Donations of Assets Convert to $$$
Australia University is selling a donated Picasso at auction to raise cash for a research facility.
We are doing the same thing for Motts Military Museum in Groveport, OH – they have received donations of physical assets and are converting them to cash for exhibit expansion and operations. The most interesting is an engine from a Vietnam-era helicopter.
You don’t have to be fabulously wealthy or possess a lot of expensive antiques to create an auction that benefits your favorite non-profits. Many types of personal property can be donated to an organization and auctioned. If you are moving/downsizing, have a small business with inventory and materials, or just want to get cleaned out and organized, then you are a candidate for the “auction-donation” method of giving.
Timing is everything – as far as tax deductions and maximizing the cash for the organization. An “auction-donation” can follow different paths, depending upon what is best for the donor and his/her philanthropic goals. See the following slide show:Converting Non-Cash Assets
The benefits are 3-fold:
- You simplify your life
- You receive a tax deduction**
- The organization receives cash
** Tax deduction amount varies based on the timing of the donation and your personal circumstances. The material presented here is for information purposes ONLY and is not intended nor should be consider tax advice. Consult your tax and financial advisors before making donations.