Candace: My understanding of the matter is that you as the receipient of a donation are not bound to keep the donation for any length of time. The property is yours to do with as you please. If, however, you dispose of it within two years of the donation, you are required to notify the IRS. The donor's deduction may then be adjusted post facto by the IRS. For example, if the donor claimed a $10,000.00 write-off, and you were to sell it within 2 years for $5,000.00, the value of the donation (the write-off) would be adjusted to that amount. Essentially, you have to amend the Form 8283 (Non Cash Charitable Contribution). I'm sure there is a seperate form for that.

Also, check your donation agreement. Savy donors will often list a length of time that the donation must be kept, and that could be any length of time the donor wants. It then becomes a contractual matter between your institution and the donor.

Warning: I'm not a tax lawyer; if it were me, I'd consult one.

Rich White, Director

Interntional Wildlife Museum

Could anyone refresh me on the length of time that a museum must wait to deaccession if the donor has taken a tax deduction for his gift?

Schwenkfelder Library & Heritage Center