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July 27, 2007, Newsletter Issue #66: Charities May Hire Firms to Run Car Donation Programs
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Tip of the Week
Donate Car For Charity Tip: If you plan to donate a car, first research vehicle donation programs in your area. Then choose the type of program that suits your interests. Some vehicle donation programs are clearinghouses for car donations. These organizations often work on behalf of many charities.
The companies are paid by the charities to manage their vehicle donation programs. They collect and sell the car donations, taking part of the sales revenues. The rest of the money goes to the charities the organizations represent.
The tax deduction a donor can claim is the amount the charity receives in gross proceeds from the sale, if the vehicle is valued at more than $500. Some charities run their own vehicle donation programs, though they are likely to be larger nonprofits that can afford the costs of managing car donations. In-house vehicle donation programs tend to bring in more funds for the charity and the causes it supports.
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