Current Giving for Professional Advisors
Cash
Cash usually in the form of a check, is the most common form for charitable gifts. Cash gifts enable your clients to claim a current income tax deduction of up to fifty percent of their adjusted gross income in the year of the gift, with a five-year carry-forward if needed. Actual savings from gifts of cash depend on tax brackets – the higher the tax bracket, the lower the cost of the gift. Checks should be made payable to The Columbus Foundation with the name of the specific fund in the memo line of their check.
Credit Card Gifts
Your clients may also give online to any of our existing funds via credit card. We offer your clients a chance to make a credit card gift to nonprofits in the community through our online database called PowerPhilanthropy.
Securities
A gift of appreciated securities (such as stock, bonds, and mutual funds) can also be used to establish or add to a fund. Appreciated securities held long term often provide important tax advantages, as their full market value is generally deductible as a charitable contribution up to thirty percent of the donor's adjusted gross income. Like gifts of cash, deduction amounts that exceed the limit can be carried forward for up to five additional years.
When making a gift with appreciated securities, your client can avoid a capital gains tax on the appreciated portion of the gift. Many donors find that they're able to make a larger gift by using appreciated securities instead of cash.
Real Estate
Gifts of real estate include a gift of a house or other personal residence, farm, commercial buildings, and income producing or non-income producing land. The Foundation accepts most unencumbered real property, which can allow your client to contribute more than they may have thought possible. When gifting real property, your client can avoid capital gains on the sale of the property, and can take a charitable tax deduction for the fair market value of the real property. Long-term capital gain property is deductible at its fair market value up to thirty percent of adjusted gross income.
Mutual Funds
Mutual funds can also be contributed outright to the Foundation to establish a fund. Donors generally receive a deduction based on the value of the mutual fund at its public redemption price. Completing the gift transaction may take two to six weeks. However, in some cases, electronic transfers via wire to a broker are possible, and may be completed within a few days. The Donor Services and Development department would be happy to assist your client in making any mutual fund gifts.
Closely Held Stock/Partnership Interests
Closely held stocks are shares in a privately-owned business. The shares are usually owned by family members, top management, and the corporation itself. The stock can be contributed outright to a public charity, and your client is generally entitled to a deduction for the appraised fair market value, up to 30 percent of the donor's adjusted gross income. That deduction is for the full value of the stock up to 30 percent of the donor's adjusted gross income. If the claimed value exceeds $10,000 a "qualified appraisal" is required. The Foundation can sell the stock to any potential buyers and is not legally bound to sell the donated shares. Special rules apply to shares of sub-chapter S corporation stock.
Tangible Personal Property
Gifts of tangible personal property such as jewelry, artwork, collectibles, antiques, vehicles, and boats may be donated to the Foundation to establish a fund. This
type of gift must be evaluated individually by the Foundation for suitability before being accepted. Please choose a key word to link this to or revise if necessary.
IRA Assets
For a limited time, Donors over 70 ½ years of age can make a gift of up to $100,000 by transferring Individual Retirement Account (IRA) assets to The Columbus Foundation. When making a gift with
IRA Assets, your client would incur no federal income tax and the asset is no longer part of their estate for tax purposes. Many
donors have taken advantage of the
IRA Rollover in order to give during their lifetime as opposed to giving at death.
The Donor Services and Development department would be happy to assist your client in making any of these current giving options.
If you have any questions, contact a member of our Donor Services team at 614/251-4000 or by e-mail. We'll respond to you within the next business day.