What are Gifts in Kind?
A Gift in Kind is a gift of materials and/or labor that has monetary value to Habitat Metro Denver. Examples of Gifts in Kind include:
- Someone donates shingles for which Habitat Metro Denver would have otherwise had to pay cash.
- A plumber donates his/her time to install plumbing.
- Someone donates land on which to build a home.
- Someone donates a home to be renovated.
- Someone donates overstock home improvement goods to be sold at our ReStores.
How are Gifts in Kind valued and tracked?
- Donors submit a form listing gifts and their value.
- Donors will receive a thank you letter acknowledging their donation.
- Habitat Metro Denver accounts for Gifts in Kind in its bookkeeping by assigning a value for what it would have to pay for the materials or labor.
- The donor is responsible for assigning a fair market value to the Gift in Kind for his or her own tax purposes.