Making a Car Donation to Your Alma Mater
If you make a car donation to your local alma mater, keep in mind that you are unlikely to get anything else out of the transaction. Unless your school happens to offer free education and is actually a non-profit organization as well, it is unlikely to be qualified to give you any kind of tax exemption.
As a donor, you have the right to determine how your donation should be utilized. You can specify, for instance, whether you want the school to make use of the car or it is okay for you if they choose to sell it.
If you want the school to use the car, you also have the right to specify what purposes it may serve. You can even specify under what conditions the donated vehicle will be withdrawn. If you are allowing the school to sell the vehicle, you can also specify how you want the proceeds to be used.
| Print article | This entry was posted by admin on January 26, 2012 at 7:08 am, and is filed under Personal Finance. Follow any responses to this post through RSS 2.0. Both comments and pings are currently closed. |
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