There is yet another potential IRS issue that would be of real concern
to any donors of the items in question if the items were given within
the last two years--namely, the museum may need to produce a whole
series of 8282 forms indicating the value of the items at the time they
were given to the hypothetical staff person.  By way of background,
whenever a gift in-kind is given that exceeds an IRS minimum value, a
form 8283 must be filed by the receiving non-profit organization to
document that the gift was received.  In cases where such gift in-kind
items are then sold within a two-year period, the 8282 form is then
required to document the actual value.  This is a safeguard against a
high value being claimed on the 8283 form which is then proved incorrect
when the item is actually disposed of in the stated period of time.  If
there's a large discrepency, then the IRS gets interested.

Good luck with your situation!  -Richard
--
Richard M. Chute
Director of Development                        Phone (909) 625-8767 x222

Rancho Santa Ana Botanic Garden                    Fax  (909) 626-7670
1500 N. College Ave.
[log in to unmask]
Claremont, CA  91711-3157
www.rsabg.org

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