As we come to the end of the calendar year, we are also aware that you may be planning to wrap up your charitable contributions for 2017. We hope that you would prayerfully consider Trevecca Nazarene University as part of your gift support in 2017.
Support for scholarships is a particular, significant need as many of our students struggling over the holidays to find needed resources to return for the spring semester. Your gift can make that difference in students’ lives.
Below is basic information for various ways of making year-end gifts.
Gifts of Cash
Cash gifts are deductible up to 50% of your adjusted gross income provided you itemize your deductions on your tax return. The deduction may be carried forward for five years.
Gifts of Appreciated Securities, Real Estate or Business Interests
By making a gift of long-term appreciated property, you can save income taxes twice. First, you save by receiving a charitable deduction for the current value of the gift. Second, you save by eliminating the payment of the capital gains tax on the property’s increased value. These gifts are deductible up to 30% of your adjusted gross income, a deduction which may be carried forward for five years.
Charitable IRA Rollover Gift
The Charitable IRA Rollover Gift is available in 2016 and future years. This gift provides a way for donors age 70 and ½ or older to transfer up to $100,000 tax-free from an IRA directly to Trevecca. This gift also provides a way donors can avoid the required minimum distribution by directing that it be paid directly to Trevecca. This gift must be made directly to Trevecca Nazarene University.
Gifts that Provide Increased Income for Life
A life income gift such as a Charitable Remainder Trust or a Charitable Gift Annuity allows you to make a donation to Trevecca and provides life income for you and another if you wish. These gifts frequently increase your income; save income tax, capital gains tax and estate tax; and also benefit the University.
Gifts of Home or Farm
You can give your residence or farm to Trevecca now and keep the use of the property during your own and another's lifetime. You receive a current income tax deduction for your future gift to Trevecca and save income tax now.
The Charitable Deduction is Complicated: Let Us Provide More Information
We want to help you maximize your income tax savings by obtaining the full benefit of the income tax charitable deduction. For example, income tax charitable deductions can be reduced or eliminated altogether if you are married and your adjusted gross income exceeds $311,300 or if you are single and your adjusted gross income exceeds $259,400. This result is extremely rare but it can occur. We would welcome an opportunity to visit with you and your of advisors to make sure you receive the maximum tax savings from your charitable gifts.
Call Trevecca’s Office of Planned Giving:
Director of Planned Giving