Reporting of Noncash Contributions
If your organization receives noncash contributions (contributions of property, tangible or intangible, other than money; this does not include contributions of services or use of facilities), you may need to file Schedule M of the 990 return.
Who is required to file:
- If you receive more than $25,000 in noncash contributions
- If you receive contributions of art, historical treasures, or other similar assets
- If you receive qualified conservation contributions
Information you will need:
If you meet any of the above criteria, you should take time to look at Schedule M. This schedule lists many of the more common types of property contributions. Information you will need to gather to complete the form includes:
- Number of contributions in each category (or number of items). You will also need to explain whether you are listing the number of contributions or number of items. If you are receiving contributions of books, clothing, or household goods, you are not required to complete for those contributions. Each separate gift of stock is considered an item
- Revenues reported in the Statement of Revenue (Part VIII, Line 1g) for each category. Thus, you will need to track the revenue from noncash contributions by category
- Method of determining revenues from each category
Other information
The schedule also requests information such as whether the organization has a gift acceptance policy; how many Forms 8283 you received to complete Part IV Donee Acknowledgement; and if you use third parties to solicit, process, or sell noncash contributions.
If you need assistance with Schedule M, please contact your SS&G representative.