Non-Cash Asset Gifts
STEPS and PROCEDURES
- The Donor (or the charitable organization or professional advisor assisting the Donor) wants to donate a non-cash asset gift to one or more charities through NCF.
- NCF will examine the proposed gift, reference their gift acceptance policy guidelines and discusses with all parties the donation steps needed to implement the gift, the estimated time for completion and the fees to handle the transaction.
- If all parties agree to have NCF move forward in accepting the non-cash gift, NCF will prepare a Non-Cash Asset Gift Memorandum of Understanding between NCF and the Donor, that details for all the parties, the required donation agreements, responsibilities, expectations and fees. In certain cases, the Donor may instead need to create and transfer the asset to a NCF-Single Member LLC. In these situations, it is possible that the SMLLC will take the place of the DAF.
- The Donor reviews, approves and signs the Non-Cash Asset Gift Memorandum of Understanding, along with the companion NCF Donor Advised Fund Memorandum of Understanding (DAF).
- The Donor donates the asset gift to NCF and NCF transfers the gift to the Donor’s DAF.
- NCF issues a charitable gift receipt letter to the Donor for income tax charitable deduction purposes and signs IRS Form 8283 after it receives the Form from the Donor (or the Donor’s professional advisor).
- Based upon the terms and conditions of the Non-Cash Asset Gift Memorandum of Understanding, between NCF and the Donor, NCF will continue to own the asset gift, or sell it for the fair market value in a timely manner and file IRS Form 8282.