Blackford County Community Foundation accepts donations from individuals in many different forms, both small and large. Choose from the following options in making a lasting difference in Blackford County. All contributions are tax deductible.
These gifts general the most beneficial charitable income tax deductions available under the law, while at the same time removing the donated assets from the donor’s estate for estate tax purposes.
- Cash is the easiest way to contribute and may qualify for maximum allowable income tax deductions. Checks should be made payable to the Blackford County Community Foundation and may be designated to a specific fund currently administered by the Foundation or to establish a new fund.
- Stocks may be gifted to the Foundation and the donation is deductible at the full fair market value, thus avoiding capital gains taxes on the stock appreciation.
Donors may also establish or add to a fund at the Foundation through a planned gift. The donor can leave a charitable legacy for his/her family and the community using one of the following kinds of gifts.
- Life Insurance can be used to fund a gift at a relatively low cost to the donor. The donor gifts a new policy or turns over an existing policy, naming the Blackford County Community Foundation as the owner/beneficiary. By assigning ownership to the Foundation, the donor receives an immediate income tax charitable deduction in the amount of the policy’s present value. Additional premiums gifted to the Foundation are tax deductible and proceeds pass to the Foundation free of estate tax.
- Retirement Plan assets [401(k), 403(b)] can be used to make a gift to the Foundation or to create a new fund.
- A Living Trust or Bequest to the Foundation may be made as part of a donor’s will or in a living trust. The donor can save substantial federal estate and state inheritance taxes and can create a legacy for family.
- A Charitable Remainder Trust provides a future gift to the Foundation. A charitable remainder trust pays a lifetime income to the donor or a designated family member. Upon the death of the donor or the named beneficiary, the remainder passes to the Foundation.
- A Charitable Gift Annuity provides the donor with an immediate income tax deduction and a guaranteed lifetime income with a payout rate based on the donor’s age. When the donor passes away, the remainder goes to the Foundation.
- A Charitable Lead Trust makes regular income tax-deductible gifts to the Foundation as the income beneficiary. When the trust terminates, the entire principal is returned to the donor or the family.
- Real Estate may be given to the Foundation if the real estate gift is approved by the Blackford County Community Foundation. The same tax advantages are available to the donor as for gifts of appreciated securities, i.e., a deduction for the appraised value and avoidance of capital gains tax on the appreciation.
For more detailed information about the processes used to accept donor gifts, read the Foundation’s Gift Acceptance Policy.