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.
- Category: Donations
- Date:
- State: New York
Answer:
A deed of gift is a written document that transfers ownership of property, either real or personal, without requiring payment. Cash is classified as personal property. While gifts-in-kind (GIK) refer to non-cash donations, it is acceptable to use a deed of gift for monetary donations as well. This document can outline any specific terms related to the donation. The terminology and procedures may vary based on the policies of the organization involved.This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.