Appraisals & Contributions
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
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.