| Down
to your last resort? Donate your time share | | |
| Selecting
a charity
If you're interested in donating your time share, find the
charity first. What work do you want to support? Who does it or
has a good reputation in that field? Some places to check: GuideStar,
Charity
Navigator, the Better
Business Bureau Wise Giving Alliance and the American
Institute of Philanthropy. Since most states regulate charities,
the Federal Trade Commission advises donors to find the state regulator
at National Association
of State Charity Officials and contact that office for information,
too.
Make sure that the group isn't just tax-exempt, but
that donations are tax-deductible. These are two totally different
designations.
Once you have a handful of names and have checked
out the charities, contact them, and ask if they would be interested
in your time-share donation. Have they handled similar donations
in the past? How much do they expect the donation will net the charity?
How will the organization use your time share? (And do you approve
of its plans?)
If the organization is selling the time share, how
much do their representatives think yours will bring? How much have
other time shares earned? And how much of the sales price does the
charity get to keep? Who will pay the maintenance fees while your
time share is for sale? And what paperwork will they provide to
show you no longer own the property or are no longer responsible
for it?
While some charities
accept time shares, they won't necessarily be interested in every property. Donate
for a Cause posts a list on their Web site of properties they don't accept.
Unfortunately, many factors that might make a property
difficult to sell will also discourage a charity from taking it.
If the property is older, especially in an area where there is a
lot of new time-share development, if it's fallen into disrepair,
if the area has sustained a natural disaster or if it's in a less-popular
destination, a charity might not want it, says Tarpey.
Chances are, if you
are donating a time share to a charity, the charity won't be handling the sale.
Instead, they will probably turn that job over to a middleman. Consumers need
to "do some research on who these middlemen are and find out how much money
is ultimately going to the charity," says Sandra Miniutti, director of external
relations for Charity Navigator, which tracks and rates philanthropic organizations.
You also want to talk with your own professional,
lawyer or accountant, so that you have someone in your corner to
advise you on how the donation will impact your taxes and financial
picture. Especially with noncash donations.
"What we would always advise is that you need
to talk to somebody who knows the legal and tax implications,"
says Suzanne Coffman, director of communications for GuideStar.
When it comes to taking tangible
property, like time shares, some organizations are better set up to deal with
donations than others, says Fontek. So it pays to ask the charity a lot of questions
and make sure that "you're comfortable before you go ahead and do anything." "Still,"
he says, "it's a very nice program for the charities and the donors." Dana
Dratch is a freelance writer based in Atlanta.
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