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Those who wish make an outright gift of cash, or fulfill their pledge through cash payments, should make their check payable to Warren County Community College Foundation. Such gifts are tax deductible to the full extent allowed by law.
Publicly and private owned stocks, bonds, mutual funds and other appreciated securities may be donated. A popular benefit of such a gift, beyond the charitable income tax deduction, is the avoidance of capital gains tax on the appreciation. A gift of securities can be made by transferring stock to Warren County Community College Foundation. Contact the Foundation Office (908-835-2334) to determine the best method for the transfer of your securities.
Some companies have a policy of matching charitable gifts made by current and retired employees, and often their spouses. Depending on the specific corporate policy, these gifts may double the original contribution. These programs are administered through each companys human resources office.
Life Income Gifts
One can make a gift of cash, securities, or other assets to Warren County Community College and receive both income for life and a charitable tax deduction in return. A variety of trusts and annuities facilitate such gifts. Upon the donors or designated beneficiarys death, or at another prearranged time, the trust terminates and the assets are transferred to the College.
Charitable Gift Annuity. An annuity is a contract between the College and the donor whereby the College promises to pay a fixed annuity to a maximum of two beneficiaries (beginning immediately or deferred to a later date) in exchange for the irrevocable transfer of assets by the donor to the College. Annuity payments are based on the initial market value of the assets contributed and the ages of the income beneficiaries.
Charitable Remainder Annuity Trust. The annuity trust can be a good choice for those who want to receive a predictable income each year. The annuity trust pays a fixed dollar amount annually to the beneficiaries based on a percentage of the trusts initial value. This amount cannot change during the duration of the trust.
Charitable Remainder Unitrust. In this case, the donor transfers assets to an irrevocable trust that provides yearly fluctuating income to the donor or other beneficiaries based on a fixed percentage of the trust principal. Trust assets are revalued annually allowing potential growth in income to the beneficiaries, which can offset the negative effects of inflation over long periods of time. Additional contributions can be made to the trust.
Charitable Lead Trust. A charitable lead trust is the reverse of a charitable remainder trust. Assets are transferred to the trust, which then pays income to WCCC for a fixed number of years. At the end of the fixed term, the trust assets are transferred to your chose beneficiaries, such as children or grandchildren.
Individuals may make a gift of a specific amount or a percentage of his or her estate to support a campaign objective.
Warren County Community College may be named as the owner and beneficiary of a new policy or ownership of an existing policy may be transferred to the institution.
Real estate allows donors to both claim an income tax deduction for the value of the gift and avoid paying a capital gains tax on the appreciation of the property.
At the death of the beneficiary, the remainder of his or her retirement plan(s) is heavily taxed (at a rate of up to 91%). Such plans include 401(k) accounts, which are subject to income and excise taxes and also may be diminished by estate taxes. The bulk of the tax burden may be avoided if the remainder value of the plan is bequeathed to a non-profit organization such as Warren County Community College.