Where To Direct the Gift
The Danville Area Community College Foundation is the official recipient for all gifts to the Endless Possibilities: Student and Workforce Success Campaign. Checks should be made out to the Danville Area Community College Foundation. Please note that 100% of each donor gift will be used as directed.
Your gift will be used specifically for the purpose(s) it was given and treated with anonymity if that is your wish.
All gifts qualify for appropriate levels of recognition from the Campaign. For additional information on naming and recognition opportunities please contact the Danville Area Community College Foundation.
Consult Your Legal and Tax Advisors
Please note that the Danville Area Community College Foundation does not dispense legal or tax advice. The information provided here is generalized and listed to illustrate various means to making a gift to the Endless Possibilities: Student and Workforce Success Campaign while accommodating your personal objectives. It is recommended that legal questions be taken to an attorney and tax questions to an attorney, certified public accountant or other qualified financial consultant.
Cash or Pledge
Cash and pledge contributions are tax deductible as an itemized deduction in the year you make the donation up to a total of 50 percent of your adjusted gross income. Any excess over 50 percent can be deducted over the next 5 years. Pledges cannot be claimed until the gift is made.
Many employers match employee’s or employee spouse’s charitable donations. If your gift is eligible for matching please include the appropriate, completed submission form.
Naming the Danville Area Community College Foundation as a beneficiary of a portion of your retirement funds is another option. Be sure to contact the administrator or person in charge of your IRA, profit sharing account, or other retirement plan to list the Danville Area Community College Foundation.
Stocks and Bonds
If you donate stock that has risen in value and that you’ve held for more than 1 year, you pay no capital gains tax on the transaction and are entitled to a charitable deduction for the full fair market value of the stock. Your income tax deduction is limited to 30 percent of your adjusted gross income. Any excess can be carried forward for 5 additional years.
If you have stock losses, generally, you should not contribute the stock, but rather sell the stock yourself to realize the loss for tax purposes. You can then contribute the cash and take a charitable deduction. Be sure to work closely with your accountant, attorney, and foundation director to complete proper documentation.
Works of art, books, equipment, etc., are considered gifts of personal property. Your deduction will depend on the appraised value and if the college wishes to/can accept the proposed gift.
You can make a substantial gift with modest premium payments or paid-up policies that are no longer needed for family members. Talk with your insurance professional to discuss the types of insurance gifts that make sense for you. Naming the Danville Area Community College Foundation as a beneficiary of a portion of your life insurance is another option. Be sure to contact the administrator or person in charge of your policy to include the Danville Area Community College Foundation, Inc.
If you own property that is not subject to a mortgage and has appreciated in value, a charitable gift may be an attractive option. You can claim an income tax deduction based upon the fair market value of the property, avoid all capital gains taxes, and remove that asset from your taxable estate. We prefer that you contact us during the early stages of your planning so we can jointly decide the best use of the property by the foundation.
Your Will can include gifts in the form of:
• Cash, stocks, bonds, real estate, or personal property
• A specified percentage of your estate
• The balance of your estate after designations have been made for family members
Be sure to work closely with your attorney and foundation director if you want the Danville Area Community College Foundation to be the recipient of a future gift.
Charitable Gift Annuities
You give the DACC Foundation a gift of money, stocks, bonds, or other liquid assets and the foundation will pay you or a beneficiary a fixed amount on a regular basis until death. A large part of this income is tax-free, and you also receive a charitable deduction for part of the gift. Be sure to work closely with your accountant, attorney, and DACC Foundation Executive Director to complete proper documentation.
Charitable Remainder Trust
By transferring assets to the DACC Foundation to establish a trust, you or a beneficiary, receive a lifetime income. Eventually, the remaining assets of the trust pass on to the DACC Foundation. This gift works well if you need income now. Be sure to work closely with your accountant, attorney, and the DACC Foundation Executive Director to complete proper documentation.
Charitable Lead Trust
You may transfer assets to a trust for a fixed number of years. The interest earned will go to the DACC Foundation and later the principal will go back to you or your beneficiaries. Be sure to work closely with your attorney and the DACC Foundation Executive Director if you want the DACC Foundation to be the recipient of a future gift. Be sure to work closely with your accountant, attorney, and the DACC Foundation Executive Director to complete proper documentation.
Retained Life Estate
If you deed a house or seasonal home to the DACC Foundation you and/or your spouse retain the right to live in the house for the remainder of your life. You receive an immediate income tax deduction for the gift. The DACC Foundation will most likely sell the property when you, or your spouse, no longer needs it. Be sure to work closely with your real-estate advisor, accountant, attorney, and DACC Foundation Executive Director if you want the Danville Area Community College Foundation to be the recipient of a future gift.
Grain or Other Farm Commodities
Farming presents special opportunities to make donations and reduce taxes. By donating a farm commodity, you qualify for a business deduction for your cost of production. Donating grain grown in a previous year provides the greatest tax advantages. The gift should be from unsold crop inventory, with no prior sale commitment. Once the Foundation has received notice of the gift of grain, they will decide what to do with it and when. Be sure to work closely with your accountant and DACC Foundation Executive Director if you are considering this type of gift.