Do you have a valuable collection of books and memorabilia? Are you able to donate equipment or other supplies that the university could use? If so, you could make a non-monetary donation or “gift-in-kind.”
Gifts-in-kind are eligible for the same tax benefits and recognition as other gifts to the University of Alberta. However, the gift must undergo an assessment procedure before a tax receipt is issued.
Gifts of personal property can be given once the University of Alberta has conducted a review and accepted the items. The review ensures the gift will enhance our educational mission.
The amount of the charitable tax receipt is based on the fair market value of the property at the time of the donation, as determined by an appraiser.
Donors are required to pay for all appraisals of property or goods.
Example (for illustrative purposes representing donor residing in Alberta)
Cecelia Jones, ’56 BA, has a collection of rare anthropology books that she would like to donate to the Bruce Peel Special Collections Library at the University of Alberta. The library accepts the collection and upon consultation the collection is officially appraised at $50,000.
With her gift, Cecelia will
- Get a charitable receipt for the full $50,000 appraised value of the collection (if she provides a certificate demonstrating the appraised value)
- Receive a tax credit for $25,000, which she can claim for up to six years to reduce taxes owing
- Give a meaningful gift to future anthropology students at the University of Alberta
Gift of Residual Interest
This type of gift occurs when you irrevocably gift a piece of property to the University of Alberta, usually real estate or art work, but retain the right to use that asset for the rest of your life or for a specified period of time.
A tax receipt is provided based upon your age using a discount rate as required by the Canada Revenue Agency.
Fair market value of the property is determined at the time of the gift.
Benefits to the donor:
- Charitable tax receipt for the present value of the residual interest, resulting in immediate tax savings
- If the gifted asset is appreciated in value, only a portion of the resulting capital gain is taxable and that is offset with the charitable tax receipt