Summary of Important IRS Guidelines for Material Gifts
This is a short summary of how the Smathers Libraries handle the issue of material gift donations and the IRS rules as they apply to non-profit organizations. For more information visit the IRS web site or contact us.*
1. Library staff, particularly the Gifts Program staff, the Director of Development , Subject Specialists/Selectors, or representative from the Library Director’s Office may offer donors basic information on the tax codes for charitable donations. However, it is the sole responsibility of the donor to assess value to their material gift donations, as defined by IRS codes. It is also the responsibility of the donor to consult the IRS, a tax attorney, or a tax accountant for more advice or interpretations of existing tax law.
2. A gift valued at more than $5,000 must be appraised by a qualified appraiser** as defined by the IRS (which excludes appraisal by the donee) and the donor’s tax return must include a copy of the official signed appraisal attached to IRS Form 8283, Noncash Charitable Contributions (available at the IRS Web site: http://www.irs.gov/ ). For appraised gifts valued at more than $5,000, if the donee organization disposes of the property within 3 years after the date of receipt, the organization must file IRS Form 8282, Donee Information Return, with the IRS and send a copy to the donor.
3. In cases where the value of the charitable deduction does not exceed $5,000, the donor is not required to obtain a qualified appraisal, but is still required to submit IRS Form 8283.
* As of January 1, 2023 gifts and donations are coordinated directly with Library Branches.
** Although the Library as donee cannot appraise the gift, the Library Development Officer and the Library staff can provide information on local appraisers who may be considered qualified by the IRS.