Cashing In Donations

Today TaxMama hears from Marie in Texas, with a quick question. “Our church members are donating personal items of jewelry, coins and other valuables. What is the best procedure to turn these items into cash?”

Dear Marie,

That’s an interesting question.

Let’s see…here are some ideas:

  • 1) Make arrangements with local jewelry and coin shops to buy them from the church or to accept them on consignment.
  • 2) Do some research to see if any larger, national shops might be willing to give you a better price.
  • 3) If anyone on the church’s Board is up to it, visit jewelry and coin shows and spend some time learning how to get the best price. It could be fun.
  • 4) Arrange a semi-annual fund-raising auction. It would be fun, and you’d probably get more money for the items.
  • 5) Put them on eBay or ePage.com
  • 6) Talk to a major auction house, like Christie’s and see if they will sell them for you.Now, add some ideas of your own and see what happens.

    This could be a fun and lucrative opportunity for the church – and perhaps a great way to get the community involved.

    And remember, you’ll find answers to lots of questions about non-profits and other tax information, free. Where? At TaxMama.com

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