Oklahoma Baptist Homes for Children

Neal Wooldridge

a word from Neal Wooldridge
Vice President for Planned Giving

Collectibles Count

When most people decide to make a charitable gift to OBHC, they either write a check or call their stockbroker. Few consider the option of giving "tangible personal property" such as coins, gems, artwork and other usable items.

Every year since 2000 OBHC South Campus has hosted a bike ride for all levels of bike riders. The bike ride is designed to be challenging for the experienced and fun for the casual rider. We try to raise money to help purchase new bikes for our OBHC kids.

Al's Bicycles make donation of bicycles to OKC CampusWe have had the privilege of working with a local bike shop owner who has a true heart for children. Al Webb of Al’s Bicycles started his business July 27, 1979 in Moore, Oklahoma and moved to 8900 S. Walker in September of 1981. He has helped open stores in northwest Oklahoma City, Midwest City, Edmond and Norman. Each year he donates three new bikes to our ride. He has also donated other biking products that helped the success of the ride. The bikes and the products are tax deductible to Al. Al is like so many friends of OBHC; he desires to help children become capable adults in the future.

OBHC appreciates people like Al who give of their talents whether it is bicycles or any other tangible personal property. Here are four steps to follow if you have one or more valuables you would like to give OBHC as a charitable gift.

  1. Contact OBHC's Vice-President for Planned Giving, Mr. Neal Wooldridge, he can explain the ins and outs of giving tangible personal property and assist you through the entire process.
  2. Obtain a qualified appraisal of the item(s) you wish to give. This will be necessary for claiming an income tax deduction on gifts exceeding $5,000.
  3. Ascertain whether your gift passes the "relationship use" rule.
  4. Consult your tax advisor.

This IRS tax rule stipulates that any tangible personal item given to a qualified charity (like OBHC) must be useful to the charity in carrying out its charitable mission in order for the donor to receive full tax credit for the gift. If not, the charitable deduction is limited to the actual cost basis of the item(s).

For example, Al Webb of Al’s Bicycles, gave OBHC three new bicycles, which he purchased for $100.00 but retail price is $250.00 per bike. And OBHC has a legitimate use for the bikes for the children, then Al can deduct $100.00 cost basis of the bikes on his tax return. OBHC appreciates gifts of all kinds like the gift from Al’s Bicycles.

If you would like to know more about how you can give to OBHC, we have a helpful brochure, which further explains the process and benefits of making charitable gifts with tangible personal property. It includes not only collectibles, but also such items as cars, bikes, boats and other objects of value you may desire to donate.

Click the button below to request the brochure and to arrange a visit with Neal Wooldridge.

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