Gifts of any amount make an immediate impact. Your gift can apply to any program. You can claim charitable deductions up to 50 percent of your adjusted gross income for gifts of cash in the year you make the gift. Excess deductions may be carried over for up to five years. You also may qualify for a match which doubles, and sometimes even triples the impact of your gift.
Gifts of stocks, bonds, treasuries, and mutual funds that have increased in value are a win-win opportunity for you thanks to current tax laws. They provide an immediate benefit to our college and an income tax savings for you. You can make a gift with appreciated long-term capital gains property such as securities, get a charitable deduction for the full fair market value (up to 30 percent of your adjusted gross income), and yet pay no capital gains tax on the appreciation. You can even carry excess deductions over an additional five years, as long as the deduction does not exceed the 30 percent ceiling for any one year.
Gifts of property and real estate include homes, cabins, commercial buildings, farm land, and more. Gifts of this nature can be very helpful to the College while providing you with substantial benefits, too. If the value of your property is more than you wish to give (or deduct) in any given year, you may make a gift of only a part of your interest in it. As an example, if you own farm land but do not wish to contribute all of it, you may donate a partial interest. The Foundation reviews each potential gift of real estate before accepting the gift. You can claim charitable deductions up to 30 percent of your adjusted gross income for gifts of appreciated assets in the year you make the gift. Excess deductions may be carried over for up to five years. Charitable deductions may bypass capital gains. You can make a gift with appreciated long-term capital gains property such as real estate, get a charitable deduction for the full fair market value (up to 30 percent of your adjusted gross income), and yet pay no capital gains tax on the appreciation. You may even carry excess deductions over an additional five years, as long as the deduction does not exceed the 30 percent ceiling for any one year.
You can gift art, antiques, rare books and almost anything of value. If you donate these gifts during your lifetime, you may be entitled to a charitable income tax deduction of either your cost basis or the property’s current fair market value. Gifts of personal property are subject to certain conditions that do not apply to gifts of cash, securities, or real estate. For example, for a gift to be deductible at full fair market value, it must be directly related to the mission of the College. Likewise, an artist who wishes to donate one of his/her own works is only able to deduct the cost of materials used to create the work. Gifts valued at more than $5,000 must have a qualified appraisal in order for the donor to obtain a tax deduction. Therefore, before making such a gift, you should first contact a Foundation or the program faculty you wish to benefit to discuss details of use, valuation, and deductibility. For further discussion, please contact the Northwest Technical College Foundation Office.
There are lots of options to give a gift in the future. You can plan gifts such as, bequests, life income gifts, charitable gift annuities, charitable remainder trusts, life insurance or gifting your residence with a life interest. Making bequests allows you to keep your assets during your lifetime. You may specify a college or program that you wish your gift to benefit. You can create special funds in your names, or in memory of loved ones. Charitable bequests are normally deductible in full for estate tax purposes. A provision may be made in your will stating that the Northwest Technical College Foundation, for the benefit of the Foundation, is to receive a specific amount, a percentage, or the remainder of your estate after payment of taxes and expenses.
Life Income Gift
You may wish to make a gift to the College through the Foundation, but feel you cannot afford to give up the income presently being produced by the asset. Our Planned Giving Program offers a number of alternatives for making such a gift while generating lifelong income for you and your spouse.
A Charitable Gift Annuity
This option is one of the easiest and most popular ways to make a charitable gift and receive an annual income. You transfer cash or securities to the College Foundation, which pays a fixed annual amount to one or two named individuals for life. You can fund a gift annuity with a minimum gift. Payments made to you can be received quarterly, semi-annually, or annually. A portion of the income is tax-free and the donor also receives a charitable deduction for part of the gift.
A Charitable Remainder Trust
This trust makes an annual payment to one or more individuals for life or for a term of years. A charitable remainder trust can be funded through the transfer of assets such as cash, stocks, bonds or other property. The annual payment can be a dollar amount or a fixed percentage of the annual value of the trust property. You are allowed an immediate income tax deduction for part of the value of the initial trust property. If that property is appreciated, the trustee can sell it without paying capital gains tax.
Name Northwest Technical College Foundation as owner and beneficiary of an existing policy that may have outlived its original purpose, or a new policy. On a new policy, you would claim donations equivalent to the premium payments as income tax deductions (for those who itemize) each year. For an existing policy, you would claim the cost basis or cash surrender value, whichever is less.
Gift of Residence With a Life Interest
Ownership in a primary residence, a vacation home or a farm may be donated during your lifetime. There are several advantages: you may retain the use of the property for your life and that of a second person, you are allowed an immediate charitable deduction from your income taxes and you remove the asset from your taxable estate.