A check is an easy and convenient way to support worthy causes through the Community Foundation. Donors may claim a tax deduction of up to 50% of adjusted gross income in any one year when deductions are itemized, with any excess carried forward for an additional five years.
Appreciated securities donated to the Community Foundation are deductible at their full maket value up to 30 percent of adjusted gross income each year when deductions are itemized. Any excess may be carried forward five additional years. The Community Foundation will liquidate the securities and no capital gains tax is paid on the appreciated part of the gift. Securities that can be accepted include publicly traded stocks and bonds, closely-held stock, restricted stock, partnership interests (including family limited partnerships), and mutual funds.
The Community Foundation can accept personal residences, farms, commercial buildings, and undeveloped land. Property owned for more than a year will qualify for a deductin based on the fiar market value of the property and avoid payment of capital gains tax. The deduction is limited for real property that is subject to a mortgage or loan.