Whether you’re able to give now or sometime in the future (often referred to as planned giving), we can work with your advisors to maximize both your charitable gift and the tax benefits you receive. And as a 501(c)(3) public charity, gifts to Akron Community Foundation offer you the most favorable tax benefits allowed by law.
Types of Gifts
Below are just a few common types of gifts Akron Community Foundation can accept. We also accept other complex gifts that many organizations cannot, so we welcome a discussion about your specific situation. More details are available in our formal Gift Acceptance Policy.
Cash gifts may be deducted up to 60% of adjusted gross income for income tax purposes. Contributions over that limit can be carried over for up to five years. Gifts can be made via cash, check or credit card.
You’ll receive a double benefit if the stock has appreciated: an immediate charitable deduction for the fair market value of the securities donated (up to 30% of AGI) and exemption from any capital gains tax on the appreciation. If the deduction is larger than you can use in one year, the surplus can be carried over the next five years. For current stock and ETF transfer instructions, contact Steve Schloenbach, vice president and chief financial officer, or Dennis Jansky, director of accounting and administration.
(C Corp, S Corp and LLCs)
By donating a portion of your privately held stock, you can receive a fair market value deduction for the contribution and avoid paying capital gains tax on illiquid assets that have greatly appreciated in value.
Similar to stock gifts, mutual funds are deductible up to the full fair market value. For current mutual fund transfer instructions, contact Steve Schloenbach, vice president and chief financial officer, or Dennis Jansky, director of accounting and administration. Please note: Mutual fund shares can take 7 to 21 days to transfer.
For those 70 ½ or older who don’t need all or some of their required minimum distributions (RMDs), a rollover directly to a public charity like the community foundation can help you avoid paying the usual taxes on it while supporting your favorite charities. Note: The law does not allow charitable rollovers to donor-advised funds, but they can be used to establish one of our five other types of funds.
Many people find that the protection offered by life insurance policies is no longer needed later in life. Instead, you can turn your policy into a charitable gift by irrevocably assigning your policy to the community foundation and naming it as the sole beneficiary. You can make annual tax-deductible contributions to cover the policy's premium, or, if the policy is paid up, you will receive an immediate tax deduction for the policy's cash surrender value.
Transfer cash or appreciated property to Akron Community Foundation and get a tax deduction this year, as well as fixed payments for life. You can even defer the income until a future date, like when you retire.
Art and Other Property
From land to homes to antiques, Akron Community Foundation can accept these more complex gifts, but most will require an appraisal by an impartial party.