For the past 60 years, I have received a modest monthly royalty check for gas well leases owned in California. I live in New York and this has become a tax nightmare for me. Is there a charitable organization that would be interested in owning my rights to these royalties? I no longer have the paperwork showing my title to interest in these royalty rights. I am looking for an organization that would incur the costs of hiring a landsman to do a title search, etc. so that a deed can be produced establishing my ownership (which I would then transfer to this charitable organization).
I know that in Oklahoma, the Oklahoma Medical Research Foundation accepts numerous donations of mineral rights. So, do many church foundations.
I would Not donate it to a state or government organization please!. A Christian Church or a Medical research group like the heart, kidney foundation would be a better idea for me personally if I did not have family members to give it too.
I would reach out to St Jude’s.
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Oklahoma Medical Research Foundation is not a state or government organization. They do medical research for numerous diseases.
In my experience leasing non-profits, they would much rather you sell the minerals and donate the money to them. Most non-profits/charities don’t have the infrastructure necessary to manage mineral rights and it ends up being a hindrance to them. Whereas, they can put cash to work straight away.
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Perhaps some nonprofits in Texas or Oklahoma accept donated mineral rights, but most charities in most states do not want to accept esoteric assets because they don’t employ staff for arcane bookkeeping.
Moreover, if I donated minerals I want to claim market value as a tax-deductible donation, for which IRS might demand an appraisal, and mineral appraisals cost a few thousand.
If I were you I would just keep depositing the royalties, even if small. If you must divest, you could reach out to firms that buy minerals, although yours may be too small to generate much interest, because the buyer must evaluate, search title, prepare deed, etc
Maybe the nonprofits could provide you an appraisal for your tax reduction…
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You might want to find out if the organization actually holds onto the minerals. Many will accept them as a donation, only to flip them and sell on the open market.
Large institutions like universities, children’s hospitals, etc normally keep and manage the minerals.
NARO is another organization you should consider donating to, as the proceeds go towards royalty owner education.
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