Has anyone been requested to return a donation that was a gift-in-kind? Specifically a gift of art. The donor passed away recently and the personal representative of the estate is asking for the art back under the impression that they were only "loaned". We have documentation that would suggest it was a donation, not a loan. BUT, if senior admins decide that we should give the art back to the estate, what would that process look like? The donation was in 2010. Would we have to have the art appraised, then given back with a 1099 stating current value?
Thanks!
Michael
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Michael Manning
University of New England
Mmanning6@une.edu------------------------------