Gifts in kind are a wonderful way of benefiting Mercy Neighborhood Ministries of Philadelphia, Inc. (MNM) Gifts in kind include donations of property other than cash and marketable securities such as real estate, books, equipment, supplies, furnishings and even Afro-Centric Artwork to beautify and inspire those who come to the Mercy Family Center. Other gifts in kind include services such as printing and mailing.
A gift in kind requires an official transfer of ownership of property from the donor to MNM . The IRS requires the donor to determine the fair market value of the gift for individual, foundation, or corporate tax reporting purposes. MNM will issue a gift in kind receipt consisting of a simple description of the donated property. MNM will recognize the donor for the value of the gift without referencing or receipting a specific dollar amount.
Gifts in kind that have a fair market value of more than $5,000 require the completion of IRS Form 8283. Acceptance of a gift in kind is made by Ann Provost, RSM, Executive Director at Mercy Neighborhood Ministries of Philadelphia, Inc.
Corporate gifts in kind of $25,000 or more should be substantiated by a detailed list of the donation. The substantiation may be in the form of signed correspondence from the corporation. The fair market value, as determined by the corporation, will be the dollar amount which is booked for recognition purposes.
How to give a gift in kind
If you have questions or would like more information on making a gift in kind to Mercy Neighborhood Ministries of Philadelphia, Inc. contact:
Director of Development