[Nhcoll-l] Rock, mineral and fossil appraisals

[Erin McDonald]

Within the Canadian context, the museum is accountable for the value stated
on the tax receipt. The institution is obligated to ensure the appraisal is
meeting some basic guidelines, and establishes a justifiable fair market
value.

I would strongly advise, for this matter, the two countries have vastly
different requirements. Canadian institutions should definitely consult
with similar institutions in Canada for specific CRA guidelines.

We have run into some interesting challenges when we have a Curator who
comes from the US context, so it's important to understand the differences.

Cheers!

Erin.


On Tue, Jun 11, 2013 at 3:53 PM, Shelton, Sally Y.
<Sally.Shelton at sdsmt.edu>wrote:

> Greg is correct, at least in terms of US law. The corollary to that is
> that the museum is not responsible if the donor’s stated value is incorrect
> or misrepresented. That stays strictly between the donor and the IRS. All
> the museum can do is attest that this was the value presented by the donor
> at the time of donation. If the donor claims a squillion dollars as the
> value of the donation, the museum does not and cannot get into the process
> of verifying that. This has saved more than one museum from prosecution. *
> ***
>
> ** **
>
> ** **
>
> Sally Y. Shelton, Associate Director****
>
> Museum of Geology and Paleontology Research Laboratory****
>
> South Dakota School of Mines and Technology****
>
> 501 E. St. Joseph****
>
> Rapid City, SD   57701****
>
> Sally.Shelton at sdsmt.edu****
>
> 605.394.2487****
>
> ** **
>
> ** **
>
> ** **
>
> *From:* nhcoll-l-bounces at mailman.yale.edu [mailto:
> nhcoll-l-bounces at mailman.yale.edu] *On Behalf Of *Gregory Brown
> *Sent:* Tuesday, June 11, 2013 3:44 PM
> *To:* Carmen Chinery
> *Cc:* nhcoll-l at mailman.yale.edu
> *Subject:* Re: [Nhcoll-l] Rock, mineral and fossil appraisals****
>
> ** **
>
> I don't know the laws in Canada, but in the US we are not permitted to
> appraise the value of the donated item for the donor...it is the
> responsibility of the donor.  The IRS has rules for establishing value for
> tax purposes that donors must follow.  Donors can usually use third party
> appraisers or, for lower-cost items, recent catalogue or sale prices to
> establish fair market value.  But we (as the receiving institution) can not
> get involved with the appraisal process at all.****
>
> ** **
>
> Greg
>
> Sent from my iPhone ****
>
> Gregory Brown****
>
>
> On Jun 11, 2013, at 3:40 PM, "Carmen Chinery" <cachiner at ucalgary.ca>
> wrote:****
>
> Hello All,****
>
> ** **
>
> I'm wondering if anyone out there has connections to people who do
> "fair-market value" appraisals of minerals, rocks and fossils.  We are
> consistently getting requests for tax receipts to accompany donations to
> our department, and I'm having a heck of a time trying to find someone who
> can do this kind of work so we can produce tax receipts.  If anyone knows
> of someone, preferably in Canada, so the tax stuff doesn't get too
> complicated, I'd appreciate the contact information.  I'll take information
> for anyone in the United States too.****
>
> ** **
>
> Thanks in advance.****
>
> ** **
>
> Cheers,****
>
> ** **
>
> Carmen****
>
> *Carmen Chinery**
> *Curator and Laboratory Technician
> Department of Geoscience
> University of Calgary
>
> ph:   403-220-2723
> em:  carmen.chinery at ucalgary.ca
> ma:  Department of Geoscience
>        University of Calgary
>        2500 University Drive NW
>        Calgary, AB
>        T2N 1N4****
>
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