Donors wishing to take a deduction from their annual income tax may want to consult IRS Regulations or a tax advisor for specific questions and advice. The library is legally prohibited from providing tax appraisals for gifts. Appraisals are solely the responsibility of the donor. The Controller of the Library will sign the appropriate tax form if the form is submitted at the time of the donation. For items valued at more than $5,000, the IRS requires that Qualified Appraisals be obtained if the donor wishes to take a tax deduction for the value of the gift. The IRS requires donors to submit Form 8283 for gifts of property valued at more than $500 (single or in the aggregate) for which a charitable deduction is sought.
BOOK COLLECTOR GIFT ITEMS ARCHIVE
The deed of gift includes the stipulation that the Library becomes the owner of the donation or other forms of gifts and, as such, reserves the right to determine its retention, maintenance, location, and availability.īooks and journals are treated as new acquisitions and are evaluated by the same standards applied to new purchases to safeguard the quality, consistency, and relevance to the Library’s healthcare collection.įor donations to the rare book or archive collection please see McGovern Center Gift Acceptance Policy. The type of donation will be included on the deed of gift and should include a list of donated books, journals, tangible property or artifacts. Materials accepted but not added to the Library collections may be exchanged with other libraries throughout the world to obtain important materials otherwise unavailable, or sold, or disposed of through charitable organizations or other means.Īll donors must sign a deed of gift transferring all ownership rights (including any copyright where applicable) to The TMC Library. The Library encourages donors to provide a list of materials including the title or description and condition of the items. All gifts must be reviewed by an appropriate curator prior to acceptance by the Library. Therefore, every effort is made to accept only items appropriate for addition to the Library’s collection. The Library’s intention in accepting gifts is that they are added to the collection if needed. Gifts are accepted with the understanding that they become the property of the TMC Library upon receipt and that the Library may make all necessary decisions as to their retention, location, cataloging, treatment and other considerations relating to their use and disposition. *Special consideration may be given to versions of textbooks or medical/science books that are considered to be rare.
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