There are other options available, such as donating your land, art, collectibles, or vehicles.  A little time, communication and knowledge of your chosen charity is all that is necessary.  To assist you in your act of good will, the following is a simple guide for how to donate your tangible assets.

Step 1:  Determine what gifts your charity is willing to accept.  Most charities will gladly accept welcome a wide variety of gifts, but others simply may not be able to handle the asset you have to offer.  Keep in mind you want to help the charity carry out its mission, and not create additional challenges requiring outside specialists to help liquidate a piece of property.  Step 2:  Find out how your selected charity plans use your donation.  If they intend to use the item, you may be able to receive a deduction for its current value.  Conversely, if your charity has liquidation in mind, you may receive a deduction of the amount you paid for the item.

Step 3:  Establish the value of your tangible asset.  If it is valued over $5,000 you may need to have it appraised.  If it is under $5,000, an appraisal is not necessary, but for tax purposes you should keep a record of how you determined the value.

Step 4:  Communicate with your CPA and the charity to discuss any nuances in the tax code or other unforeseen obstacles that could change your giving plan.

The Winona Community Foundation accepts the following gifts:

A.                    Acceptance by President & Designated Employees.  The Foundation’s president or employees designated by the President may accept, for and on the Foundation’s behalf, any of the following :

·                    Cash

·                    Checks

·                    Credit cards

·                    Publicly traded securities

B.                    Acceptance by Board of Directors.  All other gifts, including those listed below, will require review and, if appropriate, approval by the Foundation’s Board:        

·                    Closely-held and S corporation stock

·                    Real estate

·                    Partnership interests

·                    Limited liability company interests

·                    Accounts receivable (e.g., gifts of loans, notes, mortgages)

·                    Gifts of intellectual property, mineral reserves, precious metals

·                    Artwork, coin collections, jewelry, etc.

·                    Life insurance policies

·                    Remainder interests

·                    Retirement assets

·                    Charitable annuities and trusts

Article provided by: Michael Arnold Certified Financial Planner™ Professional and Charter Private Wealth Advisor