Does your company’s fiscal year end December 31? That date is quickly approaching, so what are you going to do with the excess inventory that is sitting in your warehouse? There is a nonprofit gifts-in-kind organization that will accept donations of new, overstock, or discontinued products and redistribute them to schools and nonprofit organizations nationwide. The National Association for the Exchange of Industrial Resources has been in business since 1977 and would be glad to take those items off your hands.
Your donation would not only go to a deserving organization, but it would also earn your organization an above cost income tax deduction. The Internal Revenue Tax Code Section 170 (e)(3) states that a regular C corporation can earn a tax deduction of up to twice the cost of the goods. An S corporation, partnership, or sole proprietorship would earn a straight cost deduction. You would be joining more than 7,000 other companies that have made donations valued at over $1.9 billion over the past 26 years.
NAEIR, The National Association for the Exchange of Industrial Resources, takes donations of new, overstock or discontinued product and redistributes that product to schools and nonprofit groups nationwide.
These materials and supplies not only benefit deserving organizations, but companies can receive an enhanced income tax deduction that could be up to twice the cost of the goods. This option is made possible by the Internal Revenue Tax Code Section 170 (e)(3).
NAEIR accepts donations of general, consumer goods such as school and office supplies, toys, games, building materials, clothing, tools, and so much more. After a donation is made, NAEIR will provide the donor with the proper paperwork to aid in filing taxes.
To get information, contact NAEIR's corporate relations department at 1-800-562-0955, or e-mail [email protected].
It’s simple really. All a company has to do is identify products that could potentially take up much needed warehouse space and donate them.
Source: National Association for the Exchange of Industrial Resources