Many institutions have been founded or greatly expanded through the generous contribution of a donor's collection. Potential donors of objects should confer with the particular museum to determine what general kinds of items the museum collects, and then contact the museum staff for more specific information on the collection and the museum's needs. Donors of tangible personal property need to work closely with the museum to ensure that they receive a deduction for the fair market value of the gift of tangible property. To receive this deduction, the law states that the museum must use the personal property for its charitable purpose, i.e., it must be accepted into the museum's collection. The valuation of donated objects is the responsibility of the donor.
Many museums also have a specific fund solely for the purchase or care of items in the collection.
In December 1996, the Internal Revenue Service issued final regulations on the valuation and substantiation of charitable contributions. Many comprehensive articles and reports have been published on these IRS regulations. A Basic Guide for Donors and Charitable Organizations , has been published by Independent Sector, a Washington, D.C.-based national coalition of voluntary organizations, foundations, and corporate giving programs. Supporting America's museums will help build communities, tell stories of the human experience, bring the wonders of the natural world to all, and provide a rich, educational experience for all generations. The information in The AAM Guide to Museum Giving is not intended to be either tax or accounting advice.