Invest in HACC Today:
We welcome your cash contributions, which are tax deductible as an itemized deduction in the year you make the donation, up to a total of 50 percent of your adjusted gross income. Amounts in excess of 50 percent can be deducted over the next five years. Please note that a pledge cannot be claimed until the gift is actually made.
Many employers will match the charitable donations of you or your spouse. Please check with your employer to see if they participate in such a program. If they do, we urge you to take advantage of this opportunity.
Generous individuals have donated works of art, books, equipment, and other gifts of personal property to the college, depending, of course, on whether there is need for such items. If the college chooses to accept an item, then your deduction will be based on that item's appraised value.
If you own property that is not subject to a mortgage and that has appreciated in value, you may want to consider a charitable gift in connection with that property. You can claim an income tax deduction based upon the fair market value of the property, thereby avoiding all capital gains taxes and removing that asset from your taxable estate. We invite you to contact The HACC Foundation at an early stage in your planning to ascertain how the foundation might best use your property.
Stocks and Bonds
Bestowing a gift of stocks and bonds can offer highly favorable tax advantages for the giver. If you donate stock that has risen in value and that you have held for more than one year, you will be entitled to a charitable deduction for the full fair market value of the stock and will pay no capital gains on the transaction. Your income tax deduction is limited to 30 percent of your adjusted gross income, and you are entitled to carry forward any excess for five additional years. Your accountant and attorney can advise you as to when it is optimal to gift your stocks and bonds and what you need to do to assure proper documentation.
Many of our donors choose to remember HACC in these special ways:
Your will can specify the following gifts to HACC: cash, stocks, bonds, real estate, and personal property; a specified percentage of your estate; and the balance of your estate once designations have been made for family members. If you are considering remembering HACC in your will, now is the time to plan for this with your attorney and the foundation director.
You can make a substantial gift with modest premium payments or paid-up policies that are no longer needed for family members. Your insurance professional will be able to help you assess the types of insurance gifts that make sense for you.
Designating The HACC Foundation as a beneficiary of a portion of your retirement funds is a very generous act. If you decide to make such a gift, be sure to list The HACC Foundation with the administrator or person in charge of your IRA, profit sharing account, or other retirement plan. There are many ways to contribute to HACC—and we value all of them greatly.
Charitable Gift Annuities
When you give The HACC Foundation a gift of money, stocks, bonds, or other liquid assets, the foundation will pay you or a beneficiary a fixed amount on a regular basis until death. A large part of this income is tax-free, and you will also receive a charitable deduction for a portion of the gift. You will want to work closely with your accountant, attorney, and The HACC Foundation
Charitable Remainder Trusts
When you transfer assets to The HACC Foundation to establish a trust, you or your beneficiaries will receive a lifetime income. Eventually, the remaining assets of the trust will pass on to The HACC Foundation. This gift works particularly well for those who need an ongoing revenue stream. Be sure to work closely with your accountant, attorney, and The HACC Foundation to complete proper documentation.
Charitable Lead Trusts
Assets can be transferred to a trust for a fixed number of years. The interest earned will go to The HACC Foundation and later the principal will revert to you or your beneficiaries.
It is important that you work closely with your account, attorney, and The HACC Foundation if you want The HACC Foundation to be the recipient of the future gift. They will also make sure that proper documentation for such a gift is made.
Retained Life Estate
If you deed a house or seasonal home to The HACC Foundation, you and/or your spouse will retain the right to live in that house for the remainder of your life and you will receive an immediate income tax deduction for the gift. The HACC Foundation will most likely sell the property when you or your spouse no longer need it. To ensure that The HACC Foundation is the recipient of a future gift, make sure to work with your attorney, accountant, and The HACC Foundation.