(2 Responses. Original post proceeds the responses.)
From: "Joy Humphries" <JHumphries_at_wvutech.edu>
Our policy for accepting gifts has been very open because of limited
materials budgeting. Also, our acquisitions person is also the manager of
gift receipts and processing due to staff reductions.
The problem is that many of our donors are asking us to appraise their
donations for tax purposes. There was a very good article in Library
Journal in 1989 which spelled out the tax liability situation for
libraries. We provide a copy of this information to our donors, but they
seem to ignore it because it is 11 years old. Does anyone know a source
of updated unformation on appraisal of book donations and tax liability?
Joy D. Humphries
Reference / Tech Services Librarian
Vining Library - - WVU Tech
Montgomery, WV
======
#1
From: John Abbott abbottjp_at_appstate.edu
Provide them a copy of IRS Publication 561, Determing the Value of Donated
Property (rev. 2/2000). It is on the web at www.irs.gov, click on Forms&Pubs,
and find 561. It prints
as a .pdf file with Adobe Acrobat. There is a semi-useful section on book
valuation on
page 5 and on page 9 this, in reference to appraising gifts over $5k...
'Excluded individuals. The following persons cannot be qualified
appairsers with respect to particular property:
1) The donor of the property, or the tax-payer who claims the dededuction.
2) The donee of the property'
etc.
Comparable or fair market value is the objective. Donors have told me they plan
to use Alibris.com prices, but this seems iffy; the donor has no selling
venue like that web site. Ebay? Library book sale and garage sale prices are
probably more realistic, but disappointing to many donors. Best to be
mum on advice, get the administration to back a policy of no-appraisals,
give donors Pub. 561 and contact information for appraisers, and wish them
well.
Gifts have the highest cost in staff overhead and angst to usually meager
benefits in
CD work. Junk, silverfish, grieving survivors, hopeful spouses who don't want
30yrs
of a prof's office collecting to come home at retirement...
John Abbott
Appalachian State U.
Boone, NC
====#2====
From: Beth Hammond hammond_bd_at_Mercer.EDU
We have a clear understanding with our administration that the
library is not to offer any appraisal of gifts ourselves, no matter
how persistent a donor may be. We have from time to time hired a
professional appraisor for large collections but that is a very rare
occurence.
In acknowledging gifts we supply a description of the gift (number of
volumes, etc. not a title by title list) that provides the date of the
gift and the signature of the library administrator. There is a place
for the donor to provide his/her own valuation. We also provide a way
for them to send this information to the Development Office for credit
at a charitable donation.
It is our understanding we do not have the expertise or the legal
responsibility to appraise books for tax purposes. This suits us just
fine!
Beth
*************************************************************
Elizabeth D. Hammond (912) 301-2960 (voice)
University Librarian (912) 301-2111 (fax)
Jack Tarver Library
Mercer University hammond_bd_at_mercer.edu
Macon, GA 31207
Received on Thu Mar 23 2000 - 09:19:23 EST