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Date: | Fri, 7 Apr 2006 11:01:56 -0400 |
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The 2 years "rule" refers to the IRS regulation that a charity that
disposed of donated property with in 2 years of accepting material must
file a form 8282. This has potential tax implications for the donor and
their original deduction may be thus disallowed. Therefore, museums follow
the general rule of holding onto property for 2 years before disposing of
it.
There are many permutations of this and this generally applies to objects
intended for the museum's collection, not property intended for
fundraising purposes only.
It's really a bad precident to return material to a donor, and not just
for tax reasons. It opens the doors to other donors who "changed their
mind" about a donation and now "want it back for the kids". Donors should
understand that donations are permanent and there's no take-backs.
A good collections policy will force you (the museum) to evaluate every
potential donation and will reduce the amount of stuff you accept only to
decide shortly thereafter that it doesn't fit your scope.
Diane G
[log in to unmask]
On Fri, 7 Apr 2006 10:41:45 -0400, Marielle Fortier <[log in to unmask]>
wrote:
>Alright I concede my options were not in numerical order...but I had heard
>of returning to the donors/heirs at a conference. But someone has
mentioned
>that after 2 years it is okay? How does that work?
>
>
>
>**********************
>Marielle Fortier
>Museum Registrar
>Norwich University Museum
>Northfield, Vermont
>**********************
>
>
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