Acknowledgement
The University will make written acknowledgement of all gifts for which acknowledgement is requested. Acknowledgements typically include the date of receipt and a brief description of the gift. We recommend that our donors prepare a detailed inventory and include a copy with their donations.
Donor Recognition
The Library uses bookplates to designate items as gifts from a donor. If requested, bookplates may be used which indicate that the item is given "in memory of" or "in honor of" or "in the name of."
Each donor is responsible for determining their personal tax obligations and for appraising the worth of their gift. For more information, consult IRS publication 561 entitled "Determining the Value of Donated Property," or call 800-TAX-FORM (800-829-3676) 24 hours a day to have one sent in the mail. From IRS Form 561:
"Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less..."
"Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000...you must get a qualified appraisal made by a qualified appraiser…"
Consult the form directly for full details and required documentation.
The University of Mount Union is a tax-exempt organization and does not provide tax, legal, or financial advice. Any information we provide is intended to be educational and informational. The University of Mount Union strongly encourages all of our donors to seek counsel from their own legal and financial advisers.