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Types of Gifts
There are
several types of charitable gifts that may be given at any time.
The Foundation is happy to discuss your personal giving options
and answer any questions you may have about giving.
1. Cash: Cash contributions can be in the form of
U.S. currency, money orders and checks. All are deductible as an
itemized deduction in the year you make the donation, up to a
total of 50% of your adjusted gross income. Excess
charitahle deductions can be carried forward for up to five additional
years. Checks should be made payable to: Boone County
Community Foundation.
2. Securities:
The best stocks to donate are those that have increased greatly
in value, particularly those producing a low yield. In order to
preserve advantages, it is critical that you transfer the physical
securities to us rather than the proceeds from a sale. If you
have appreciated securities,
ones that have a current market value higher than the purchase
price and have been owned for more than one year, you pay no capital
gains tax on the transaction and are entitled to a charitable eduction
for the full market price. Depreciated securities
should not be be contributed as stock; sell it to realize the loss for
tax purposes and then contribute the cash for a charitable deduction.
3. Life Insurance: You
can contribute a life insurance policy to us by naming us as either the
owner of the policy or simply as the beneficiary. If you continue
to pay premiums on a policy we own, you can deduct the payments, as
well.
4. Bequests:
A bequest through a will or trust is a popular option that can
provide estate tax sacings now for a gift you will make later.
This is a simple form of giving that often allows you to make a
larger donation than you would during your lifetime.
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