[Publib] A question for you

[K.G. Schneider]

Monica, see Publication 526 of the IRS, especially page 6.
http://www.irs.gov/pub/irs-pdf/p526.pdf 

 

If you're getting creative with donations, it is definitely worth checking
with an accountant or tax expert. But (I am not a lawyer or accountant,
etc.) note that the fine line here may end up being whether or not the
person gets first dibs on the book. If I contribute to end global warming,
well, obviously I'm a beneficiary, but not directly or immediately. If I
help the library buy a book, and later check it out. well, again, an answer
for a tax expert, but most charitable donations have elements of enlightened
self-interest. 

 

The "book donation" project I did several libraries ago was to select
children's books and solicit donations to pay for them, with personalized
book plates inside each book assigned as we saw fit. It doesn't directly
accomplish what you're talking about, but if you can get donations for Pot
A, that leaves more money for Pot B (and you CAN make that point). We held a
small reception where donors could come in and see "their" books, including
a reading from one of the books. The surprise of finding what book they had
donated toward was part of the fun. 

 

Karen G. Schneider

kgs at freerangelibrarian.com 

 

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From: publib-bounces at webjunction.org [mailto:publib-bounces at webjunction.org]
On Behalf Of Judith Turner
Sent: Saturday, May 03, 2008 8:48 AM
To: publib at webjunction.org
Subject: Re: [Publib] A question for you

 

Hi Monica -- 

As I understand the rules governing charitable deductions, I'd say the
Internal Revenue Service would disallow the patron's tax deduction for the
donation.  Donations have to be unrestricted and since the item acquired
with the funds is going to be restricted to the donor's use for a period of
time, it would not meet that test.

If an IRS auditor feels it's a sufficiently serious violation of the tax
code, and if a scapegoat is need to create an example to stop the practice,
the IRS could revoke the library's (or Friends of the Library group's) tax
exempt status.

Check with an accountant or tax expert before proceeding further.

Judy Turner
Whitefish Bay, WI


Monica Casanova <mcasanova at monticello.lib.in.us> wrote:

"Patrons who are interested in a newly published book be given the
opportunity to donate the price of the book for the privilege of being first
to borrow it."

 

  

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