FundSvcs Community

For artwork that we receive as gifts in kind, our policy is that an expert on campus can give a value of the artwork up to $4,999, but to record the value as $5,000+, we require a qualified appraisal. We recently received a question that, if the donor purchased the artwork to give to us, can we use their purchase receipt in lieu of the appraisal. How do others treat this? Thanks! -- *Gwen Donev* Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu Office: 507.933.6515

You certainly can use that. In fact, you really cannot “demand” an appraisal. The donor may need one for tax purposes but they are under no obligation to give you a copy. Of course, if worth over $5,000 and they want a deduction their appraiser will have to sign their 8283. John John Taylor 919.816.5903 johntaylorconsulting@gmail.com Big ideas; small keyboard > On Jan 25, 2019, at 4:19 PM, Gwen Donev <gwendonev@gustavus.edu> wrote: > > For artwork that we receive as gifts in kind, our policy is that an expert on campus can give a value of the artwork up to $4,999, but to record the value as $5,000+, we require a qualified appraisal. We recently received a question that, if the donor purchased the artwork to give to us, can we use their purchase receipt in lieu of the appraisal. > > How do others treat this? > > Thanks! > > -- > Gwen Donev > Director of Advancement Services > Gustavus Adolphus College > 800 West College Avenue > Saint Peter, Minnesota 56082 > > Email: gwendonev@gustavus.edu > Office: 507.933.6515

Aloha all, Small pet peeve here. As John wrote, the 8283 threshold for Section B part I is over $5,000, not $5000+. Eric F. Valdescaro AVP, Advancement Services University of Hawaii Foundation From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Friday, January 25, 2019 11:24 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Gifts in kind You certainly can use that. In fact, you really cannot “demand” an appraisal. The donor may need one for tax purposes but they are under no obligation to give you a copy. Of course, if worth over $5,000 and they want a deduction their appraiser will have to sign their 8283. John John Taylor 919.816.5903 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> Big ideas; small keyboard On Jan 25, 2019, at 4:19 PM, Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: For artwork that we receive as gifts in kind, our policy is that an expert on campus can give a value of the artwork up to $4,999, but to record the value as $5,000+, we require a qualified appraisal. We recently received a question that, if the donor purchased the artwork to give to us, can we use their purchase receipt in lieu of the appraisal. How do others treat this? Thanks! -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515 This message (including any attachments) is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521. It is the property of the University of Hawaii Foundation. It may contain confidential information intended for a specific individual and purpose. If you are not the intended recipient, you must delete this message. You are hereby notified that any disclosure, copying, or distribution of this message is prohibited.