The way we have always done it is for any inkind donation, whether for individuals or businesses is to issue them a receipt that states their gift is tax deductible. The current law as I have come to understand it is that the non-profit itself is not legally allowed to assign a monetary value to the inkind gift - we simply list what they gave. Like you said, some businesses care about the deduction and some don't but the main difference that we have come across is that if a business IS interested in writing off the gift, they will need your Tax ID number. As for incentives, we offer promotion of their shop by thanking them publicly through our facebook page and listing them as a supporter on our website. They'd have to decide if they really want to go to the trouble to write off the donation. Another way it would differ from individuals would be the need for your tax-id number. To save the headache, we include our tax id number at the bottom of a thank you letter with acknowledgement of their gift - and we include a a line that states that it is their receipt. I'd suggest just making a word document standard thank you letter for donations with a note at the bottom where you can list out the inkind items and include your ID number. Sometimes businesses will ask you to fill out a W-9 but we only do this per their request. Another incentive, although not monetary, is that we send people to their shops if we cannot meet their needs. We find the more we thank them the more the favor is returned.
On Thu, Oct 10, 2013 at 11:06 AM, Andrew L breathingplanet@gmail.comwrote:
not sure.... good question!
we get bikes on occasion from about 3 local shops and they have never asked or cared. others have never approached us.
Andrew TBR
On Thu, Oct 10, 2013 at 11:55 AM, Matt VanSlyke matt@uticabikerescue.orgwrote:
ThinkTank, I have been trying to research this and I'm not really finding a complete answer. Perhaps some of you have personal experience/knowledge that can help. There is a bike shop in my City that has a stockpile of used bikes in a warehouse and they've expressed some interest in donating them to our community bike shop. Does anyone know specifically what the tax advantages are for the business that donates? I know how it works for individuals but I don't know how it works for a business.
Does anyone have epxerience with this?
Thanks, Matt
-- *Matt VanSlyke* *Utica Bike Rescue* *714 Washington Street, Utica, NY 13502* *315.525.9554* *matt@uticabikerescue.org* *www.uticabikerescue.org* *www.facebook.com/uticabikerescue* *Learn. Earn. Ride.*
Thethinktank mailing list Thethinktank@lists.bikecollectives.org To unsubscribe, send a blank email to TheThinkTank-leave@bikecollectives.org To manage your subscription, plase visit:
http://lists.bikecollectives.org/listinfo.cgi/thethinktank-bikecollectives.o...
-- ------__o ----_`<,_ ---(_)/ (_) andrew lynn 518-573-7947
Thethinktank mailing list Thethinktank@lists.bikecollectives.org To unsubscribe, send a blank email to TheThinkTank-leave@bikecollectives.org To manage your subscription, plase visit:
http://lists.bikecollectives.org/listinfo.cgi/thethinktank-bikecollectives.o...