If you would like to donate a non-cash tangible good for direct use in the production of Seabiscuit’s Legacy, the IDA can issue you a receipt under most circumstances.
Some examples of this type of donation include equipment or office supplies to be used directly for the production of Seabiscuit’s Legacy.
If you would like to receive acknowledgement of a gift in kind, we will fill out this form titled: Non-Cash Donation Submission. They will issue these receipts as a courtesy to our sponsored projects. The receipt the IDA will issue, in accordance with IRS regulations, will not specify a dollar amount for the deduction. The IDA will simply describe the goods donated in detail, and the donor will have the responsibility of quantifying the donation and confirming its deductibility. Sea Storm Studios will then be responsible for accounting for how donated goods are used for the production of Seabiscuit’s Legacy when we file our reports to the IDA. That assures that your gifts are accounted for in our project budget.
If you have questions about the deductibility of a non-cash contribution you should contact their tax professional. The IDA is not qualified to answer tax related questions.