An NRA Ring of Freedom Heritage Society member based in Audrain County, Mo., wanted to donate 140 acres of income-producing farmland to benefit the NRA Whittington Center. This story explains how he made his generous gift in 2011.
Edward Eklund and his advisor worked alongside NRA representatives. Together, they explored options and determined how to optimize Eklund's gift to promote the Whittington Center's charitable mission. Eklund carved out his homestead and used the farmland to fund an NRA Foundation Charitable Gift Annuity to pay him income for life. He timed his gift to take into account farming rights leased to an existing tenant.
The NRA Foundation commissioned an independent appraisal and hired a respected local auctioneer to promote and auction the property. The expert structured the auction in three tracts to maximize the bidders and auction proceeds. Closing on all three tracts took place about one month after the auction date, and the cash was received by The NRA Foundation to support the annuity income stream to Eklund.
In addition, Eklund was entitled to a partial charitable income tax deduction. Upon Eklund's passing, all remaining funds will belong to the NRA Whittington Center in fulfillment of Eklund's charitable gift.
"Words cannot say enough. I love Whittington Center," Eklund said. "I've seen it grow from a trailer on a large piece of property to what it is today: A fantastic facility with some of the best shooting ranges in the world."
In some cases of real estate gifts, NRA and the donor may choose for NRA to hold the property. In other circumstances, it may be agreed that a speedy auction is the best strategy. Eklund's carefully planned gift generously balanced his own financial best interests with his desire to support the NRA Whittington Center.
"I'm getting a nice income and helping the NRA at the same time," Eklund said. "Through my gift I also sponsor local kids for Adventure Camp at the Whittington Center, giving me the opportunity to do things I might not have been able to do otherwise."
In fact, Eklund is so pleased with the experience that he encourages other potential donors of real estate to talk with him about his own successful arrangements with NRA.