Oh, I've lost count of the number of red flags in your post. There are so many ways to go wrong.

I say, respectfully decline the "gift". Explain that the greatest donation a parent can make is their time.

Then sign them up for your next event.

Our school is owned by a for-profit corporation, our PTO is a non-profit organization with a tax-id etc.

The PTO, of which I am president, has been offered a laptop computer by a family who attend the school. This laptop is provided by a major company (he is an employee of said company) and one of our officers would have to sign for it (as a donation for this companies tax purposes).

The catch......they want the PTO to accept the computer donation and then give it to the principal so that the principal has sole use of it but it will be on the books as owned by the PTO.

This seems to be ilegal, at worst, and at best unethicial. Am I being overly sensitve to this? What happens with the IRS? I feel that the school corporation should be buying the principal the equipment they need to do their job not the PTO putting itself at risk.