Make an In-Kind Gift!
Instruments only truly live if they are making music. If you have an instrument that you would like to donate to VAM so that it can live on, please contact VAM administration ([email protected]). In each instance, the instrument will be carefully evaluated for its fit with the needs of VAM, and its Executive Director will manage the process of confirming the valuation for tax receipting purposes according to Canada Revenue Agency regulations. VAM will ensure that a fair market value is established according to Canada Revenue Agency regulations and guidelines, and that appropriate appraisal documentation with necessary backup information is obtained before a charitable income tax receipt is issued.
Donation of a Gift-in-Kind to VAM in accordance with Canada Revenue Agency Regulations and Guidelines:
For donations valued at less than $1,000
- An internal expert may establish the fair market value stating the basis used for the estimate and any other pertinent information.
For donations valued at $1,000 or more
- A fair market value must be established by reference to published price lists for items which are new and comparable. If a value cannot be established by this means by the donor or Vancouver Academy of Music (VAM), VAM will obtain a Fair Market Value assessment from an independent appraiser who is an expert in his/her field. Payments of appraisal fees are the responsibility of the donor.
- For books and other materials being donated to the Library, VAM’s Librarian will determine what gifts will be accepted and is authorized to appraise all books and materials donated regardless of value.
- Current information on Canada Revenue Agency regulations for gifts-in-kind can be found online here