Gifts In Kind

Lakeland College will accept gifts of various assets the donor wishes to transfer while respecting the donor’s wishes and Lakeland College values and needs. As a rule, a gift in kind will be sold immediately following its receipt unless Lakeland College can effectively use the article in its operations. The value of a gift under $1,000 can be set by mutual agreement with Lakeland College and the donor. Gifts having a value of more than $1,000 will be determined by an independent qualified appraiser.

Before issuing a charitable tax receipt for a gift in kind, Lakeland College requires a copy of the following:

For new goods received:

• An itemized receipt of delivery to Lakeland College

• An invoice from the company donating the goods indicating that the invoice is not to be paid For used goods received:

For used goods received

• An independent appraisal of the items being donated or, if the gift is $1,000 or less in value, the value can be jointly established by the donor and Lakeland College representative.

• For gifts having a fair market value exceeding $1,000 the appraiser should not be associated with either the donor or Lakeland College. The appraisal must be an estimate of the fair market value of the object as of the date of donation. Although the term “fair market value” is not defined in the Income Tax Act, the generally accepted meaning is the price the property would bring in an open market transaction between a willing buyer and a willing seller, acting independently of each other, and each having full knowledge of the facts. Original appraisal documentation must be in place and the donor and two officers of Lakeland College must sign a Deed of Gift, irrevocably deeding the property to Lakeland College.

Further information on gifts in kind can be obtained at the

Canada Revenue website at www.cra.gc.ca