Be-Kind Donate In-Kind
Disciples Ministry Church, Inc. aka Pastor Paul's Mission is an IRC 501(c)(3) organization since 1977. This is important because for the donor 'to be eligible to receive tax deductions qualifying under IRC 170(e)(3), the charity must be an IRC 501(c)(3) organization and a public charity or a private operating foundation.'
Gifts In-kind, also referred to as In-Kind donations, is a kind of charitable giving in which instead of giving money to buy needed goods and services, the goods and services are given. Gifts In-Kind are distinguished from gifts of cash or stock.
Only tangible goods can be deducted from taxable income; services and time are In-Kind donations but cannot be deducted. If the person who made the donation is an individual and donated more than $500 worth of property, a completed IRS Form 8283, Section B must be attached to the personal income tax return.
Individuals will be able to make In-Kind donations to Pastor Paul's Mission that will be available as VIP Club Merchandise. The donation will be sold to VIP Club Members who are in need that are registered with Pastor Paul's Mission at prices they can afford. An online account in the store will be set up to display the In-Kind donations. The price will be set by the donor and a tax deductible receipt will be given to the donor upon delivery to the VIP Club Member. If the donation is not purchased by our members after a period of time it will be sold to the general public.
Corporations and Small Business will be able to make In-Kind contributions of goods or services that will be sold to VIP Club Members who are in need at prices they can afford. A tax deductible donation will be given to the corporation or small business upon delivery to the VIP Club Member. If the donation is not purchased by our VIP Club Members after a period of time it will be sold to the general public.
To get a better understanding about corporate inventory In-Kind contributions, here is a white paper outlining the somewhat complex issues for corporations regarding valuation and past and present tax law. Individuals and S corporations should consult their financial advisors.
IRS In-Kind Contributions White Paper in-depth
Title: IN-KIND CONTRIBUTIONS By: Ronald Fowler and Amy Henchey
Listed below covering in-depth the white paper includes 16 pages:
Overview of IRC 170(e)(1)
The IRC 170(e)(3) Exception
A. General requirements
'To be eligible to receive deductions qualifying under IRC 170(e)(3), the charity must be an IRC 501(c)(3) organization and a public charity or a private operating foundation.'
Valuation of In-Kind Contributions
B. Intermediary organizations
C. Valuations of In-Kind contributions
Donated Material and Services
Pictured above and below are volunteers who are processing Pastor Paul's Mission In-Kind Donations of food: cheese in 40 pound blocks and hamburger in 10 pound rolls. Throughout the website you will see many pictures of donated In-Kind donations of food that was freely distributed to people in need. Surplus inventory and overstock supplies attributed to these donations. We are hoping to receive many In-Kind donations to supply Pastor Paul's VIP Club Store for its members many needs.
In-Kind Donations Support the VIP Club!