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Outright Gifts
Cash
A cash gift is considered transferred to the MBL on the date it is mailed, hand delivered, or a credit card its charged. Credit card transactions may provide other benefits such as periodic payments, frequent flier miles or cash back programs. Gifts of cash are fully deductible up to 50% of a donors adjusted gross income in the year of the gift. Any excess over the 50% ceiling can be carried forward for up to five additional years.
Matching Gifts
Many organizations have programs to match employee gifts of cash. In some cases gifts from spouses, directors and retired employees qualify. Contact your human resources department to learn if your company will match your gift.
Appreciated Securities
A contribution of securities held more than one year entitles the donor to an income tax charitable deduction equal to the fair market value of the securities at the time of the gift. The deduction is not limited to the donor’s cost basis thus providing the donor with an important tax benefit. It also enables the donor to avoid capital gains tax on any appreciation in the value of those securities. Gifts of appreciated securities (or any other appreciated assets) are fully deductible up to 30% of adjusted gross income in the year of the gift. Any excess over the 30% ceiling can be carried forward for up to five additional years. Consult with your financial advisor to maximize the tax-saving aspects of your gift.
Closely Held Stock
A qualified appraisal is generally required to establish the value of closely held stock. A donor should work closely with a financial advisor and the MBL to be sure that the tax treatment of the gift is favorable both to the donors and the MBL.
Appreciated Real Estate
A parcel of lien-free real estate that has been held for more than one year may be given to the MBL, generating a current income tax deduction for the fair-market value of the property as established by a qualified appraiser. As with appreciated securities, the unrealized gain is not taxable to the donor. The MBL will work with the donor to determine that a gift of property does not raise environmental issues for the MBL.
Tangible Personal Property
Gifts of tangible personal property (e.g., boats, equipment art, and antiques) can provide a full market value tax deduction if the gift can be shown to relate to the tax-exempt purposes of the MBL. If not related MBL’s tax-exempt purposes, the donor may deduct cost basis of the property.
Retirement Funds (including beneficiary designations)
It may be desirable to roll over portions of a large pension fund or IRA to fulfill philanthropic intent to the MBL. While retirement assets cannot be transferred directly to a charitable entity, in many cases the funds may be distributed to the plan participant and then contributed to the MBL. This distribution, although taxable to the donors, may be offset by a charitable deduction.
An individual may designate the MBL as the primary or contingent beneficiary of an IRA. Some pension plans may also permit beneficiary designation to a charitable entity. Because the donor retains the right to revoke the designation and, in some case, to access the funds, no income tax deduction is allowed. However, upon the death of the donor, all or a portion of the unused funds will pass to the MBL and will not be subject to estate or income taxes.
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Pamela Clapp Hinkle, Acting Director of External Affairs
Tel: (508) 289-7423 | E-mail: pclapp@mbl.edu
Kristine Johnson, Special Gifts and Planned Giving
Tel: (508) 289-7766 | E-mail: kjohnson@mbl.edu
Susan Joslin, Associates Administrator
Tel: (508) 289-7281 | sjoslin@mbl.edu
Wendy Skinner, Foundations and Corporate Relations
Tel: (508) 289-7414 | E-mail: wskinner@mbl.edu
Kate Shaw, Annual Giving and Alumni Affairs
Tel: (508) 289-7416 | E-mail: kshaw@mbl.edu
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