A gift-in-kind is a voluntary contribution of goods or services that can be used to advance the mission of BID Needham. Gifts in kind can include items donated to BID Needham’s annual gala for our live or silent auction or raffle.
Please note that contributed services cannot be counted as a gift and do not qualify as a charitable tax deduction to the donor. However, a donor of services may be able to deduct expenses incurred while performing said services. In such cases, the donor should be advised to consult with a tax accountant.
BID Needham will enter the contribution of a gift-in-kind in its donor database and issue a receipt to the donor. The receipt will contain only a description of the contribution and will not include a statement as to the value of the contribution. It will further contain a statement as to what, if any, goods or services were given in exchange for the contribution. BID Needham cannot issue an acknowledgement for contributions that cannot be used or readily.
The IRS has specific regulations regarding gifts-in-kind. For more information on BID Needham’s policy for accepting gifts-in-kind, call the Office of Philanthropy at 781-453-3007.