What Does Gift In Kind Mean?
Philanthropists donate money, resources and services to needy individuals, groups and institutions. Assorted non-conventional terms apply to the donations made and how they are utilized, among them being the phrase 'gift in kind.'
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Gift in Kind Definition
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When physical items like equipment, clothing or supplies are contributed in lieu of money, they are called gifts in kind.
Monetary Donation Terms
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A capital gift refers to donated money earmarked for a specific physical improvement, such as that for a new or expanded facility. Money contributed every year to keep existing services and programs in place is called an annual gift.
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Other Corporate Gift Donation Types
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Some charitable contributors diversify their donations. Outright gifts include cash, security, stocks, bonds, real estate and other tangible and non-tangible property that can best remedy specific needs. Stock gifts benefit the recipient as well as normally provide the donor with breaks by reducing capital gains taxes. A charitable donation that is part of a retirement pact or estate planning package is called a planned gift.
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References
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