GFTW 2013 Financial Audit (PDF | 223)
GFTW 2012 Federal Form 990 – Section 1 (PDF | 1.1 Mb)
GFTW 2012 Federal Form 990 – Section 2 (PDF | 585 Kb)
GFTW 2012 Financial Audit (PDF | 223)
GFTW 501(c)(3) Certification (PDF | 2.7 Mb)
GFTW 2011 Federal Form 990 – Section 1 (PDF | 1.05 Mb)
GFTW 2011 Federal Form 990 – Section 2 (PDF | 384 Kb)
GFTW 2011 Financial Audit * (PDF | 223)
*Please be aware there is an error on the form. The audit states that in 2011 we had an audit committee. This was a typo from the auditor, and we did not have an audit committee.
Definition of Gifts in Kind (GIK):
GFTW often receives gifts of medical supplies, food, clothing, personal care and other supplies from donors. These donations are referred to as “gifts in kind”. These products are recorded in the general ledger as Donated Product (non-cash contributions.)
It is the policy of Gleaning For The World to value gift in kind donations based on criteria such as dating, sterility and condition. We do not accept outside valuation unless it can be verified by our internal process; therefore the value on receiving documents may be different than what is booked into the GFTW inventory.
GFTW Valuation Process:
Donated items are researched by multiple avenues to obtain a spread of values; a minimum of three different pricing are required. These values are then averaged to obtain an initial value. It is not GFTW practice to use “in country values”; use of this value would fall under exceptions (see below).
The initial value is then reduced, if appropriate, by dating, sterility and condition to arrive at the final value.
Reoccurring donated items are booked at established and approved values; and carried over to donations of like kind.
Values are periodically reviewed to ensure valuations are based on current information; significant changes are approved by committee.
Any exceptions to this process is reviewed and agreed upon by a three person panel including the Vice-President, Comptroller and Warehouse Manager.
In the event the panel cannot come to a consensus on a valuation issue an opinion from an independent auditor has been obtained.