NAIER Facilitates Giving for Overstocks and Excess Inventory
’Tis the season for generosity and goodwill, and the National Association for the Exchange of Industrial Resources is a pioneering organization that would be thankful for your excess inventory donations.
NAEIR was founded in 1977 as a resource for companies to unload excess inventory. Now, with the growing focus on sustainability, green initiatives and creating a circular supply chain in the apparel industry, the organization is gaining visibility in the fashion field.
In addition to helping people and the planet, NAEIR also provides donating companies with a tax benefit, depending on how they’re structured. “Companies tend to forget the philanthropic side of making space by getting rid of excess inventory,” President of Corporate Relations Paula DeJaynes said. “Stores are definitely overstocked and are starting to discount. So if there are overruns at the store level, then manufacturers and distribution centers can’t ship product to them because they already have quantity to begin with. And when inflation is up and people aren’t buying, donating inventory to put it into the hands of people who actually need the product is a win-win for everyone.”
The clothing is then funneled to schools, churches and other charitable organizations. NAEIR gives away some $100 million worth of consumer goods each year, of which some 5 to 8 percent is clothing. “Clothing is always in need because it’s something everyone has to have,” said DeJaynes. Items that are dressier or more fashion forward find happy homes via Dress For Success programs and high-school proms.
As for the tax benefit, the IRS allows regular C corporations to deduct up to two times their cost. To arrange a donation, visit naeir.org. Prepare an inventory listing of what you have, with quantity, brief descriptions and suggested retail value. Turnaround time for accepting the donation is less than 24 hours. As soon as the goods are received, NAEIR issues the relevant paperwork for tax purposes.