ACQNET: RE: Determining the fair market value of donations

[Ed. Note: 3 responses follow.]

Response 1:
Date: Sat, 21 May 2005 00:38:03 -0400
From: Debra, Thomson (Rhode Island College) <DThomson_at_ric.edu>
Subject: RE: ACQNET: Determining the fair market value of donations

I was asked to provide this information to our Development office,
also.  I decided to use the following formula:  For new books, the
fair market value is the list price of the book.  I use major online
booksellers to determine this information.  For used books, I use a
flat rate of $2.00 for cloth, $1.00 for paper, and $1.00 for journal
issues.  I've also been given used VHS movies, audiocassettes, CD's
and LP's.  These are all valued at $1.00 apiece, also.  Of course, I
do not share this information with the donor.

The only result that I have seen from providing this information is
that the donors begin to receive college publications, as they are
now on the "donor list" at the Development Office.  One donor called
to thank me for the publications, so it seems that this affects donor
relations in a positive way. So far, there have been no negative
repercussions to providing the information to the Development Office.

I hope that this is helpful to you,

Debra Thomson
Library Purchasing Manager / Gifts Coordinator
Rhode Island College Library
600 Mt. Pleasant Ave.
Providence, RI  02908
Phone 401-456-9651  Fax 401-456-2715
dthomson_at_ric.edu

Response 2:
Date: Sun, 22 May 2005 14:29:44 -0400
From: Mary Edwards (Art Inst. of California) <meedwards_at_aii.edu>
Subject: RE: ACQNET: Determining the fair market value of donations

I would be interested in how others do this.  Please post responses
to  the list.

Thanks!

Mary Edwards
Librarian
Art Institute of California - Los Angeles
2900 31st Street
Santa Monica, CA  90405
310-314-6154
meedwards_at_edmc.edu

Response 3:
Date: Mon, 23 May 2005 09:49:04 -0400
From: Eileen Smith (Franklin Hospital Sch. of Nursing) <esmith_at_fhcs.org>
Subject: Re: ACQNET: Determining the fair market value of donations

I used to do this and then was told that the library doesn't assign
a value to donations. The donor does. Before you get involved with
trying to do so, find some law professor in tax law to verify this
for you so you have some support.

Eileen Smith, MSLS
Frankford Hospital School of Nursing
4918 Penn Street
Philadelphia, PA   19124

215-831-6740 X 133
215-831-6782 (fax)
esmith_at_fhcs.org

+++++++++++++++++++++++++++++++++++++++++
Original Message:

Date: Fri, 20 May 2005 10:04:10 -0400
From: Jane Woldow (Vermont Law School)<JWOLDOW_at_vermontlaw.edu>
Subject: ACQNET: Determining the fair market value of donations

Hello,

I was curious as to whether any libraries determine the fair market
value of library book donations and then report the value to their
institution's business or development departments.  Our business
office has asked our library about assigning fair market value to
our donations and we wanted to know if/how other libraries handle
this.

I searched the list archives, but did not find any discussion relating
to this particular issue. Any insights are greatly appreciated.

Thanks,

Jane Woldow
Collection Development Librarian
Vermont Law School Library
(802) 831 1449
jwoldow_at_vermontlaw.edu





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