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Date: | Wed, 10 Dec 2008 09:09:40 -0500 |
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David,
You should have a tax attorney review the part of your form that "gives [you] permission to dispose of the item as [you] see fit if [you] don't want it for the collection."? Under the "related use" rule, a donor's deduction for a gift of tangible personal property could be reduced to cost basis rather than FMV if the donee organization doesn't intend to use it for an exempt purpose at the time the gift is made.
Robert Vosburgh, Jr., Esq.
Associate Professor
Museum Communication
The University of the Arts
-----Original Message-----
From: David Ryan <[log in to unmask]>
To: [log in to unmask]
Sent: Tue, 9 Dec 2008 6:03 pm
Subject: Re: Temporary Custody v. Loan Forms
Hi Pam,
We use an Incoming Loan form for everything that comes into the Museum whether
it be for exhibit, research or pending donations or purchases. We have never
had any problems doing so.
The form includes check off boxes for insurance responsibility. At the bottom
is a line that states if the form is used to document a pending donation and the
donor signs the signature block, it gives us permission to dispose of the item
as we see fit if we don't want it for the collection.
I had a boss a few years back who said that there are two kinds of people in
this world- simplifiers and complicators.
I am definitely a simplifier.
Complicators are people who want to create a different form for every situation.
It's not really necessary.
Just my 2 cents.
Sincerely,
David Ryan
Registrar
Colorado Springs Pioneers Museum
www.cspm.org
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