Ways to Give
One of the most appealing advantages for donors who give through the Atchison Area Community Foundation is flexibility. To this end, we offer our donors a variety of tax-effective ways to make gifts and achieve their charitable goals.
Cash
Cash is the easiest way to contribute to the foundation and will qualify for the maximum allowable income tax deductions.
Marketable or Closely-Held Securities
Appreciated stocks and bonds may be given to the foundation allowing the donor to deduct their current market value as a charitable contribution and avoid capital gains tax on the appreciation. Transfers may be made by contacting our office.
Real Estate
May be given to the foundation at its current market value allowing the donor to receive a full charitable deduction and avoid capital gains taxes.
Life Insurance
Life insurance can be used to create a major gift for the foundation in one of two ways. First, the donor can transfer ownership of a policy to the foundation and receive a current income tax deduction in the year the transfer is made. Second, the donor, while retaining ownership of the policy, can simply name the foundation as beneficiary of the policy effective upon his or her death. At that time, his or her estate will receive a tax deduction.
Retirement Plans
Donors can use an IRA or other retirement assets such as a 401(k), Keogh, or 403(b) to establish a new fund or contribute to an existing one.
Bequests
Bequests to the foundation allow a donor's charitable intentions to be carried out in perpetuity and can significantly reduce the taxes otherwise payable on his or her estate. This ensures that the donor provides a lasting legacy for the causes he or she cares about most.
Transfers from an Existing Private Foundation
Administering a private foundation under IRS rules can be burdensome and expensive. Transferring the assets of such a foundation to the Atchison Community Foundation offers a cost-effective alternative for administering these funds well into the future.
Retained Income from a Charitable Gift
There are many ways to make a charitable gift and still receive income for life or for a specified time. Through these methods donors can retain income for themselves and their spouse while obtaining deductions on current income, estate and gift taxes. The following are two examples:
Charitable Gift Annuities: The foundation offers competitive yields to individuals who make current gifts but retain a lifetime income. A portion of these gifts may be tax-deductable, and income is guaranteed.
Charitable Remainder Trusts: This type of deferred gift can be created so that the donor or other beneficiary receives a lifetime income. At the death of the income beneficiary, the remainder of the trust passes to the foundation to accomplish the charitable purposes specified by the donor. These trusts provide a current income tax deduction if irrevocable or, if revocable, an estate tax deduction upon the donor's death.
Charitable Lead Trusts: This type of giving provides income to a fund at the foundation for such charitable purposes as the donor has specified. Then after a set number of years, the remaining principal of the trust and any accumulated appreciation is distributed to children, grandchildren, or other named beneficiaries, often with significant estate tax saving.
Gift of Grain
Donating a gift of grain to the community foundation is a simple way to make a lasting difference. The value of the grain can be used to start an endowed fund in the name of your family, for a specific nonprofit organization important to you or support the overall charitable causes in the area. No matter what type of endowment fund you choose to establish or support, you can be sure that your gift of grain is growing the future of the local area. Learn More