy of form 8283, “Non-cash Charitable Contributions,” with the IRS. Generally, for gifts in excess of $5,000 (with the exception of certain publicly traded securities), the donor must obtain (1) a written appraisal from a qualified appraiser verifying the value of the gift and (2) a receipt of the gift from the Foundation. If the Foundation decides to sell or dispose of the gift valued at over $5,000 and recorded on form 8283 within a two-year period from the date of receipt, the Foundation is required to complete and submit a corresponding form 8282 with the IRS stating date of disposition and value received. See the IRS Web site at www.irs.gov for information on form 8283.

Other IRS Publications and Forms

IRS publication 526, “Charitable Contributions,” explains how donors can deduct contributions of money or property to qualified organizations. Qualified organizations are listed in IRS publication 78.

IRS publication 526 also explains contributions that donors can (and cannot) deduct, deduction limits, and records that donors must keep to claim a deduction on their taxes. Donors who make a contribution of $250 or more must obtain a receipt from the qualified organization (or certain payroll deduction records can be used). If the donor made more than one contribution of $250, the donor must have either a separate acknowledgment for each or one acknowledgment that shows the donor’s total contributions to claim a deduction for the contributions.

The acknowledgment should contain the following:

1. Name of charity

2. Amount of cash contribution or description (not the value) of non-cash contribution.

3. Statement that no goods or services were provided in return for the contribution or description and good faith estimate of the value of the goods or services.

Contact us (or e-mail the executive director of the Foundation, at pwilson@pstcc.edu) if you have not received an acknowledgment letter from us thanking you for your donation. It is Foundation Office policy to acknowledge all gifts of any size promptly.