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 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.

 

"In many instances, a donor may deduct a larger gift (as a percentage of the donor's adjusted gross income") when contributing to a community foundation, compared to contributing to a private foundation.

 

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 tax situation. The Racine Community Foundation can work with you and your accountant, attorney, financial planner or insurance agent to make a planned gifts such as Charitable Remainder Trusts, Charitable Lead Trusts and Life Estate gifts that will benefit you, your heirs and the Racine County. For more information, please call (262) 632-8474.