IRS Regulations for Gifts

The Friends of the Library of North Carolina State University welcomes donations of materials to the NCSU Libraries that enrich its collections. Your interest in the development of the Libraries' resources is greatly appreciated. The Libraries adds to the collection those materials that are relevant to the University's teaching and research programs. Those materials not added to the collection are either offered to other institutions, used in exchange programs, or sold at Friends of the Library booksales with proceeds designated to support the preservation activities in the Libraries.

Gifts to the Friends of the Library of North Carolina State University are tax deductible and are acknowledged in a form that substantiates deductions. Please be aware, however, of the Tax Reform Act of 1984, that became effective on January 1, 1985. The new ruling will have an impact on those donors who contribute non-cash property to non-profit institutions, including gifts of books and journals to the Friends of the Library of North Carolina State University. If the total value of gifts of property in any one tax year is more than $5,000, and if the donor wishes to claim such a gift for tax purposes, then the guidelines below pertain.

The law requires that an appraisal be made within 60 days prior to the giving of the gift. The appraiser may not be the donor, the recipient institution, any person employed by, related to, or in close association with the donor, or a party to the transaction in which the donor acquired the property. Substantial penalties are levied against the donor and the appraiser if it is determined that the gift is overvalued. Recipient institutions are required to provide a formal accounting to the Internal Revenue Service and to past donors should their gift not be retained for a minimum of two years.

If you forsee your gift to the Friends of the Library of North Carolina State University as being in this category we suggest you consult with the Associate Director for Collections and Scholarly Communication (919-515-7188), who will help you determine whether or not your gift will be accepted. We also suggest that you consult with your tax advisor or accountant regarding the specific guidelines for complying with the new tax law.