Cash is the simplest, most direct and most popular type of charitable gift. A gift of cash to Westminster is recorded as a contribution on the date it is hand-delivered or mailed. The net cost to you can be much less than the actual amount of the gift because of the charitable deduction. The deduction is dependent on your personal tax issues. Please see your personal accountant for the deductibility of the gift.
Westminster also offers an easy way to make your gift - EFT (electronic funds transfer). Westminster is able to set up with your bank to receive a designated amount each month. This is a time and money saving way to make your contribution. At the end of the calendar year, you will receive a report on the total amount you contributed for Westminster's success.
Many businesses and corporations will match or multiply their employees' gifts to Westminster. Please check with your human resource department to find out if your employer participates and, if so, ask for the appropriate forms to qualify for matching gift support.
Securities and Real Estate
Gifts of appreciated property, such as securities (stocks and bonds) and real estate, generate a double tax benefit. In addition to receiving an income tax charitable deduction for the full, fair market value of the property on the date the gift is received, you avoid any potential tax on the capital-gain element in the gifted property if the property has been held for over a year. The full, fair market value of gifts of long-term, appreciated property deductibility is dependent on your individual tax situation. Please see your personal accountant for the deductibility of your gift.
Tangible Personal Property
As with gifts of securities or real estate, you are entitled to a charitable deduction for gifts of tangible personal property such as works of art, rare books, or stamp or coin collections. The allowable deduction for such a gift held over 12 months depends on the standard of "related use".
If the use of the contributed property is related to Westminster-s exempt purpose (e.g., a book collection for the library), you are entitled to a charitable deduction of the full, fair market value of the property - subject to your personal tax issues. If the use of the contributed property is unrelated to the exempt purpose of Westminster (e.g., a stamp collection to the physics department to sell and use the proceeds), you are entitled to a deduction only for your cost in the property.
Today, most people own some form of life insurance because of its unique ability to meet a variety of needs for financial protection. The policy itself may be gifted to Westminster permitting you to make a substantial gift for a relatively modest annual outlay. You will receive a charitable deduction for the premiums that you continue to make on the policy. In addition, a gift of a paid-up policy can result in a substantial current income-tax deduction. Alternatively, you may choose to maintain maximum flexibility by naming Westminster as the beneficiary of your policy, without giving up ownership.