Information and instructions about in-kind (non-cash) giving to the Mariposa Museum of Peterborough NH and Oak Bluffs MA.
Thank you for your generosity:
Journeys in Education is a 501(c)3 nonprofit organization, known as the Mariposa Museum, operating in New Hampshire and Massachusetts
1. Any gift-in-kind to the Mariposa Museum will be reviewed by the appropriate museum staff prior to acceptance to ensure that the donated property is consistent with the museum’s mission and meets the needs of the museum’s community in all respects.
2. Gifts-in-kind require an official transfer of ownership of the property from the donor to the Mariposa Museum. The In-Kind (non-cash) Donation Form must be completed before the Mariposa Museum will issue acceptance or receipt for the gift.
3. Pursuant to the Internal Revenue Code and IRS Regulations, the donor is responsible for determining the fair market value of the gift for individual, foundation or corporate income tax purposes.
4. The donor must provide the Mariposa Museum with reasonable documentation supporting the estimated fair market value of the donated property for the university’s internal purposes. Reasonable documentation of fair market value can include an invoice, receipt, or catalogue.
5. The Mariposa Museum will acknowledge the gift-in-kind with a receipt that describes the property donated without reference to the value of the gift.
6. Gifts-in-kind that have a fair market value of more than $500 require the donor to submit IRS Form 8282 with his or her tax return. The Mariposa Museum encourages donors to consult with his/her tax advisor regarding the tax deductibility of the donation and the requirements for completing IRS Form 8282 or IRS Form 8283. See also instructions provided by the IRS on their website (IRS.gov)
Gifts-in-kind that have a fair market value of more than $5,000 require the donor to obtain a formal appraisal from a qualified appraiser as defined by the IRS.
7. In order to receive proper acknowledgment for a gift-in-kind with a fair market value of more than $5,000, the donor must complete IRS Form 8283 and forward it to Mariposa Museum for processing.
8. Gifts-in-kind that involve unique handling provisions or require a consequent use of museum resources may require a written agreement between the donor and the museum.
9. Gifts-in-kind do not include the value of time or services, personal expenses, appraisal fees, taxes, and partial interests in property; the museum will not issue an acknowledgment for these and other items that are excluded as a deduction by the IRS.
10. Special rules apply to donations of cars, motor vehicles, boats and airplanes, and a tax advisor should be consulted.