Sabrina,
Do you speak from personal experience with partial gifts? I've never
had direct experience with the process, but I had been taught that it
was perfectly acceptable in order to allow to donor to get the maximum
benefit from an expensive gift over the 5 years that the IRS allows. I
would definitely want to be very careful about how the paperwork was
worded so that if the donor died you would inherit the remaining portion
of the gift. Or have some kind of pledge agreement in place to assure
that you will get the whole object in 5 years (the wording of this can
be tricky so that it doesn't look like tax fraud).
If they do rescind the gift three years into the process, you could
have a messy situation, but the donor would forfeit their tax benefits
when you give your portion back (there's no point in owning 3/5 of an
object) so I would think it would unlikely for them to do so.
For a credit line I would go ahead and call it a gift of the donor.
Even while it's only a partial gift, it is still a gift. If you're
uncomfortable with that call it "from the collection of Donor" which is
also true. I think you need to go one way or the other since "Partial
gift of Donor" looks kind of silly as a credit line and will undoubtedly
confuse people.
Callie Raspuzzi
__________________
Callie Raspuzzi
Collections Manager
Bennington Museum
75 Main Street
Bennington Vermont
tel (802) 447-1571
fax (802) 442-8305
www.benningtonmuseum.org
>>> [log in to unmask] 08/26/05 09:18AM >>>
Is this a partial gift of one object, say 20% of the value of an
expensive tea table each year? If so, don't accept that - way too
complicated and if they want to rescind their gift at year three, then
you own 2/5 of an object. Not a good idea for your museum legally.
There
are tax implications, etc., too (that's probably why they want to
donate
a part at a time). It's fraught with bad vibes.
If this is multiple objects, then each year's gift should be an
individual transaction.
If you retain custody of everything, the other items should be loans
until they are yours legally.
If this is money, again, each year's gift should be individual
transactions.
Sabrina Henneman
Registrar
Genesee Country Museum
-----Original Message-----
From: Beth Parker Miller [mailto:[log in to unmask]]
Sent: Friday, August 26, 2005 8:39 AM
To: [log in to unmask]
Subject: [MUSEUM-L] Credit lines for partial gifts
We have been offered a gift that the donor would like to make over the
next five years (20% each year). For those who have encountered
similar
gift situations, what wording have you used for credit lines?
Beth Parker Miller
Associate Registrar, Permanent Collections
Winterthur Museum
[log in to unmask]
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