Gifts of cash are available for immediate use by our Foundation and are usually fully deductible for donors who itemize deductions meaning, your actual out of pocket expense is less because of the allowable tax deduction. Checks should be made payable to the YCCC Foundation. Payments are also accepted through all major credit cards.
Pledges provide a longer-term commitment over a designated period of time based on an agreed upon schedule. Pledges cannot be claimed as a tax deduction until the gift is actually made. The YCCC Foundation Office administers all pledges, sending acknowledgements, receipts and future reminders.
Check to see if your employer (or spouse’s employer) matches employee donations to qualified nonprofit organizations like the YCCC Foundation. Some even double or triple employee gifts.
Stocks and Bonds
Current market conditions have created ideal giving opportunities for appreciated assets. If you have held the asset more than one year, you can deduct its fair market value up to 30 percent of your adjusted gross income and owe no capital gains taxes from its transfer to the YCCC Foundation.
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.
The Foundation accepts equipment that meet standards of the College and can be of use to the College. It is best to contact the Foundation Office to discuss potential equipment before making such a gift.
Works of art, books, vehicles, etc. are considered gifts of personal property. Your deduction will depend on the appraised value and will need to be reviewed by the Foundation Office.
Planned Giving Information can be found here.
Go to our Make a Gift page for Online Giving and Pledge Forms.
Other Things to Consider
You must obtain an appraisal for any noncash contribution that exceeds $5,000. The appraisal summary section of IRS Form 8283 must be completed and attached to your income tax return on which the deduction is claimed. No appraisal is required for a gift of publicly traded securities for which market quotations are readily available on an established securities market.
Consult Your Tax Advisors
The information on this page is not offered as legal advice. For legal advice, please contact your tax attorney and tax accountant.