Gifts in Kind

General

Gifts in Kind are defined as non-monetary gifts. Examples would include:

• Stocks or bonds
• Real property
• Articles purchased or made
• Vehicles

Rockway will only accept gifts in kind that can be used for our charitable purpose. We have no legal obligation to accept any gift in kind.

The Income Tax Act specifies that the donor must provide certain information to Rockway as part of any gift in kind donation.
This information is detailed below.

Gifts of Property Other Than Vehicles:

• If the item was purchased with the intent to donate it:
  The receipt will be issued for the purchase price of the item excluding any taxes.
• If the item was purchased in the last 3 years:
  The receipt will be issued for the purchase price of the item excluding any taxes.
• If the item was purchased more than 3 years ago and was purchased without the intent to donate it:
  An appraisal of the fair market value can be used.
• Gifts of stocks or bonds:
  Please contact our Director of Development for full information on these donations. Bernie can also be reached at 519.342.0007 ext. 3011.
• Gifts from a company's inventory can be handled in 2 ways:
  • The donor can write the donation off from their inventory thus reducing their taxes. According to Canada Revenue Agency this is the preferred method and usually provides the most tax advantage.
  • The donor can leave the item in inventory for tax purposes and request a charitable donation receipt.
• Handmade items:
  Will be receipted for the cost of the materials (less taxes).

The donor is responsible to provide the above information to Rockway. Rockway is held accountable for all charitable receipts we issue. Donors may be asked for supporting documentation in certain cases.

All in-kind donations (except vehicle donations) must be accompanied by a form signed by the donor. This is our legal protection for the issuing of in-kind receipts. The form is available here.

Vehicle Donations

Rockway relies on the the Government of Ontario Ministry of Transportation (MTO) process for vehicle donations:

• The registered owner(s) of the vehicle must accompany the Rockway Business Manager to the MTO License Office to transfer the vehicle to Rockway.
• The registered owner(s) must sign the ownership to transfer the vehicle to Rockway.
• The registered owner(s) must sign the Sworn Statement for Transfer of a Motor Vehicle in Ontario at the license office.
• The new ownership in the name of the school will satisfy the paperwork requirement for the gift in kind.
• The donor is responsible for getting the vehicle to Rockway prior to the transfer.
• Rockway will agree to a vehicle donation only if it fits with the current needs of the Design and Technology department.
• Donations of vehicles that are roadworthy (normal maintenance required to re-license):
  • The donor will supply the used vehicle package to Rockway. Since we are to receipt at the fair market value we will issue a receipt for the Wholesale Price shown on the package.
  • If no value is shown on the package the value will be determined from the current Canadian Red Book. The Average Wholesale value will be used for vehicles listed in the standard book and the Average Low value will be used for vehicles listed in the Older Car/Truck book.
• Donations of vehicles that are not roadworthy:
  • A receipt of $50 will be issued reflecting the scrap value of the vehicle.