Before donating an item to Notre Dame Academy, please ensure that you have obtained written approval from the Head of School, Director of Finance & Operations, Athletic Director or the Advancement Director.
According to the IRS, it is the donor's responsibility to fill out the receipt and assess the donation's value. All donations to Notre Dame Academy are tax deductible to the extent permitted by law.
Please ensure that your gift-in-kind donation receipt is signed by the authorized representative of Notre Dame Academy who takes delivery of your donation. You, as the donor, are responsible for filling out the donation receipt form and placing a value on your donation.
You, as the donor, must maintain a record of contributed items to Notre Dame Academy for your tax report. For more information, read IRS Publication 526 for an explanation on the types of contributions you can deduct, how much you can deduct, what records to keep, and how to report charitable contributions.
Determining the Value of Donated Items (IRS Pub 561)
The U.S. Internal Revenue Service (IRS) requires donors to value their items. IRS Publication 561 defines “fair market value” and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return.
Documents Required by the IRS for Tax Reporting:
Property worth $500 or less: You must justify the deduction with the receipt provided by Notre Dame Academy. The receipt should include the donor's name, address, date, and a list of items donated.
Property worth more than $500, but not more than $5,000: In addition to the receipt provided by Notre Dame Academy, you are required to complete IRS Form 8283, "Non-Cash Charitable Contribution." This form will contain written records of how the property was acquired, and your cost basis if the property was held less than 12 months. Also, if you are claiming one item is worth $500 or more, you must have the item appraised, and save the certificate of appraisal with the receipt in your tax records. Appraisals should be done before items are donated and payment of the appraisal is the responsibility of the donor.
A single item valued at $5,000 or more, or several similar items donated in a single year whose value totals $5,000 or more: This donation must be appraised before the donation is made, and the appraisal must be obtained by the donor. Notre Dame Academy does not perform appraisals on any donations.