Assets You Can Gift
There are a numerous assets that you can use to open a fund at The Community Foundation of Elmira-Corning and the Finger Lakes. Talk to us about the possibilities.
Cash
Cash, usually in the form of a check, is an easy and convenient way for you to support worthy causes in the community. Gifts of cash enable you as a donor to claim a current tax deduction of up to 50% of your adjusted gross income in any one year when you itemize deductions, with the excess, if any, carried forward for an additional five years. Actual savings from gifts of cash depend on your tax bracket - the higher the tax bracket, the higher the deduction.
Securities
Gifts of appreciated securities offer important tax advantages.
After The Community Foundation liquidates the securities, the full value of the gift is available to support your charitable goals. For more information on various securities and how to give them, click on the appropriate link below.
Publicly traded stock or bonds (paper or electronic)
Closely held stock
Restricted stock
Mutual funds
Closely Held Stock
As an owner of a closely held or family business, you may be considering a family foundation, but have discovered that there are restrictions applying to private foundations and closely held business interests. A partnership with The Community Foundation is a cost-effective way to maximize your philanthropic options while minimizing your tax liability. We can be particularly helpful when you want to pass ownership of your company to family or key employees, but don't want to strain available assets and liquidity; sell your company and plan to minimize estate taxes; get equity out of your company to provide income; or create a family philanthropic program using the assets of your business.
Real Estate
The Community Foundation can accept a gift of a house or other personal residence, farm, commercial buildings, and income-producing or non-income-producing land. A gift of real estate entitle you to the same federal tax advantages as those for gifts of securities. The Community Foundation can accept most unencumbered real property gifts.
Personal Property
The Community Foundation also considers gifts of personal property, such as artwork and jewelry. This type of gift must be discussed individually in advance, so please contact Randi Hewit, president, at (607) 734-6412, or by e-mail.
Retirement Plan Assets
Charitable bequests of IRA assets, either outright to charities or to deferred giving arrangements, qualify for favorable income tax consequences and continue to be an attractive planning strategy.
Please consult your professional advisor.
