A gift to the Plymouth District Library Endowment Fund at the Community Foundation for Southeast Michigan benefits the Library by strengthening our financial future to allow us to respond to needs and opportunities as they arise over time.
A cash gift to the Plymouth District Library Endowment Fund receives the most favorable charitable income tax deduction as the Fund is considered a component of the Community Foundation and hence a public charity. You can deduct the full amount of a cash contribution provided you itemize, subject to certain limits.
Donate Publicly Traded Securities
The Community Foundation for Southeast Michigan can accept gifts of publicly traded stock, bonds, and mutual fund shares. Donating property that has appreciated can be a win-win for you and the Plymouth District Library. Not only will you be entitled to an itemized charitable deduction, subject to certain limits, at the fair market value at the date of the gift, if the securities have been held for one year or longer, you will avoid paying capital gains tax on the appreciation, and the proceeds will be added to the Plymouth District Library Endowment Fund.
Consider a Charitable Gift Annuity
Transfer cash or appreciated assets, like marketable securities, to a charitable gift annuity (CGA) and receive income for life – a portion of which may be tax-free – and on your passing remaining principal transferred to Plymouth District Library Endowment Fund. At the time a gift is made to establish a CGA, you are entitled to a charitable income tax deduction if you itemize, in addition to guaranteeing income for life
Consider a Qualified Charitable Distribution (QCD) with Retirement Assets
IRA owners who are aged 70½ or older can transfer up to $100,000 per year directly from their IRA to the Plymouth District Library Endowment Fund held at the Community Foundation for Southeast Michigan, tax-free. For married couples, each spouse can make QCDs up to the $100,000 limit for a potential total gift to the Plymouth District Library Endowment Fund of $200,000, tax-free. If you are over 72, the QCD counts toward your required minimum distribution for the year. The QCD is an option for your charitable giving for all taxpayers, whether you itemize or take the standard deduction.
Note: This material was developed by Community Foundation for Southeast Michigan. It is published with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a professional advisor should be sought.