Creating A Legacy Together!
Making a charitable gift to the Legacy Campaign for Athens Technical College is an important and very personal decision. The satisfaction of giving comes in knowing that you are investing in the lives of individuals, business, and organizations that benefit each day from the College's excellent educational opportunities, training programs, and services.
Only you can decide when and how to contribute to the campaign. The following information may be helful as you consider the various ways to support the campaign and to benefit from the tax advantages associated with certain types of charitable gifts.
Make a Gift Now
Gifts of Cash
The advantage of cash gifts is that your actual out-of-pocket cost is less than the dollar amount of the gift because of the allowable income tax deduction. You can deduct up to 50 percent of your adjusted gross income in the year you make a contribution. Any excess contributions above this percentage may be deducted over a five-year period. Actual savings from the tax deduction on your gift will vary due to your tax rate and other factors. Generally, the higher your tax rate, the greater your savings.
Employers Matching Gifts
You can double, triple or even quadruple your gift through your employer's matching gift program. In many cases, all you need to do is complete a form furnished by your employer and forward it to the Athens Technical College Foundation Office. Check with your Human Resources Office for more information.
Gifts of Property
Your gifts of non-cash property such as securities or real estate may provide an ideal way for you to make a contribution. These gifts may be more advantageous than outright cash gifts because you can make a larger gift at less cost.
Examples of these are:
- Property that has increased in value
- Property that has increased in value and has been held long enough to qualify as long-term property may be beneficial to give. This type of gift entitles you to two benefits: first, you avoid paying capital gains; and second, in most cases you receive a deduction for the full value of the gift.
- Property that has decreased in value
- If you have property that has decreased in value at the time you are ready to make your gift, you should consider selling that property first and then contributing the proceeds to the Athens Technical College Foundation, Inc. This allows you to receive the deduction for both the capital loss and the charitable gift.
Arrange to Make a Gift Later
The types of gifts we've just explained are examples of contributions which can be made now. Another option, a deferred gift, will benefit Athens Technical College in future years. These are investments that will make a positive difference in the future of Athens Technical College.
One way to make a deferred gift is to include specific language in your will naming the Athens Technical College Foundation, Inc. as the recipient of your planned gift. Your will can include gifts in the following forms:
- Cash, securities, and personal property;
- A percentage of your estate; and/or
- The residue of your estate-property remaining after other bequests have been fulfilled.
Your estate is allowed an unlimited deduction of cash and other property that you leave to the Foundation. Please contact your tax consultant or attorney to help you plan the type of bequest which best suits your needs.
Gift of Life Insurance
Life insurance provides an effective way to benefit Athens Technical College for several reasons:
- Your gift of life insurance will provide the Athens Technical College Foundation, Inc. with a substantial deferred gift while you pay relatively modest premium payments.
- This type of gift will not be delayed during the administrative process of your estate, and proceeds for the policy can be paid promptly to the Foundation.
- A gift of a fully paid or partially paid insurance policy may be advantageous if your family responsibilities are no longer as substantial as they were in the past.
Please ask your life insurance agent for further details on the numerous types of insurance gifts you can make.
You may name the Athens Technical College Foundation, Inc. as beneficiary of a portion of your retirement funds. If you wish to make this type of gift, please contact the administrator of your Individual Retirement Account, profit sharing account, or other retirement plan.
In some instances, you can designate a specified amount of money in a qualifying trust which will provide income to you (and your spouse) for life; thereafter, the principal will be paid to the Athens Technical College Foundation, Inc. upon your death or upon a specified date. These trusts, which are generally described as charitable remainder trusts, assure you income while providing an immediate charitable deduction for the remainder of the interest which will ultimately be paid to the Athens Technical College Foundation. For additional information concerning such a trust, it is advised that you contact your attorney, CPA, or tax advisor.
The information provided on this page is not offered as legal advice. Please contact your tax attorney and tax accountant for legal advice.
A charitable gift to the Athens Tech Foundation will provide you with the satisfaction of knowing that your contribution will go to work for many students. Beyond the usefulness of the gift itself, you will receive tax benefits for your donation. Your gift should be made on or before December 31 of the year in which you wish to receive the charitable income tax deduction.
Your gift will be used specifically for the purpose(s) it is given and treated with the utmost care and confidentiality per your instructions.
A corporation is permitted to make and deduct philanthropic investments of up to 10 percent of its taxable income. As with individuals, a corporation may carry over excess charitable contribution to the next five years.
You must obtain an appraisal, at your expense, for any non-cash contribution which exceeds $5,000. The appraisal summary section of IRS Form 8283 must be completed and attached to the income tax return on which the deduction is claimed. No appraisal is required for a gift of publicly traded securities for which market quotations are readily available on an established securities market.
All gifts are tax deductible to the extent provided by the law. Ten percent of all donations to the Athens Tech Foundation will be used to offset operational expenses.