Jenkintown Noncash Asset Advisor on Odd Donations: Army Tank, Quarter Horse, Adult Bookstores…

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"My name is Noncash Asset"

As charitable donations, noncash assets such as possessions or property can be quite useful to their benefactors. When sold, the proceeds often support various causes of the donor’s choosing, which precipitates tax advantages to the donor. But as Karen DeMasters described in Financial Advisor Magazine some of those assets take a little creativity to market and convert.  

National Philanthropic Trust, an independent charity based in Jenkintown, has seen its share of unusual bequeathals in its role as a provider of philanthropic expertise.  

CEO Eileen Heisman explained, “We’ve gotten a coin collection, a Chinese dining room set, a Picasso painting, and diamond jewelry, among other things.

“When it is something unusual like this,” she continued, “it is usually the financial advisor, rather than the donor, who calls us. And it is likely to be the advisor who suggested the donation to his client in the first place.” 

Donors can hire outside experts to determine the value of assets and legality of the conversions. There has also been an upsurge in unrestricted gifts toward donor-advised funds, which allows them discretion on choosing a cause.  

Despite the challenges of inflation, gifts like this still fuel philanthropies. 

“Complex assets have become a growing funding source for donor-recommended, donor-advised fund grant-making,” Heisman said. “National Philanthropic Trust donors have supported more than 100,000 charities in the past five years, in part due to complex asset contributions.”  

Read more about unique ways that noncash assets support charities in Financial Advisor Magazine.  

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