Charitable giving comes in many shapes and sizes. The SMC Foundation appreciates donors who give of their time, their talent as well as those who give of their treasure. All are important; all help our college to serve our students and our community.
Gifts of Personal Property
When you give The Foundation products, you are making a “Gift-in-Kind.” These gifts fall under special IRS rules and regulations, and The Foundation makes sure that we follow these rigorously.
For example, the IRS does not allow us to provide you with the dollar value of your in-kind gift. This doesn’t mean that your gift has no worth—on the contrary— your in-kind gift is important and appreciated, but only you can put a price tag on your gift. If you value an in-kind gift at $500 or more, you will have to submit IRS form 8283 (http://www.irs.gov/pub/irs-pdf/f8283.pdf) with your tax return. For gifts you value at over $5,000 the IRS also requires an independent third-party appraisal.
Gifts of Time and Service
While your time and your talent are invaluable to us, and we truly appreciate our volunteers who make our work possible, the IRS will not allow you to take a tax deduction for either your time or your services.