A gift of cash is deductible in the year the gift is made, limited to 50% of your adjusted gross income. Excess amounts can be carried forward for five years.
Extending payment over a period of three years may enable you to make a more substantial contribution, and to design a plan that best fits your needs. We ask that you consider a 10% initial gift. Gifts of over $10,000 may be spread out over a fourth or fifth year. Pledge contributions are deductible when paid.
When you contribute stocks, bonds, or other securities, you are allowed a charitable deduction based on whether the securities qualify as long-term or short-term capital gain property. For long-term securities, the deduction would be the fair market value on the date of the gift, limited to 30% of your adjusted gross income in that year. Any excess can be carried forward for five tax years. For short-term securities, the deduction would be the tax basis or cost, limited to 50% of your adjusted gross income. In addition, the School can accept direct transfer of securities into its brokerage account (preferred) or properly endorsed certificates.
A charitable deduction may be available for the fair market value of in-kind gifts of goods or services used in the capital project.
Gifts of appreciated real estate that qualify as long-term capital gain property, may provide a charitable deduction for the full market value of the property, limited to 30% if your adjusted gross income, with any excess carried forward for up to five tax years. For short-lived capital gain property, the deduction is limited to the property's tax basis or cost. An appraisal and Phase I Environmental Study will be required.
This type of trust enables you to continue to receive income from property that you fund as a charitable gift. Property may include cash, securities, or other property. You will receive regular income payments for a term of years, or for life, with the remainder interest paid to the school at the end of the term or at your death. You will receive an immediate charitable tax deduction equal to the present value of the remainder interest.
You will receive as income a fixed percentage of the fair market value of the trust assets, calculated on an annual basis, for life or for a fixed term up to 20 years. Additional contributions may be made after the trust is established.
You will receive as income a fixed percentage of the initial contribution of the trust assets for life or for a fixed term up to 20 years.
This type of trust allows you to save taxes, and benefits both your family and the school. An income interest in the trust is paid to the school for a specified number of years, after which the remainder interest reverts to a non-charitable beneficiary designated by you. Substantial estate tax savings may result.
You may give your personal residence or farmland to the school, yet retain lifetime use of the property for yourself and your spouse. This is an irrevocable gift, and results in immediate charitable deduction equal to the fair market value of the school's remainder interest, subject to a 30% limit.
You may include a provision in your will leaving a gift to the school. This is one of the most common forms of deferred giving, and will result in a charitable deduction for your estate equal to the fair market value of the gift at the time of your death. If you are considering a bequest in your will, you should discuss with your professional financial advisor the comparative advantages of the charitable trust options discussed above.
The gift of a life insurance policy can also be a means of obtaining tax benefits, and leveraging your gift dollars to benefit the school. The irrevocable gift of an existing policy results in an immediate income tax deduction for the fair market value of the policy. The payment of additional premiums after the transfer would yield additional deductions. When a new policy is obtained, the deduction would be for the premiums as they are paid each year. In this case, the school would be the owner and the beneficiary of the policy.
Many corporations and businesses will match charitable contributions made to a non-profit charitable trust or organization. Please consult with your employer to see if such a policy exists.
Many businesses such as Tom Thumb, Office Depot, and Walmart donate a percentage of your individual customers' purchases to a designated charity. Customers need only designate our school as their charity and we will receive rewards based on your purchases. We are working to set the school up with these companies and will post a list of businesses on this web site, which will offer this program.
