Property Donations Make Great Gifts
Turn Your Treasures Into a Charitable Legacy
Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our mission.
Related use property-e.g., a piece of artwork donated to an art museum-is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
Ways to Use Property as a Donation
An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction when you itemize.
A gift in your will or living trust. You can leave a legacy at the United States Naval Academy by donating property to us through your will or living trust.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by the United States Naval Academy, consider making a gift to us in his or her name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of the Naval Academy Foundation will last forever.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.
The USNA Foundation doesn’t accept sailboats, but the Naval Academy Sailing Foundation does.
Acceptance of gifts of personal property subject to review.
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- Contact the Office of Planned Giving at 410-295-4187 or by firstname.lastname@example.org for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor.
- If you include the Naval Academy Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: United States Naval Academy Foundation, Inc.
Address: 247 King George Street, Annapolis, Maryland 21402
Federal Tax ID Number: 23-7003516
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.