Greg
While many deed of gifts out there do have a section on the form asking for a value statement, these value levels should be taken lightly unless the donor can prove it is from a reputable independent appraiser. As pointed out below, signing a form with a value statement can lead to conflicts of interest for the museum. Donors often want to inflate the value of the object for tax purposes. For this reason, the IRS prefers to see proof from a reputable independent appraiser. Anything else raises red flags for them. [Just so you know, most of these appraisers will low ball the value because their reputation is at stake. However, many donors get upset by this, so be prepared for some cranky comments.]
For any museum the monetary value is only important for insurance purposes. It is the interpretive value for the museum and its mission that matters most. The museum should not be involved in the appraisal process. It has been dogma in the field for years/decades to keep the museum out of that process as much as possible. [I first learned about this process as an intern back in 1988 just to give you an idea how long it has been in place. Back then we sent out a sheet of paper in the mail with a list of subject matter specialists, usually 3-5 names and contact information, and leave it up to the donor to choose the appraiser.] All the museum should do is send the donor to the American Society of Appraisers webpage to their Find an Appraiser tab and sign the acknowledgement section of the 8283 once received, keeping a copy of the form in the accession file and be done with it. Most of the work should be done by the donor. If you are squeamish about having the value on the form (which is a good instinct to have), leave it off the form.
Just so you know, there a few museums out there with unique circumstances (such as donations from Holocaust survivors) that do assign a value, but this is the exception not the rule. And even more might assign a value after the object has been received on site for internal insurance purposes only if the donor does not provide a value. Your instincts to be concerned about including that field on the form is spot on with best practice the field as a whole.
I hope this helps.
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[Karen] [Whitehair]
Collections Manager
Washington County Historical Society
Frederick MD
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Original Message:
Sent: 10-27-2020 08:54 AM
From: Greg Moss
Subject: Deed of Gift - Value?
We are looking at our deed of gift form, and the question is: Does your deed of gift include a value filled in by the donor?
Thanks,
Greg Moss, VP
International Society of Antique Scale Collectors
www.ISASC.org
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