Gifts of cash provide you with the maximum allowable charitable deduction – more than gifts made using assets other than cash. The IRS allows you to claim a charitable deduction for gifts of cash up to 50% of your adjusted gross income each year.
Gifts made using checks and credit cards are considered gifts of cash and receive the same tax benefit.
Any excess deduction can be carried forward for up to 5 additional tax years if needed.
By using an asset other than cash to make a gift, you can double your benefit.
Avoid or delay capital gains if the asset has appreciated.
Receive a deduction for the full value up to 30% of adjusted gross income. Any excess deduction can be carried forward for up to 5 additional tax years if needed.
Did you know you could set aside a portion of your estate for charity while leaving the bulk to heirs? Many people decide to leave a percentage of their estate (such as 10%) to charity and the rest to family.
Or, you can provide for family and friends first, then leave the rest of your estate -- known as the "residue" -- to charity. Either of these methods can be established through a bequest in your will or living trust.
You place assets in trust for a number of years. You select the time frame.
During that period, we receive income from the trust. You select the payout percentage. You receive a gift tax deduction (note: you may owe gift taxes).
At the end of the trust, your named heirs receive the trust assets.
No additional gift or estate taxes are due when your heirs receive the trust assets. The value of the assets were “frozen” when they were originally transferred into the trust.
This arrangement may be right for you if:
You would like to pass assets to heirs in a tax-efficient manner.
The assets in question are expected to appreciate substantially over time.
Did you know you could set aside a portion of your estate for charity while leaving the bulk to heirs? Many people decide to leave a percentage of their estate (such as 10%) to charity and the rest to family.
Or, you can provide for family and friends first, then leave the rest of your estate -- known as the "residue" -- to charity. Either of these methods can be established through a bequest in your will or living trust.
Did you know giving stock can be more beneficial than giving cash?
Is this gift right for you?
A gift of appreciated securities is for you if …
You're holding stocks, bonds or mutual fund shares that have increased in value.
You want to make a gift that doesn't affect your liquidity or cash flow.
You want to make an outright gift, or fund a gift that will first return lifetime payments to you and/or another beneficiary.
You want to diversify your assets to increase your income without having to pay the capital gains taxes that would result from a sale.
A $5,000 cash gift and a gift of $5,000 in appreciated securities both generate the same charitable deduction.
But if you use publicly-traded stocks, bonds or mutual fund shares that you have held for a year or longer to make your gift, you will receive an additional tax benefit: the IRS allows you to make your transfer to Fordham without recognizing capital gains on the appreciation. You can thus leverage a larger donation than you could make with cash—and receive a larger tax benefit—by "buying low and giving high."
Your gift of stock is valued, for tax purposes, at the mean of the high and low on the date of transfer. Mutual funds are valued at the "net asset value."
If you and your advisers are transferring assets at the end of the year, it is especially important to note the following:
For stocks transferred through the U.S. Postal Service, the gift date will be the postmark date. (Stock certificates should be sent unsigned to Fordham with an executed stock power mailed under separate cover on the same day.)
Gifts delivered by UPS, FedEx, or any other delivery company are credited, by law, on the day received by Fordham.
Important Tip: Don't sell the stock first. Even though you may give us the proceeds as a gift, the IRS will impose capital gains tax on your sale, wiping out the benefits of this arrangement.
Stock transfer instructions Click here to download stock transfer instructions for Fordham University.
Please contact us so that we can assist you through every step of the process.
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