Making a gift to Wayne State Foundation is the best way to support Wayne State College’s mission and help provide affordable education to our students. There are many different options available when making a charitable gift to Wayne State Foundation. With careful planning, you can maximize your gift by taking advantage of tax savings.
Make a Charitable Gift in 2013 with your I.R.A.
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law, extending the provision until December 31, 2013. Learn More
Gifts of Cash
The easiest way to give is with cash. Your cash gift is eligible for a tax deduction up to 50% of your adjusted gross income during the same year. Any excess amount is eligible for tax deductions during the next 5 years. For your convenience, you may make a cash contribution online on the Foundation’s secure online gift page.
Gifts of Securities
A gift of appreciated stock can provide substantial support for Wayne State College. When you make a gift of highly appreciated long term stock, the full market value is deductible up to 30% of your adjusted gross income. You will also avoid paying any capital gains tax. Any excess amount is eligible for tax deductions during the next 5 years.
Gifts of Life Insurance
A life insurance policy may offer a simple way for you to support Wayne State Foundation, especially if your family no longer needs the insurance for financial security. You can transfer a paid up policy to Wayne State Foundation and be eligible for a tax deduction equal to the lesser of the cash value or the total premiums paid. Or, you can open a new policy and name Wayne State Foundation as the irrevocable beneficiary and owner. Since the Foundation is the owner, your premium payments are tax deductible and the policy’s value is removed from your taxable estate.
Gifts of Real Estate
If you own property that is fully paid off and has appreciated in value, gifting it to the Wayne State Foundation may be a taxwise way to make a gift. You can deduct the full market value of the gift (up to 30% of your adjusted gross income) and avoid paying capital gains tax while at the same time accomplishing your philanthropic objectives for providing for Wayne State College. Any excess contribution is eligible for tax deductions during the next 5 years.
Gifts of Closely Held Securities
Securities in a company that is not publicly traded are known as closely held securities. When a donor makes a gift of these securities to Wayne State Foundation, the donor may enjoy tax savings and can even increase income from the donated stock. This type of gift is often followed by a sale of stock back to your company which allows you to maintain 100% of the company stock.
Gifts of Retirement Plan Assets
By gifting assets from your retirement funds, you can prevent large estate taxes and preserve more of your estate for the people and organizations that are important to you.
Currently, legislation is being considered that will allow donors to transfer funds from retirement plans during their lifetime directly to qualified charities and avoid taxation.
You may wish to give Wayne State Foundation a personal possession of special interest. The Foundation receives a wide variety of such gifts, including rare books and manuscripts, works of art, equipment and other items. To determine our interest in the object you would like to give, please contact our office.
This information is presented for illustrative purposes only and should not be relied upon as tax advice. Donors should consult their professional advisors.