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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) One of the primary functions of The Union County Foundation is to promote and facilitate charitable giving in Union County. Currently the Foundation houses twenty seven different “Funds” supporting causes such as high school scholarships, Foster Children, a database of local veterans, local churches, and the list goes on and on. Virtually any Union County charitable cause you choose to support, now or in the future, can be facilitated through the Union County Foundation. The Union County Foundation is uniquely structured to receive many different forms of gifts. While cash is the most popular way to make a charitable gift often times donors overlook the ease and benefit of donating non-cash assets such as real estate, appreciated stocks, personal property, and insurance policies. The tax savings generated by gifting non-cash assets can be substantial and worthy of consideration. For example if you would donate stock that originally cost you $500 and now is worth $1500 you would be allowed a $1500 charitable tax deduction plus avoid paying capital gains tax on the $1,000 of appreciation. Gifting appreciated property would also allow the donor to avoid capital gains taxes within certain limitations. As our life circumstances change over time we sometimes find ourselves holding life insurance policies that are no longer needed. Why not consider gifting these policies to charity through The Union County Foundation? This can be accomplished by simply naming the Foundation as the “owner and beneficiary” If the policy is “paid up” your charitable deduction is generally the replacement value or the cost basis of the policy. If premiums are still being paid on the policy they will also qualify as charitable deductions. Gifts of tangible personal property such as fine art, jewelry, rare books, stamp collections, coin collections, or collectables are often suitable for donation. The tax deductibility of such items is based on the value established by professional appraisal. To encourage charitable giving, our federal tax code allows a charitable deduction for your donations. In 2003 a couple filing jointly and having adjusted gross income of at least $47,450 will qualify for at least a 27% federal tax deduction. This means that for every $100 of valuation donated your net federal taxes are reduced by $27. This tax savings results in your $100 donation costing you $73 or less after taxes. If you have additional questions on these gifting methods or other charitable giving topics please call us at 642-9618, email us at commfounduc@imetweb.net, or stop by our Marysville office at 126 N. Main St. We hope to encourage and help you.... “preserve your footprint in time.” |
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