Gifts of Property
The gift of a residence or vacation home generates a charitable gift deduction for donors at the full market value of the property. A gift of residence with retained right of residence allows donors to use the property for life and the property passes to the charity at death. This provides a tax benefit to the donors calculated on the basis of the value of the property at the time the gift is made and the age of the donors. A bargain sale is the sale of a property to a charity for less than market value. The difference between the market value and the sale price to the charity is a charitable tax deduction for the donors.
Assets Used to Make Gifts
In general, appreciated assets (securities/real estate) should be used to make gifts because the value of the tax deduction is based on the full market value and not the cost basis, avoiding all capital gain taxes. Personal property such as art, jewelry, and antique cars are welcome as gifts, if the charity will be able to sell/market such items. The Foundation staff has the authority to work with donors on all gifts of personal property. No personal property shall be accepted that obligates GHF to ownership in perpetuity.
In general, residential real estate located within the continental United States, with a value estimated by the donor or others at $100,000 or greater, will be accepted, unless the Foundation Board of Directors determines the property is not suitable for acceptance as a gift, or if the Board chooses to make an exception in a specific case. In general, the Foundation will not accept residential real estate located outside the continental U.S.
Works of Art
The Foundation accepts appropriate gifts of works of art both self-created and purchased. However, gifts of art will be placed on the Foundation books at $1.00 unless a valid independent appraisal is supplied at the donor’s expense, as the cost of the appraisal is deductible to the donor. The Foundation will make no commitment to keep a work of art in perpetuity.
Gifts of Furniture
The Foundation accepts gifts of furniture, if the furniture is useable or can be quickly sold. GHF may elect to keep furniture, but will make no commitment to keep furniture in perpetuity.
Gifts of Miscellaneous Personal Property
The Foundation accepts other items of personal property if they are usable or are easily saleable. The donor is responsible for establishing the value of the item(s). The Foundation will evaluate gifts of personal property taking into consideration costs of: transportation, storage, sales, maintenance, and repair. The Foundation will not accept gifts of automobiles and/or other vehicles. Goodwin House residents may sell their automobiles with the assistance of the GHI Human Resources Department and donate the funds to the Foundation. The Foundation maintains a list of charities that accept gifts of furniture, automobiles, and other personal property for donors whose personal property cannot be used by the Foundation.