Is Your Nonprofit Leaving Money on the Table? Gifts-In-Kind Explained.

 

https://cloudstackservices.com/what-are-gifts-in-kind-canada/

Accepting gifts-in-kind (GiK) can be a bit complicated for Canadian nonprofits. Simply issuing a CRA-compliant receipt is a clunky process, in part because determining the fair market value (FMV) of an item can require significant time, money and effort, potentially draining staff time and resources. 

Some nonprofits fear being audited if they accept in-kind gifts – something that no charity wants to go through. 

In addition, most nonprofit CRMs simply don’t have the capability to issue a gift-in-kind receipt in an efficient manner, if at all, leaving both the nonprofit and the donor stuck with disorganized records. 

Consequently, many Canadian charities have decided to simply not accept gifts-in-kind, leaving potentially valuable donations on the table.

But imagine saying “yes” to your donor who’d like to give you their incredible collection of tools, or finally accepting those gorgeous hand-quilted blankets from your long-time supporter…

Wouldn’t it be amazing?

If the thing holding your organization back from accepting gifts-in-kind is paperwork, let’s look at a better way to receive, process, and report on gifts-in-kind.

With fundraisingManager from Salesforce, the powerful CRM designed specifically for nonprofits, Canadian nonprofits can now accept and acknowledge in-kind donations.