Mineral Rights: A Gift From Under Your Feet

Have you ever thought of making a gift that comes from below? If you are an owner of mineral rights, you have an opportunity to make a gift to the West Virginia University Foundation, qualify for an income tax charitable deduction, and support Mountaineers.

When you own real estate, your property rights typically include surface rights (above the ground) and mineral rights (below the ground). A mineral right is the right to extract minerals that lie below the surface of the property. These minerals may include oil, gas, coal and precious metals.

Complete Your Gift in 3 Simple Steps

A gift of mineral rights can typically be accomplished in three easy steps.

1. The owner contacts the WVU Foundation to provide information about the gift including location, type, and value. The WVU Foundation will then perform its due diligence to confirm that we can accept the gift.
2. If the WVU Foundation Board of Directors accepts the gift, the owner signs a deed or other appropriate conveyance and delivers it to the Foundation.
3. The WVU Foundation records the deed with the recorder’s office in the county and state in which the land is located.

A gift of mineral rights requires careful planning because tax benefits vary depending on the type of interest owned and the donor. The tax treatment of gifts of mineral rights depends, for example, on whether you own the land and mineral rights, you own only the mineral rights, or you own mineral rights royalties.

Consult your professional legal and tax advisors before making your gift of mineral rights to determine the most effective way to manage your taxes and support WVU.