The IRS puts the onus on the donor to establish the date is given and
stipulates only that a receipt from the recipient organization be
"contemporaneous" as far as the timing for a receipt to be issued.
Industry standard/best practice for donor stewardship is to provide a
thank you letter/receipt that references some form of date - several of
my professional colleagues regularly recommend a "process . I have been
given to understand, even through conversation with various attorneys
specializing in tax law, that the IRS does have an understanding and
appreciation that the end of December is the busiest time of year for
processing gifts and would allow some grace for a donor to substantiate
a gift in one calendar year even if the organization didn't get a
receipt generated until after the new calendar year began.
As for wording in gift agreements, my humble opinion is it is best to
steer away from providing donors with any form of tax advice (for which
your organization might then be held accountable should any contention
around the gift develop) and direct the donor instead to contact
professional tax counsel with questions related to what value might
qualify as a charitable tax deduction.
Respectfully,
Amy
Amy J. Phillips
Gift Registrar
Smithsonian Institution
Washington, DC
-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On
Behalf Of Toni Kiser
Sent: Monday, January 05, 2009 1:30 PM
To: [log in to unmask]
Subject: Re: [MUSEUM-L] Deed of gift question
I have a similar question. Does any one stipulate the year in which the
gift was given? For instance, items that were given on December 30, 2008
but paperwork isn't completed until January ? 2009. Letters and such
would have 09 dates but the gift would be an 08 for tax purposes.
Right now we have nothing about tax deductions on our deed of gift.
Toni Kiser
-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On
Behalf Of Wade Lawrence
Sent: Monday, January 05, 2009 12:01 PM
To: [log in to unmask]
Subject: [MUSEUM-L] Deed of gift question
Hello all,
We are revising our Deed of Gift, and our legal council wants to include
some language that I would like to hear from the group about, as
follows:
"Deductions for Charitable Contribution: Under current applicable law,
although it may change from time to time, if Donor elects to claim a
deduction for a charitable contribution of the gift, and the total
claimed value of which exceeds $500, Donor must file with its tax
returns IRS Form 8283. And if the value of the donation is claimed to be
in excess of $5,000, and Donor elects to claim a charitable donation,
then Donor must obtain a qualified written appraisal of the gift from a
qualified appraiser and attach IRS Form 8283 (signed by The Museum) to
your tax return. Again, since applicable law may change, questions
should be addressed to the IRS or your tax advisor."
This language is more specific than I have seen in other deeds of gift.
Any opinions out there?
Wade Lawrence
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