Tangible Personal Property
Tangible Personal Property
The University of Virginia Darden School of Business has been the grateful recipient of donated works of art, maps, books, and collections, all of which are used in furtherance of UVA’s mission.
Benefits
- Making a gift of tangible personal property can provide you with a current income tax charitable deduction. To claim an income tax charitable deduction for the fair market value of a donated item, the item must meet the Internal Revenue Code’s “related use” requirements, which means the item you donate must relate to UVA’s overall charitable purpose and function. If you are the artist or creator of the property, your deduction will be limited to the cost of your materials.
- Your gift will enhance UVA’s educational offerings and experiences.
How to make a Gift of Tangible Personal Property
- UVA must evaluate your proposed gift to be sure we can use it for our charitable purposes. Contact the Office of Gift Planning before making your contribution so that we may advise you whether we are able to use the item to further UVA’s mission.
- If UVA can accept the property, we will assist in preparing a deed with which you will transfer the property to the school or program you wish to support. Please note that the University reserves the right to sell or otherwise dispose of a contributed item in the future if it can no longer be used or properly cared for by UVA.
- You will need to obtain a qualified appraisal as defined by federal tax law to substantiate a claimed deduction that exceeds $5,000 in value.
The Cornerstone Society recognizes those who are honoring the University’s future through planned gifts, including bequests, beneficiary designations, charitable gift annuities, and charitable trusts.
The University of Virginia Darden School Foundation does not provide legal or tax advice. We recommend that you seek your own legal and tax advice in connection with gift and planning matters. To ensure compliance with specific IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used and cannot be used for the purpose of avoiding tax-related penalties.