blog posts UAFR Weekly Tips: Gifts In Kind Sep 27, 2023 1:00 pmAccounting and BudgetingFY 24Has your unit ever received donated goods or donated services (also known as in-kind contributions or gifts in kind)? If so, keep the following points in mind:In-kind contributions must be reported to the University of Illinois Foundation (UIF) via an applicable Gift-in-Kind Transmittal form on a timely basis (i.e., within the same accounting period and fiscal year that donated good or service was received). However, in-kind contributions should not be reported if the goods or services were simply pledged (and not yet received). Reporting to UIF should only take place once the in-kind donation has actually been received. Finally, if you choose to sell the donated good or service as a part of a charitable auction, then it is important to denote the appropriate gift and non-gift values of the donated good or service that was sold when reporting the proceeds to UIF on the applicable Cash, Check, or Credit Card Transmittal Form. For example, if a donated item with a fair market value of $100 is sold at a charitable auction for $500, then you would need to report $100 of the payment as a non-gift and $400 of the payment as a gift.ContactIf you have further questions, feel free to reach out to UAFR’s applicable subject matter experts within the Gift Funds section of UAFR’s Who to Ask list. In addition, the administrative staff at UIF can also assist with questions on this topic. They can be reached by phone at (217) 333-0675 or email at email@example.com.