What is the correct terminology for a monetary donation?
Full Question:
I have seen the wording 'Deed of Gift' used for charitable contributions of money as well as in-kind donations, but wonder if you agree that this is correct/satisfactory terminology for a monetary donation.
06/09/2009 |
Category: Donations |
State: New York |
#16910
Answer:
A deed of gift is a signed, written instrument containing a voluntary transfer of title to real or personal property without a monetary consideration. Cash is considered personal property. Gifts-in-Kind (GIK) are generally defined as non-cash donations, other than real and personal property, of materials and long-lived assets. It is acceptable to use a deed of gift to make a monetary donations. The deed of gift often is used to specify the terms attached to the donation. The terminology and procedures used often depend on the policies of the entity involved.
