Tangible property is an asset that can be touched, handled, or moved by an individual. Gifts of tangible personal property must be of sufficient value to cover holding, maintenance, sale and administrative costs. The most common tangible personal property assets include art, coin and stamp collections, jewelry, furniture, or any similarly unique asset or collectible owned by a donor. The Foundation will sell gifts of tangible personal property and invest the proceeds as soon as is practical.
Upon review and approval of the MSF Endowment Advisory Committee, the Foundation may accept gifts of tangible personal property. However, single gifts of automobiles, boats, airplanes and motorcycles are not accepted by the Foundation, unless they are part of an overall estate. Gifts of jewelry valued at USD 10,000 or more, and gifts of artwork and collectibles valued at USD 25,000 or more will be considered. Generally, gifts are accepted if they
- meet the Foundation’s minimum gift value requirements,
- are readily marketable, and
- are free and clear of encumbrances.
Donors who intend to give tangible personal property to the Foundation must submit their gift proposal in writing. The proposal must include a description of the gift, proof of ownership, the donor’s cost basis, date of acquisition, and a qualified appraisal performed within 60 days of the gift proposal date.
The donor is responsible for any packing, shipping, in-transit security and insurance costs for gifts of tangible personal property. The item(s) must be insured at the donor’s expense until delivered safely to the Foundation, and transfer of ownership is complete.