Donation Information A gift to the GEF is a nice way to honor occasions such as the birthdays or anniversaries of your family and friends; a family might choose to name the GEF for contributions in memory of a family member; or as a special memorial to a friend. All contributions are acknowledged in writing, both to thank the donor and to satisfy the requirements of the IRS for deduction purposes. In addition, for those individuals who make a one-time donation to the Foundation of $1000.00 or more, your name, or the name you designate in memory will be added to the plaque displayed outside the school's main gymnasium which recognizes those who have been especially generous.
Most contributions to the GEF are gifts of cash--checks, money orders, bank drafts or currency. Gifts of cash are still the most popular way to make a charitable contribution. Because of allowable tax deductions, the actual out-of-pocket cost of such gifts is less than the dollar amount of the gifts received.
If you have owned some real estate for more than twelve months, you may give the property to the GEF and deduct the fair market value as a charitable contribution without paying capital gains tax on the appreciation. If the property has decreased in value, it is better to sell the property, take a capital loss, and give the proceeds from the sale.
One of the most advantageous ways of giving to the GEF can be a gift of appreciated securities. Appreciated securities held more than twelve months entitle the donor to a deduction for the fair market value of the securities on the date of contribution to 30 percent of the adjusted gross income with a five year carryover for any excess.
An irrevocable gift of a life insurance policy with the GEF as the named owner and beneficiary of the policy presents a particularly appealing way of making an outright charitable gift. You can also name the foundation as the primary beneficiary of all or part of the death benefit or as a secondary or final beneficiary of your policy.
A lifetime gift with retained income benefits to the donor or other beneficiaries named by the donor is an ideal method of obtaining both an immediate income tax deduction and a later estate tax deduction. The GEF office will be happy to discuss trusts with you should you desire further information.
If you itemize your tax deductions, you can donate a future revolving fund that might not be paid out for quite a few years and still take your deduction in the year of your donation.
A self-employed farmer whose annual income is $57,600 or less (1999) can donate wheat or other farm commodities and forego the payment of the 13.2% self-employed social security and Medicare taxes on the donated quantity. A self-employed farmer who does not itemize income tax deductions can donate a farm commodity and forego payment of federal and state income taxes that would have been due had the commodity been sold and then cash donated. However, the IRS has ruled that the crop you contribute must have been grown in a previous year.
A bequest is an instruction in your will that a certain portion of your estate is given to a named beneficiary. Charitable bequests to the GEF allow you to extend your support beyond your lifetime. A donor has an option of several types of bequests. A gift through a will is the most common deferred gift. It can be a means of providing a meaningful gift to the GEF without the diminishing of assets during a donor's lifetime and can be restricted to a specific purpose at the school.