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The Golden Civic Foundation, Inc., is a 501(c)(3)
charitable organization. It has a fully tax exempt status, and gifts
to the Foundation may be deductible as contributions under the provisions
of the Internal Revenue Code, depending upon the donor's tax situation.
With its
present income, the Foundation is only able to support 50% of the requests
it receives from local charitable organizations.
If the
Foundation cause reflects your own thinking, and you would like
information about how you can support this vital organization, we welcome
an opportunity to work with you. You can support the Foundation by:
Making an unrestricted gift:
This could be in the form of cash, property, stocks or other
assets for unrestricted use by the Foundation.
Making a restricted gift:
Your donation can be designated for a specific purpose as
long as it meets the criteria of the Foundation. For example,
one could request that their contribution be used to provide a picnic
table in a city park to honor a friend or relative.
Making plans for a future gift:
You can designate the Foundation as a beneficiary in a will,
annuity, trust or life insurance policy. This could be in the
form of a revocable or irrevocable contract.
The Internal Revenue Code of 1986 provides significant
tax advantages for donating appreciated property to a charitable organization
as shown in the following example.
Mr. & Mrs. Donor are in the 28% tax bracket, pay Colorado
income tax and itemize their deductions. They donate to the Foundation
stock that was purchased for $5,000 and had appreciated to a fair market
value of $15,000. If they sold their appreciated stock, the federal
and state income tax on the $10,000 of capital gains could total about
$3,300. By donating the stock to the Foundation, the $10,000 of
capital gains escapes taxes. Since Mr. & Mrs. Donor itemize
their deductions, they can deduct the fair market value of the stock contributed
to the Foundation. This $15,000 deduction will save them about $4,950
in income taxes.
The tax benefits can vary significantly based upon the donor's tax situation.
Please consult your tax advisor if you are considering a gift to the Foundation.
Click here for a donation
form!
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