Appraisals and Contribution Deductions
Most donors who contribute property (excluding cash and publicly traded securities) to Illinois Wesleyan University, and who claim a fair market value exceeding $5,000, must obtain a written appraisal from a qualified appraiser to support the claimed valuation. This appraisal must be obtained no earlier than 60 days prior to the date the property is donated, and not later than the due date of the return (including extensions).
Even when the donated property is worth less than $5,000, it is a good idea to obtain a formal appraisal in order to determine the contribution dedication amount. The University Librarian may assist in suggesting names of local qualified appraisers, if needed by the donor. The appraisal fees are paid for by the donor.
When the contribution deduction is over $500, the University Librarian's Office will work with the University Advancement Office to provide the necessary receipt letter and IRS Form 8283. Form 8283 is not required when the contribution deduction is less than $500. A University officer’s signature on the Form 8283 does not mean that the University agrees with the appraised value, merely that the University has in fact received the property and acknowledges the IRS two-year disposition requirements.
A written acknowledgment of each gift will be sent to the donor. Where appropriate, and as requested by the donor, bookplates identifying the donor may be placed in each volume added to the collection.