The Community Foundation accepts a variety of outright gifts including cash, securities, real estate and life insurance.
A cash gift is the simplest way to establish a fund or give to an existing fund. Cash gifts are fully deductible up to 50 percent of the donor’s adjusted gross income in any one year. Deduction amounts exceeding this limit may be carried forward for up to five additional years.
Gifts of appreciated securities (stock, bonds and most mutual funds) also provide tax advantages. If your clients have held the securities for one year or longer, the current value generally is tax-deductible up to 30 percent of their adjusted gross income, with a five-year carryover if the gift amount is more than the 30 percent limit.
We can accept a gift of a house or other personal residence, farm, commercial building and income producing or non-income producing land. A gift of real estate your clients have owned for more than a year entitles them to a tax deduction for the fair market value of the property, and they avoid paying capital gains taxes.
When your client names the Community Foundation as the owner and beneficiary of an existing or new life insurance policy, they receive an immediate tax deduction that usually approximates the cash surrender value of the policy. All premium payments made thereafter are deductible as a charitable contribution.