Cindy,
It is my understanding that the NFP needs to hold the appreciated asset for I think it used to be 2 years but now might be 3? or else there are tax complications.
What to reconcile is how to keep the donor happy, not a legal requirement but certainly useful PR. The route to take depends on several factors - the museum's relationship with the donor, the donor's view point/attitude regarding the gift, the sensitivity with which this is handled. If you don't care whether or not you offend the donor, you can march straight ahead.
>>> Cindy Boyer <[log in to unmask]> 8/12/2010 9:57 AM >>>
I don't think there is anything to reconcile. The donor made a gift, received the tax credit. Even if the museum turned around and deaccessioned it the next day and sold it, that would not change the action and resulting tax benefit received by the donor - unless the object was returned to the donor.
Am I missing something here?
Cindy Boyer
Director of Museums and Education
The Landmark Society of Western New York
133 S. Fitzhugh St.
Rochester NY 14608
(585) 546-7029 ext. 12
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Fax: (585) 546-4788
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-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On Behalf Of Joshua K. Blay HSBC
Sent: Thursday, August 12, 2010 9:57 AM
To: [log in to unmask]
Subject: [MUSEUM-L] Donation/Deaccession Question
Let's say a donor gets a tax deduction on a $10,000 painting after
having it appraised and donating it to their favorite museum. Ten years
later, the museum decides to deccession it.
Whether or not it is sold, traded, or disposed of, how (if) is this best
reconciled with the donor?
Happy Thursday,
Joshua K. Blay
The Historical Society of Berks County Museum & Library
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