Year End 

     Questions & Answer

What gift records should I keep?

It is important to keep all records and receipts.  The IRS holds you personally responsible for obtaining a written acknowledgement from a charitable organization for any single contribution of $250 or more before you can claim a deduction on your federal income tax return.  The receipt from the organization should provide good faith estimate of the value of any goods or services you received.

Will I get a higher deduction if I give cash versus stock?

Your stock may be worth more than what you paid for it.  If you have held the stock for more than 12 months. You can deduct the full fair market value of the stock at the time of your gift, no matter how much you paid for it.  For example, if you donate securities valued at $50,000 that you purchased a few years ago for $8.000.  Your deduction will be the full $50,000 value.

Can I take the full deduction in the year I make the gifts?

It depends on the type of gift and the amount of your adjusted gross income (AGI).  You are allowed to carry over any "excess" deduction for five ensuing years.

We have many ways to give to our programs.  These methods of philanthropy include cash donations, gifts of appreciated stocks, life insurance, gifts in honor or in memory of a loved one, and a variety of estate planning gifts through bequests.

Contact our Financial Department about Estate Planning, Trusts, Wills, In-kind Gifts & Donations.   

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The information on this site is not intended as legal, tax or investment advice.  For such advice, please consult an attorney or investment professional.