Rest assured, It is LEGAL, commonly done, and there are well established 
procedures for insuring the donor and museum both follow through with 
their obligations. 

I recommend adding the following to your library: 

A Legal Primer on Managing Museum Collections, Marie C. Malaro, 1998

Museum Law: A Guide for Officers, Directors, and Counsel, Marilyn E. 
Phelan, 2001

Professional Practices in Art Museums, AAMD, 2001

The New Museum Registration Methods, Buck and Gilmore, 1998

You might also like to read: 

The AAM Guide to Collections Planning, Gardner and Merritt, 2004

You might also join the Registrar's Committee to avail yourself of the 
collective wisdom of that group of professional managers of all things 
collections related. 

Diane G. 

On Tue, 30 Aug 2005 11:28:37 -0400, Sabrina Henneman <[log in to unmask]> 
wrote:

>No, I don't have direct experience with partial gifts, and I am not a
>tax person either, so I don't even know if you can legally give a
>percentage of a single object every year (it sounds like you know it can
>be done, though). But theoretically, I am against the idea.
>
>Most museums don't accept gifts with restrictions, and this seems to be
>a short-term type of restriction. Until the museum 100% owns it, they
>would have to be very careful with what they did with it (conservation,
>etc.). You are right, the wording of such an agreement would be tricky,
>and would require legal advice, probably, not just a generic form
>(especially if the item has a really high value). And if they do rescind
>the gift, your organization has put in x number of years in maintaining
>the object, insuring it, etc. If the donor does rescind the gift and
>doesn't correct their taxes, then perhaps the IRS might someday seem the
>museum as part of a fraud attempt? Besides, the museum doesn't accession
>an object unless it has a deed of gift 100% for an object, which would
>be a paperwork hassle, so is it a loan, or what? Not really if you own
>part of it.
>
>I would never recommend accepting such a gift, unless my superiors told
>me I had to. One hates to loose an opportunity for a great item, but the
>legal and other issues makes me think that it's not worth it. You have
>to draw a line somewhere.
>
>That all being said, I'd be interested in hearing from some more
>experienced professionals on this topic.
>
>Sabrina Henneman
>
>
>

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