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Gifts in Kind

A “gift-in-kind” means a donation of tangible property instead of cash: works of art, antiques, jewellery, stamp or coin collections, rare manuscripts, property mortgages or any gift worth over $1,000.00 (Canada) or $5,000.00 (US).

The amount of the charitable receipt for gifts-in-kind is the fair market value of the item(s) on the date ownership is legally transferred to Ongiara, determined by a well-documented appraisal completed by a reputable professional: the costs of the appraisal are the donor’s responsibility. If you give items that have appreciated in value during your ownership, you must report your capital gain.

Ongiara College and Ongiara Foundation both have policies and procedures for accepting gifts-in-kind, as they require special processing to meet tax regulations and financial reporting guidelines. It is imperative that you, your advisors, and Ongiara work together from the outset to ensure that we are able to accept and benefit from the intended donation.