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Gifts of Cash
The Foundation gratefully accepts gifts of cash given in currency, by check, or credit card. Cash gifts are generally the simplest way to make a gift to the Foundation. Current tax law allows donors to fully deduct up to 50% of their adjusted gross income in any one year. For amounts in excess of this limit, please consult your tax advisor.
Gifts of Stock
Gifts of long-term appreciated securities are a smart, tax-wise way to make a contribution to the Foundation of Monroe County Community Schools. Such gifts entitle the donor to two financial benefits:
- No tax needs to be paid on the gain, and
- The full market value of the securities on the date of the gift is deductible as an itemized charitable deduction for federal income tax.
In order to qualify as long-term holdings, stock must be held more than one year. Since the long-term holding period is subject to change in the Internal Revenue Code, contact your tax advisor for current rules.
To make a donation of long-term appreciated stock, please contact the Foundation of Monroe County Community Schools for transfer instructions.
Real Property
Generally speaking, the Foundation will sell gifts of real property and use the proceeds to support the mission of the Foundation. The donor may designate a program within the Foundation of MCCS for the proceeds to support.
Life Insurance
Life insurance policies offer donors the opportunity to leave a sizeable gift to a favorite charity after they pass away. Options for setting up life insurance to benefit the Foundation include:
- Donating your life insurance policy to the Foundation and naming the Foundation as the owner and the beneficiary. This will allow you to claim a tax deduction on your income taxes. You can make sure the premiums are paid by making a deductible cash gift to the charity.
- Naming FMCCS as the beneficiary of your life insurance policy so the death benefit automatically gets paid to the Foundation. Note that you will not receive a charitable tax deduction on the premiums paid.
Please check with your tax advisor and insurance agent for more details.
Annuity Trust or UniTrust
Both of these options pay lifetime income to the donor or other named beneficiaries. If an annuity trust is chosen, the income beneficiary would receive a fixed percentage of the trust assets as income annually. The income is fixed and is paid regardless of investment performance. A unitrust differs in that it pays a fixed percentage of the annual trust value. If the trust grows in value, the income will also increase. With either option, the Foundation would receive the remaining assets in the trust at the death of the donor.
Lead Trust
A donor transfers property to the lead trust, which pays a percentage of the value of the trust assets, usually for a term of years, to the Foundation of Monroe County Community Schools. At the end of the trust term, the remaining assets in the trust and any growth it has realized are passed to your heirs. Although there is no income tax deduction when you create a charitable lead trust, your gift or estate tax is greatly discounted and any growth is passed to your heirs gift and estate tax free.
Wills & Bequests
A bequest through your will or trust enables you to make a gift to the Foundation of Monroe County Community Schools without diminishing your assets during your lifetime. Important tax savings can result since the amount of the bequest may be deductible from your taxable estate. Most significantly, a charitable bequest to FMCCS gives you the opportunity to make a difference in the future of our community by supporting the educational opportunities available to our local students.
There are a number of different ways to make a charitable bequest. The most common method is to bequeath a specific amount to the Foundation. However, you may find it more advantageous to direct a percentage of the value of your estate to FMCCS or to bequeath property such as stocks or bonds. Please consult your attorney or tax advisor to determine the most appropriate terms and conditions for your gift.
A bequest through your will or estate can be offered as either an unrestricted or restricted gift. An unrestricted gift will be used at the discretion of the Board of Directors to best serve the mission of the Foundation and to meet the most critical and urgent needs. A restricted gift can be directed to a current program or fund at the Foundation or to establish a new program or fund.
A Sample Unrestricted Bequest
"I give the Foundation of Monroe County Community Schools, a not-for-profit corporation organized under the laws of the state of Indiana and located in Bloomington, Indiana, (the sum of $ ) or (all my right, title, and interest in the following described property: ) or ( % of my residuary estate) to be used in such a manner as the board of directors of said foundation shall, in its sole discretion, determine."
A Sample Restricted Bequest
"I give the Foundation of Monroe County Community Schools, a not-for-profit corporation organized under the laws of the state of Indiana and located in Bloomington, Indiana, (the sum of $ ) or (all my right, title, and interest in the following described property: ) or ( % of my residuary estate) to (establish) or (to be added to) the __________________ Fund. Details for the management and administration of the fund are contained in a Letter of Agreement with the Foundation of Monroe County Community Schools."
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