I liked the wording proposed for Wade's institution, and whether it's on the
deed of gift, on the back of it, or provided the donor in some other way, it
helps to the donor with information that they might need and is a subliminal
indication of the museum's professional collection management. The main
problem with having it on the deed of gift is that it can change and might
require to be changed before you've use the supply you had printed. (With
computer generated forms it would be easy to change at any time.) Plus, it
takes up a lot of space on the form.
Another issue, requested by one of our donor's tax consultants last year,
was to add wording to the letter "[the gift]...for which no compensation was
received...."
As for Toni's question, about donations received just before Jan 1, it is
simple to date the thank you letter with the current date, but in the letter
have a paragraph that includes date received. Such as "..thanks for the
donation of ___ which was received by us on Dec. 30, 2008..... "
It's all about giving the donor what they need for IRS purposes [without
giving tax advice that we aren't qualified to give], and cultivating good
will for the museum.
Lucy Sperlin
Butte County Historical Society
Oroville, CA
-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On Behalf
Of Toni Kiser
Sent: Monday, January 05, 2009 10:30 AM
To: [log in to unmask]
Subject: Re: 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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