Greater Toledo Community Foundation offers many Vehicles for Giving.
There are numerous ways, during your lifetime or through a planned gift, to make a donation to the Foundation. Click here to view Full Discussion of Gift Options.
Donate Online. If you would like to donate, click here.
A cash gift is tax deductible as provided under current law.
Donations of appreciated publicly-traded securities are accepted. This type of gift avoids capital gains tax and allows the maximum tax deduction for the full market value of the gift. The Foundation also accepts closely-held stock and limited partnership interests.
A bequest in your will is a simple way to leave a lasting legacy.
A life insurance policy can be changed to designate the Foundation as the owner and/or beneficiary of a policy.
Retirement fund accounts are often one’s largest asset. You can give all or part of these assets to the Foundation, both during your lifetime and/or at your death.
Real estate (land, primary residences, vacation homes, farm land, etc.) can be donated to the Foundation and deducted at full fair market value, up to 30 percent of one’s adjusted gross income. The Foundation sells the real estate and the net proceeds capitalize a new fund or are added to an existing fund. Similarly, tangible personal property can be donated to the Foundation, which is also then sold.
A Charitable Remainder Trust allows you (or other named beneficiaries) to receive lifetime income. Upon your death the remaining principal creates a fund at the Foundation. You receive an immediate charitable deduction for a portion of the gift and avoid capital gains tax.
A Charitable Lead Trust creates income for the Foundation for a specified period, after which the remaining principal is distributed to named beneficiaries. Gift and estate taxes are reduced with this type of gift.
Immediate and Maximum
Your client’s contributions are tax deductible in the year they are made. Because the Foundation is a public charity, contributions qualify for the maximum deductibility for income, gift and estate tax purposes.
Save Twice by Gifting Appreciated Property
By using appreciated property (i.e. securities or real estate) to make your gifts, your clients avoid capital gains tax and typically qualify for an income tax deduction.
Your deduction is for the amount of your cash contribution, up to 50% of your adjusted gross income (AGI) in the tax year in which you make the contribution. Deductions may be subject to certain other limitations based on income.
For publicly-traded securities held for more than one year, your deduction is the mean of the high and low prices reported on the date you make the contribution.
For mutual fund shares held for more than one year, your deduction is the closing price on the date you make the contribution.
For securities or mutual fund shares held for one year or less, your deduction is the lesser of your cost basis or fair market value. Deductions for contributions of appreciated securities held for more than one year are limited to 30% of AGI. You may carry forward and deduct any excess amount in the five-year period after the year you make your contribution. You may minimize or altogether avoid capital gains tax by establishing a Fund.
Private Securities, Real Property and Business Interests
Your deduction is the fair market value on the date you make the contribution if interests are held for more than one year. Your deduction is the lesser of your cost basis or fair market value for assets held a year or less. The IRS requires you to provide an appraisal for any contributed property for which you will claim a deduction of more than $5,000.
Estate Planning and Taxes
Contributions and any earnings to your Fund are not part of your taxable estate and are not subject to probate. You should not include amounts contributed to your Fund in your gift and estate tax unified credit calculation.
Tax Treatment of Gift Fund Investment Earnings and Distributions
Income and capital gains are credited to your Fund and not to you personally. Investment earnings will be reflected in the market value of your Fund. You receive a charitable deduction at the time you make a contribution, but cannot continue receiving deductions for ongoing grant distributions from your Fund. Amounts distributed may include appreciation since the date of your gift.
Click here to view How to Create a Fund at Greater Toledo Community Foundation.