The UW-Whitewater Foundation benefits from a surprising range of gifts of tangible personal property and gifts-in-kind such as artwork, architectural drawings, athletic equipment, collectibles, books, supplies, and many other items. Both the value to the university and your potential tax benefits depend upon the use of the gift.
Personal Property with Related Use
If your gift qualifies as "related use" -- that is, if it will be used by the university to accomplish its mission -- you can deduct the property's full fair market value. Examples of such gifts have included musical instruments used by student performers, scientific specimens for study and exhibit, and equipment used by researchers. To make a gift simply fill out the Gift-in-Kind form and mail to the address listed on the form.
Personal Property with Unrelated Use
For tangible personal property gifts with "unrelated use," the donor can typically deduct the cost basis, usually the purchase price paid by the donor for the property. An example of a gift for unrelated use is a gift of auction items (gifts in kind) contributed to the University Golf Outing for student scholarships. To make a gift simply fill out the Gift-in-Kind form and mail to the address listed on the form.
Real Estate Property
Many types of real estate can be used to make a gift to UW-Whitewater Foundation, including personal residences, farms, undeveloped land, or commercial properties. Making a gift of real estate requires, at a minimum, an appraisal, environmental review, and deed. As a donor of real estate, you receive an income tax deduction and avoid capital gains tax. In addition, donors of outright gifts typically avoid maintenance costs, property taxes, insurance, and other on-going expenses. If you are interested in making a gift of property, contact UW-Whitewater Foundation President, Jon Enslin, email@example.com or 262-472-1482.