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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 GFTW 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 valuatiosn 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.
GFTW and all of its accompanying plans, processes, information, and contracts are to be handled in a private, confidential manner. This program and all ideas and aspects pertaining to it are the sole property of Gleaning For The World, Inc. The information will not be shared, sold, or traded in principle or content. All reports, memoranda, notes, or other documents will remain part of the company’s confidential records.
7539 Stage Rd
Concord, VA, 24538
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Gleaning For The World, Inc., is registered with the Internal Revenue Service as a 501(c)(3) non-profit organization. All donations are tax deductible under this status.