Policy on Personal Property
Himalayan Institute considers gifts of personal property on a case-by-case basis driven by the needs of the institution. Because non-cash gifts can be complicated and time-consuming for both you and the Himalayan Institute staff, we consider the value of the donation versus the investment needed before accepting these gifts. Our goal in formally reviewing gifts of personal property is to accept those donations that contribute towards our mission while being good stewards of the time and resources we have.
Gifts of Personal Property
Himalayan Institute will consider gifts of tangible personal property, including but not limited to, works of art, manuscripts, literary works, boats, livestock, motor vehicles, and computer hardware. This property will be accepted as a donation only after a review indicates that the property is readily marketable, and free and clear of encumbrances or that the property is needed by the Institute for use in a manner which is related to its mission.
To determine whether a gift of tangible property is beneficial to both you and Himalayan Institute, we may consider:
- the fair market value of the personal property
- the marketability of the personal property
- any undue restrictions on the use, display or sale of the personal property
- carrying costs, such as insurance, lease space, maintenance to preserve value
- the usefulness of the property for Himalayan Institute’s purposes
The process of consideration begins with an initial discussion of these factors. To this end, Himalayan Institute may ask for the following information in order to consider acceptance of a gift of personal property:
- a brief physical description of the donated asset, including an explanation of the method used to determine the fair market value
- a copy from a third-party source establishing the fair market value, such as a manufacturer’s or distributor’s catalogue listing or an independent publication of value, but if such a third-party source is not available, then Himalayan Institute may require an appraisal
Please note that submission of this documentation is not tantamount to acceptance of the gift; acceptance still requires the review and assent of our staff.
All appraisals of personal property contributed to the Himalayan Institute shall be done in accordance with IRS Publication 561, “Determining the Value of Donated Property.” Personal property should be appraised by a qualified appraiser acceptable to the donor and the Institute. The responsibility for expenses incurred to obtain an appraisal shall be determined on a case-by-case basis.
If you are interested in starting the conversation about donating personal property (either via outright donation or a bequest), please contact Greg Capitolo at 570-647-1516 to continue the conversation.
As with any decision involving your assets, we urge you to seek the advice of professional counsel when considering a gift to the Himalayan Institute.