What to Give
A cash donation in check form is typically the most popular and easiest way to give to a charitable fund. Cash gifts allow you to claim a tax deduction of up to 50% of your adjusted gross income in the year of the gift with a five-year carry-forward as needed. In addition to writing a check, you can also give by credit card online.
A gift of real estate can be a house or other personal residence, farm, commercial building, or income- or non-income-producing land.
Donors looking for a way to make a significant future gift at a relatively minor cost might consider a gift of life insurance, which could be handled in several ways. You can name the Community Foundation as the beneficiary of an existing or a paid-up policy that you no longer need, or you can purchase a new policy naming the Foundation as owner.
Donors can also contribute mutual funds. Your tax deduction will be based on the value of the mutual fund at the public redemption price.
Closely Held Stock
Shares you hold in a privately owned business are another giving option. You can contribute the stock outright to the Community Foundation and can receive a deduction for the appraised market value, generally up to 30% of your adjusted gross income.
Tangible Personal Assets
Gifts of personal property such as jewelry, antiques, collectibles, artwork, vehicles and boats may be donated to the Community Foundation to establish your charitable fund. We reserve the right, however, to determine the suitability of the asset before we accept it.
Qualified Retirement Plan
Your qualified retirement funds—such as IRAs or Keogh plans—can also be an excellent source of charitable giving. By designating Blue Grass Community Foundation as a beneficiary of your retirement plan’s assets, you can avoid significant tax penalties, which in some cases can amount to 75 percent of your plan.