Not sure it's a good comparison to be honest, but I get what you are saying. It wouldn't be in the NPT's best interests to be going against the donors wishes.
Some info from the NPT:
"If you are contributing thinly-traded stock or restrictedsecurities,
NPT must approve any proposed liquidation schedule."
"Once a contribution is accepted,
NPT assets are liquidated in a reasonable time period. Certain assets, such as
publicly-traded stock, may be liquidated immediately while other contributions will be liquidated as soon as practical. The net proceeds of all liquidated contributionsare reflected in the asset value of your DAF. DAF assets areintended for charitable purposes only."
"Common Tax Deductions
Publicly-Traded Securities:
Your deduction is the fair market value of the securities, provided that they are heldlonger than one year. NPT calculates the fair market valueof publicly-traded securities as the mean of the high andlow price
reported on the date of contribution, if available.Alternative valuation methods are used for securities withno trading activity on the contribution date"
"Appreciated Securities:
For securities held longer thanone year, you may
deduct the full fair market value of a charitable gift up to 30% of your adjusted gross income (AGI)."
"Carry Forward Deductions:
If you cannot use the fulldeduction in the year you make a contribution, you maybe able to
“carry forward” any
excess tax deduction for upto
five additional years"
"Contributions are Irrevocable
Once NPT approves and accepts your contribution, it isirrevocable.
NPT retains exclusive legal control over thecontributed asset and you may not impose any materialrestriction or condition on the gift."
"Tax Treatment of Income onDonor-Advised Funds
The assets in a DAF at NPT may accrue income frominvestment growth, dividends or capital gains.
The income accrued is part of the DAF and therefore cannot be taxed except in limited circumstances involving particular assetssuch as S-Corporation stock or leveraged property.
Further, any income earned in DAF cannot be claimed as an additional charitable tax deduction. Income or loss in yourDAF will be reflected in its asset value and shown in yourNPT DAF statements.
"Donor Recognition or Anonymity
NPT will not release your name or contact information toany recipient charity without your prior consent. Whenyou make a grant from your DAF, you can decide to berecognized in any of the following ways:
• By DAF name only
• In honor or memory of someone
•
Anonymously"
"Investment Allocation
SecuritiesYour DAF will be credited with the
number of units equal in value to the net proceeds from the sale of the securities that you contributed. Units will be credited to your DAF whenthe sale of those securities are settled."
Some good reading in there and could be a whole bunch of reasons why they've done it and there seems to be some pro's and con's, depending on the main goal is I suspect. There's clearly not much transparency around the distribution of charitable funds, which has led to NPT's becoming increasingly popular - so fair chance this could be one reason, but how does one shift future billions (allegedly) through a non-profit charity? Unless they are genuinely giving most of there investment away for good cause? it's possible, but unlikely imo. Tax obviously being another reason, but they are limited to the value at the time of donation.
I still don't understand why they have donated 99% of there original holding, and I think it's a very valid discussion point for BBX. I wonder what liquidation schedule they have agreed upon? NPT doesn't appear to be a holding trust in the sense of a family/discretionary trust. They liquidate and then invest into their modeled portfolio's. It's potentially an area of concern for shareholders imo.
https://www.nptrust.org/wp-content/uploads/2018/10/Donor_Guide__NPT_.pdf
