Personal Property
A gift of artwork, coins, antiques, or other personal property can be an excellent way to support Colby.
A gift of personal property may be right for you if:
- You own artwork, antiques, or a collection of value that you no longer want.
- You own other personal property that would be useful to us.
- You want to save income taxes or capital gains taxes.
- You would like to make a gift to Colby.
Gifts of artwork
Potential donors of artwork to the Colby College Museum of Art should contact Head Curator Beth Finch. We ask that you provide complete information for the work(s) being offered, as well as digital images. Members of the Museum’s staff and Collections Committee will then review the proposed gift(s) following the Museum’s collecting priorities and criteria. All proposed gifts to the Museum’s collection must go through this process of review and approval; the Museum does not accept unsolicited donations of artworks. Works can be donated now or as a promised future gift.
Gifts of coins and other collectibles
You can use coins and other collectibles to make a generous gift to Colby. Depending on the property you give us, we may either keep your property and use it for our charitable purposes or sell it and use the proceeds.
Gifts of other personal property
You may own equipment, supplies, or other personal property that you no longer need and would be useful to us. Please discuss these items with us prior to your donation to determine which ones we will be able to put to productive use.
Relieve yourself of responsibility
Maintaining valuable collectibles, such as works of art or antiques, can be a big responsibility. By giving your collectible to Colby, you will no longer be responsible for keeping it secure, preventing its deterioration, or paying to insure it against damage or loss. If you are in this situation, consider making a gift of the item or items to us.
Tax benefits
Your gift of personal property will save you income taxes, provided you itemize, and capital gains taxes.
If we are able to use the item(s) you give us to advance our charitable purpose, you will be eligible for an immediate income tax charitable deduction equal to the full appraised value of your property. If we cannot put your property to a "related use," or you direct us to sell your property immediately for cash, your income tax charitable deduction will be limited to the amount you paid for your property.
Whether or not we are able to put your gift property to a related use, you will avoid all potential capital gains tax on your property. If you were to sell property that is considered a collectible, you would have to pay a special 28% tax on the difference between its current value and what you paid for it, rather than the 15% tax applied to sales of securities.
You may also save estate taxes, as once you give your collectible or other personal property to Colby the property will no longer be part of your estate.
Appraisal requirements
You will need a qualified independent appraisal of your property in order to establish the value of your gift. If you give personal property valued at $5,000 or more and you wish to take an income tax charitable deduction for your gift, you will need to include this appraisal with your federal income tax return.
Consult with us before making your gift
It is important that you discuss with us the personal property you are considering for donation before you make your gift. We want to be sure that we can accept the property you have in mind.
Also, we will want to discuss with you what will happen to your property once we receive it. We want to be sure we will be able to carry out your wishes. This discussion will also help you anticipate the likely tax benefits of your gift.
Example
Norma Marin, daughter-in-law of celebrated painter John Marin, made many lifetime gifts of artwork to the Colby College Museum of Art. Each time, the Museum staff evaluated the pieces, then proposed acquisition to the Museum Board of Governors.
At her passing, 184 gifts of art that had been accepted as promised works came into the Museum’s collection - a meaningful collection of photographs, prints, and paintings. You can read more about Norma’s gift here.
