 |
Benefits of Giving
What are the benefits of charitable giving? First and foremost, helping others feels good. It’s wonderful to be a part of strengthening your community and enriching the lives of your neighbors. Through the generous gifts of individuals and families, Racine County not-for-profit organizations improve our community each and every day.
Giving has additional benefits, too.
Because the Racine Community Foundation is a public charity rather than a private foundation, gifts made through the Community Foundation offer superior tax benefits. For that reason, gifts made through the Community Foundation are growing in popularity.
Donors can are eligible for a tax deduction in the year the gift is made, to the full extent allowed by law. The type of gifts determines the tax benefits that accompany it.
- Cash gifts—Donors can take a deduction of up to 50% of Adjusted Gross Income. Donations to a private foundation qualify for a deduction of up to 30% of Adjusted Gross Income.
- Long-term Appreciated Assets (e.g.: Stocks or Real Estate)—Donors can take a deduction of up to 30% of Adjusted Gross Income. Donations to a private foundation quality for a deduction of 20% of Adjusted Gross Income.
When made to the Racine Community Foundation, cash gifts and gifts of long-term appreciated assets may be carried forward for five years, if the amount donated exceeds the amount allowed by law in the first year.
Additionally, more complex gifts can be developed to further maximize your clients’ tax situation. The Racine Community Foundation can work with you in developing planned gifts such as Charitable Remainder Trusts, Charitable Lead Trusts and Life Estate gift that will benefit your client and the community. For more information, please call (262) 632-8474.
Related Articles:
|
|
|
|
Confirmed in Compliance with National Standards for U.S. Community Foundations.
