Performances + Events Personal Property
A gift of artwork, coins, antiques, or other personal property can be an excellent way to support NEC.
A gift of personal property may be right for you if:
- You own artwork, antiques, or a collection of value that you no longer want.
- You own other personal property that would be useful to us.
- You want to save income taxes or capital gains taxes.
- You would like to make a gift to NEC.
How It Works
You give your personal property to NEC. Either we put your property to a use related to our mission, or we sell your property and use the proceeds.
How Your Gift Helps
Your gifts to the New England Conservatory help us educate and train musicians of all ages from around the world, drawing on the talent and deep reservoir of experience of our distinguished faculty. Your support will provide the University with the resources to…
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| inculcate the highest standards of excellence while nurturing artistic sensibility and creative growth; | foster an environment that maximizes individual attention from teachers, allowing students to explore and develop their unique artistic personalities; | reinforce and expand the position of music in society by educating the next generation of musical performers and leaders. |
Gifts of artwork, coins, and other collectibles
You can use artwork, coins, and other collectibles to make a generous gift to NEC. Depending on the property you give us, we may either keep your property and use it for our charitable purposes or sell it and use the proceeds.
Gifts of other personal property
You may own equipment, supplies, or other personal property that you no longer need and would be useful to us. Please discuss these items with us prior to your donation to determine which ones we will be able to put to productive use.
Relieve yourself of responsibility
Maintaining valuable collectibles, such as works of art or antiques, can be a big responsibility. By giving your collectible to NEC, you will no longer be responsible for keeping it secure, preventing its deterioration, or paying to insure it against damage or loss. If you are in this situation, consider making a gift of the item or items to us.
Tax benefits
Your gift of personal property will save you income taxes, provided you itemize, and capital gains taxes.
If we are able to use the item(s) you give us to advance our charitable purpose, you will be eligible for an immediate income tax charitable deduction equal to the full appraised value of your property. If we cannot put your property to a "related use," or you direct us to sell your property immediately for cash, your income tax charitable deduction will be limited to the amount you paid for your property.
Whether or not we are able to put your gift property to a related use, you will avoid all potential capital gains tax on your property. If you were to sell property that is considered a collectible, you would have to pay a special 28% tax on the difference between its current value and what you paid for it, rather than the 15% tax applied to sales of securities.
You may also save estate taxes, as once you give your collectible or other personal property to NEC the property will no longer be part of your estate.
Appraisal requirements
You will need a qualified independent appraisal of your property in order to establish the value of your gift. If you give personal property valued at $5,000 or more and you wish to take an income tax charitable deduction for your gift, you will need to include this appraisal with your federal income tax return.
Consult with us before making your gift
It is important that you discuss with us the personal property you are considering for donation before you make your gift. We want to be sure that we can accept the property you have in mind.
Also, we will want to discuss with you what will happen to your property once we receive it. We want to be sure we will be able to carry out your wishes. This discussion will also help you anticipate the likely tax benefits of your gift.
Example
Darrin Christensen has been an avid stamp collector since he was a kid. His collection was appraised for insurance purposes last year at $20,000. Mr. Christensen paid only about $2,000 for his stamps.
Mr. Christensen is in his 80s now and is no longer adding to his collection. None of his children has expressed an interest in taking it over. A devoted supporter of New England Conservatory for many years, he wonders whether we could make good use of his collection.
After a discussion with Mr. Christensen and his advisors, we determine that it would be best for NEC to sell the stamp collection and use the proceeds. Mr. Christensen is pleased that the value of his stamps will help support our organization and that the stamps themselves will wind up in the collections of others who will enjoy them as much as he has.
Because NEC will sell the stamps and use the proceeds, Mr. Christensen will be able to deduct from his income taxes only the $2,000 he paid for the stamps. Mr. Christensen understands this and is anxious to proceed with his gift, knowing that it will provide valuable support to NEC, as well as settle what is to become of his beloved stamp collection.
Additional Giving Options
By making a planned gift, you can strengthen NEC and gain financial and tax benefits for you and your family. For more information, please contact Aaron McGarry, Planned Giving Officer, by email or by phone at 617-585-1356.
Real estate can be contributed as an outright gift or to finance a planned gift. Available options include a retained life estate, which allows the donor to continue to use the property for a certain number of years, or for the donor’s lifetime. Other arrangements offer special tax advantages and lifetime income.
Gifts of real estate include undeveloped land, a residence, a vacation home, a farm, or commercial property. NEC requires the donor to bear certain costs when making a real estate gift, such as an appraisal to determine the fair market value. Also, NEC deducts transaction costs from the proceeds of the sale of the property, including the closing costs, title insurance, a survey (if needed), and any taxes due before the gift is completed.
For any questions about gifts of real estate, please contact Abigail Smitka, Assistant Vice President of Major Gifts and Campaigns, at as3628@necmusic.edu or (617) 585-1719.
Many companies support the philanthropic interests of their employees by matching employee contributions to nonprofit organizations like NEC. If your employer offers a matching gift program, you may be able to double or even triple your gift!
For more information on matching gift contributions, please contact Cheryl Fries, Assistant Director of Advancement Operations, at cheryl.fries@necmusic.edu or (617) 585-1373.
Gifts of personal property, such as musical instruments, recordings, and scores provide valuable support for our music education programs. Through the support of in-kind gifts, you can help NEC meet the college’s ongoing need to expand its inventory — and you qualify for a tax deduction.
NEC accepts in-kind donations on a case-by-case basis. For more information, please contact Patricia Kopko, Director of Advancement Operations, by email or phone at 617-585-1225
Friends of NEC may elect to make gifts to commemorate a loved one’s life, birthday, anniversary, or other special occasion. We will gladly notify those you wish to know of any gifts made in their honor.
Contributions in any amount may be directed to The NEC Fund, or to the area of your choice. Please note the name of the person you wish to commemorate when you make your gift.
Contact Us
To learn more about how you can support NEC, please contact Cheryl Fries, Assistant Director of Advancement Operations, at cheryl.fries@necmusic.edu or (617) 585-1373.
New England Conservatory is a 501(c)3 non-profit organization. All donations are tax deductible to the full extent of the law. Our non-profit tax ID is 23-7225104.
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