A gift to the GEF is
a nice way to honor occasions such as the birthdays or anniversaries of your
family and friends; a family might choose to name the GEF for contributions in
memory of a family member; or as a special memorial to a friend.
All
contributions are acknowledged in writing, both to thank the donor and to
satisfy the requirements of the IRS for deduction purposes. In addition, for
those individuals who make a one-time donation to the Foundation of $1000.00 or
more, your name, or the name you designate in memory will be added to the plaque
displayed outside the school's main gymnasium which recognizes those who have
been especially generous.
A Gift Of Cash
Most contributions to the GEF are gifts of
cash--checks, money orders, bank drafts or currency. Gifts of cash are still the
most popular way to make a charitable contribution. Because of allowable tax
deductions, the actual out-of-pocket cost of such gifts is less than the dollar amount of
the gifts received.
A Gift Of Real Estate
If you have owned some real estate for more than
twelve months, you may give the property to the GEF and deduct the fair market value as a
charitable contribution without paying capital gains tax on the appreciation. If the
property has decreased in value, it is better to sell the property, take a capital loss,
and give the proceeds from the sale.
A Gift Of Securities
One of the most advantageous ways of giving to the GEF
can be a gift of appreciated securities. Appreciated securities held more than
twelve months entitle the donor to a deduction for the fair market value of the securities
on the date of contribution to 30 percent of the adjusted gross income with a five year
carryover for any excess.
A Gift Of Insurance
An irrevocable gift of a life insurance policy with
the GEF as the named owner and beneficiary of the policy presents a particularly appealing
way of making an outright charitable gift. You can also name the foundation as the
primary beneficiary of all or part of the death benefit or as a secondary or final
beneficiary of your policy.
A Gift In Trust
A lifetime gift with retained income benefits to the
donor or other beneficiaries named by the donor is an ideal method of obtaining both an
immediate income tax deduction and a later estate tax deduction. The GEF office will
be happy to discuss trusts with you should you desire further information.
A Gift Of Patronage Account (Revolving Funds)
If you itemize your tax deductions, you can donate a
future revolving fund that might not be paid out for quite a few years and still take your
deduction in the year of your donation.
A Gift Of Farm Commodities (Wheat, Barley, ETC.)
A self-employed farmer whose annual income is $57,600
or less (1999) can donate wheat or other farm commodities and forego the payment of the
13.2% self-employed social security and Medicare taxes on the donated quantity. A
self-employed farmer who does not itemize income tax deductions can donate a farm
commodity and forego payment of federal and state income taxes that would have been due
had the commodity been sold and then cash donated. However, the IRS has ruled that
the crop you contribute must have been grown in a previous year.
Bequests
A bequest is an instruction in your will that a
certain portion of your estate is given to a named beneficiary. Charitable bequests
to the GEF allow you to extend your support beyond your lifetime. A donor has an
option of several types of bequests. A gift through a will is the most common
deferred gift. It can be a means of providing a meaningful gift to the GEF without
the diminishing of assets during a donor's lifetime and can be restricted to a specific
purpose at the school.
