Cash

A gift by check (cash) is one of the most common methods for making an outright charitable contribution.

We provide a receipt for all gifts that can be used as proof for the IRS.

If you itemize deductions on your tax returns, the first tangible benefit of making a gift of cash is an income tax charitable deduction for the full value of the gift in most cases.  The resulting reduction in income taxes payable
lowers the net cost of the gift.  If you are subject to state and/or local income taxes as well as federal, the combined marginal rate (after the federal deduction for those income taxes paid) should be taken into consideration in
determining the gift's net cost.

To illustrate the net cost of $1,000 cash gift, assume the gift is made by a taxpayer with a combined state and federal marginal income tax rate of 36 percent.  The amount of the tax bracket, multiplied by the amount of the
gift, is subtracted from the gift to determine the net cost to the donor.

            36% x $1,000 = $360
            $1,000 - $360  = $640

Therefore, the net cost of the donor's gift is $640.

If you don't usually itemize deductions, you may want to consider it for any tax year in which you make a sizable charitable donation.

The Foundation does not give legal advise or tax advice. Always consult with your own advisors before deciding which gift works best for your circumstances.