Do charities that take cars make a lot of money

Do good by donating your old car to charity. But the reality is that you might do better selling your car to a used car dealer or to a junkyard and donating that money to charity. You will do good if you donate a vehicle in good condition to a legitimate, top-rated charity, for the charity to use by its staff or give to a needy client. Do not be persuaded by highly-advertised car donation groups, including those whose advertising jingles get stuck in your head, such as KARS4KIDS. That one all over the radio stations I listen to. They keep as much as 90 percent of the value of the vehicle, for the trouble of processing your donation for sale at an auction or to a junkyard, and to pay for all those ads. My go-to charity checker is Charity Navigatorwhich tells you whether the charity is approved by the IRS as a c 3 nonprofit with tax-exempt status.

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The well-respected Breast Cancer Research Foundation in New York tried something new in Raising money through used car donations. Operation Gratitude in Encino sends care packages stuffed with candies and toiletries and hand-written notes to U. That was the highest percentage, returning James Neely, president of Michael Reese Enterprises, said focusing on percentages is the wrong way to frame the issue. The bottom line is that vehicle donations are one of the most expensive ways to give. Most of the money generated this way winds up in the pockets of middlemen, not in the hands of charities — a reality that often eludes donors. Michael Reese is one of the largest such companies in the nation. Its niche in the market is processing a very large volume of low-value vehicles, which have a lower return. Instead, they simply hire companies like his and get the checks. Advertising is essential to alert potential donors that the charity exists, he said. Smaller and more localized charities — which can easily reach out to local donors — tend to have higher returns as well.

1. One Car, One Difference

But some people who give away an old auto might find their tax break smaller than they expected. And a few donors, thanks to the intricacies of vehicle gift guidelines, might be able to boost their deduction amounts. Giving away a clunker to a charity was once straightforward. No more. Because some taxpayers got greedy, claiming much more than their old autos were worth, lawmakers tightened the rules on how much you can write off for a vehicle donation. This value amount applies to autos, boats and even airplanes. This valuation ceiling comes into play when a charity sells a donated vehicle. In this case, just how much a taxpayer can deduct depends on the amount the sale nets. Under the old rules, that would be the amount you could deduct. Plus, you now must include a copy of the acknowledgment, IRS Form C or an IRS acceptable substitute form that is sent to you and copied to the agency, with your tax return. Previously, such documentation was generally only kept by the taxpayer in case the IRS questioned a claimed deduction. Instead of immediately selling it, the group used the auto for several months to deliver meals and other food items to needy families. Other examples of IRS-accepted intervening use are a donated auto used by a charity to transport clients to doctor appointments or a car given to a vocational school that used it in its automotive repair classes. The IRS says a donor also can claim a fair market value deduction if the charity makes a material improvement to the vehicle. Material improvements do not include finish work such as painting, waxing or rust proofing , dent or scratch removal, installation of theft-deterrent devices, or the cleaning or repair of upholstery. Be careful here. Make sure the vehicle did indeed go to a needy individual. Shortly after the vehicle donation rules changed, the IRS discovered that some charities sold autos at auction but reported that the sales — at prices well below market value — were to disadvantaged buyers, to trigger the exception that allows the donor a higher deduction amount. If the IRS discovers such false reporting, it could totally disallow your donation and deduction. Also keep in mind that regardless of how a charity disposes of your donated vehicle, your deduction cannot exceed the value of your donation. First, the timing of your donation is critical. All charitable gifts must be made in the tax year for which you are filing the return.

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How much is your car donation really worth it?

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The process was quite efficient. I did it all online — it was a snap. A good place to get an overview of our program is to view the How it Works chart. In summary, here is how the V-DAC program works. Then, either through the on-line Wizard or using the number, donors donate their vehicles to a Central Charity, designating the Non-Profit they chose as the beneficiary of their donation. A vehicle remarketing company collects the required information and documents and then supervises the pick-up, sale and title transfer of the vehicle and provides tax forms to the donors. It subtracts its costs and delivers the Net Proceeds to the Central Charity. The Central Charity receives a funds handling fee, pays a management fee to V-DAC and then disburses the remainder to the Non-Profit, along with an accounting of the donor, sale, costs and donation details. V-DAC handles all supporter questions, tax issues and non-profit assistance. In this Program the vehicles are, uniquely, donated to a Central Charity, for the benefit of your non-profit. The contracts and mechanics by which the Program works are already operational and proven. By registering, a Non-profit is instantly provided with its own Vehicle donation Web Page, where supporters need only click on an Icon or call the to begin and complete the donation process. V-DAC manages the pick-up, sale, title and accounting so that the fully disclosed net do charities that take cars make a lot of money are sent to the non-profit and all tax info, is sent to the donor. The costs of towing, title transfer, processing and management of the vehicle donation program are paid for from the proceeds of the vehicle sale. In the event the sale proceeds do not cover all costs, V-DAC covers any shortfalls. Non profits pay no fees or any money to join or use the V-DAC program. It chooses the market and manages the sale, all to maximize the sales price received.