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Charitable Art Donations: Advice for Donors & Accepting Institutions
April 25, 2023 @ 2:00 pm - 4:00 pm
There are a lot of moving pieces when planning, coordinating and accepting donations.
Artwork Archive is bringing together a panel of experts to discuss best practices for donating and receiving fine art and collectibles. This presentation is for both donors and the recipient nonprofits like universities and museums.
In this webinar we’ll cover strategies for collectors and artist estates when structuring their gifts:
– Understand the estate and tax benefits of donating your art. Reduce estate tax liability and eliminate capital gains.
– Know the rules for claiming a charitable tax deduction and avoid problematic mistakes. Ensure that your donation meets IRS criteria.
– Learn how to utilize an art database to organize and manage your art donations.
– Understand the difference between an artist and collector donating during their lifetime vs. posthumous.
– Get tips for pairing donors with museums. Learn effective ways for communicating with institutions to ensure your gifts are accepted.
We’ll also cover strategies for nonprofits accepting donations:
– Know the responsibilities of your institution when receiving, protecting and preserving the art – like deeds of gifts.
– Understand what you are not responsible for (like tax advice) and avoid getting bombarded before tax day by your donors.
– Get tips for structuring your acknowledgement letter.
– Communicate clearly when you need to say “no” to a donation.
– Gain tips for using your art collection management system to coordinate, track and document donations.
Our esteemed panel includes:
– Melissa Passman Esq., Attorney with Day Pitney specializing in tax law and estate planning
– Tara L. Gonsowski, Esq. Founder and Principal Attorney for Gonsowski Law, P.C., focusing on Art and Museum Law
– Michael Darling, co-founder of Museum Exchange, the first digital platform for art donations, which enables collectors to donate works of art to institutions in North America.
Register here: https://us02web.zoom.us/webinar/register/3816811428282/WN_Guz-YbjXQ4S74pZeW7bj8w#/registration
THIS WEBINAR WILL BE RECORDED AND SHARED AFTER THE EVENT.
Artwork Archive is an online art inventory management system used by artists, collectors, and collecting institutions in over 130 countries around the world.