Donate Excess and Obsolete Inventory
Earn tax credits for your company and help create college scholarships.
In the April/May 2012 issue of Contractor Supply, in his article entitled The Value of Excess and Obsolete Inventory, M. Jay Heilbrunn of the Distributor Board discussed ways of trimming excess and obsolete inventory, including donating it for tax credits. In specific, he mentioned Education Assistance Ltd. (EAL), a not-for profit organization that has helped many companies in this process.
EAL creates college scholarships for needy students from donated excess inventory. EAL accepts donations of new and used items and places those inventory donations with accredited U.S. colleges and universities. In return, schools create scholarships for college students with demonstrated financial need.
Since 1982, more than 10,000 needy and low-income college students have received scholarships created from inventory donations. In 2008, EAL increased the impact of its mission by implementing the EAL Trustee Cash Gift which awards cash scholarships to eligible EAL schools.
Educational Assistance Ltd. is a tax-exempt [501 (c) (3)] nonprofit organization, qualified by the Internal Revenue Service to receive charitable tax deductible donations. EAL also accepts contributions in the form of cash, securities and services.
To learn more, visit www.inventorydonations.org
CONTRACTOR SUPPLY MAGAZINE
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