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MMD > Archives > August 2014 > 2014.08.19 > 03Prev  Next


Donating an Instrument to a Charity
By Scotty Greene

As DeBence is a 501c3 organization, I can add a little to this subject.
The comments about fraud are correct -- you need to be sure the charity
is for real.  You can check the 501c3 variety on-line at the IRS to see
if they really have an exemption and are up to date with the required
reporting.

Most charities will not accept a conditional gift, so you should be
ready to completely let go of ownership and control when the gift is
made.  The charity is prohibited from placing a value on an item that's
donated, and if it is worth over $10,000 you must have an independent
appraisal.  Below that value you are not required to have this, but if
it is worth more than $1000 an appraisal may be a good idea to have
when you deduction is questioned by the IRS.

We are a legitimate 501c3 with a gold rating from GuideStar, so feel
free to ship us your music related items and we will give you a tax
receipt!

Scotty Greene - DeBence Antique Music World
Franklin, Pennsylvania

 [ Click on "Annual Report" at http://www.debencemusicworld.com/ to
 [ to view their 2013 report.  It seems very well presented and it
 [ includes a "benchmark" section which compares their operation
 [ with similar museums.  -- Robbie


(Message sent Tue 19 Aug 2014, 16:16:51 GMT, from time zone GMT-0700.)

Key Words in Subject:  an, Charity, Donating, Instrument

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