When considering offering your support to the College, you should know that gifts are tax-deductible to the extent allowed by law. Gifts of appreciated property such as stock, artwork, antiques and real estate have the added advantage of providing a charitable deduction at fair market value without any associated capital gains tax, gift tax, or estate tax concerns. Gifts may be contributed as:
- Cash or Check
- Property (personal or real estate)
- Bequests through your will
- Life insurance
Donors can create a fund within the Foundation for a specific purpose or as an unrestricted direct or deferred gift. A $40,000 contribution will create a scholarship endowment to provide permanent tuition assistance to Salem Community College students.
Additional gifting options include Charitable Remainder Trusts (CRT) and Charitable Lead Trusts (CLT). A Charitable Remainder Trust is a very effective way to give appreciated property to the College and receive annual income. For example, a donor who gives non-dividend paying stock (1) receives an income tax deduction for the present value of the donation, (2) removes the property from his or her estate without paying a gift tax, and (3) converts a non-dividend paying stock into a current income stream. A Charitable Lead Trust allows you to give money to the College and provide for your heirs at the same time. The College receives annual payments during the life of the trust and your heirs receive the assets remaining at the end of the trust term. The primary advantage of the Charitable Lead Trusts is that the donor should be able to avoid paying gift tax on the heirs' portion yet still receives a current income tax deduction for the charitable contribution.