Types of Donations
CCTC qualifies for the Educational Improvement Tax Credit (EITC) program, which authorizes tax credits for businesses that make contributions to educational improvement or scholarship organizations. Your business can make charitable contributions to CCTC based on the amount of Pennsylvania state taxes you pay.
You can contribute to CCTC through the United Way’s Donor Choice Program by designating Children’s Crisis Treatment Center- Donor Choice #02148- as your charitable organization of choice.
Gifts of Stock
If contributors donate publicly traded stock to CCTC they will win two-fold. Nor only are you helping your community, but you will also receive tax breaks. Should a contributor hold the stock for more than one year prior to donating it to CCTC, said contributor will avoid payment of capital gains tax on the stock’s value and will receive an income tax charitable deduction for the full market value of the price of the stock.
In-kind gifts, such as donated office furniture, appliances, concert tickets, etc. are convenient to make. They’re counted at full-market value as established by the contributor and agreed upon by CCTC.
Donors often think about CCTC when they’re planning their estate, especially if they’ve supported our operations regularly, believe strongly in CCTC’s mission, and want to foster our future fiscal well being. A bequest offers a convenient way to help us continue to thrive and make a long-term, positive impact on the lives of Philadelphia’s children and families. Following are five important bequest attributes.
A Bequest is:
- Not payable until death, so it doesn’t affect your assets or cash flow during your lifetime
- Deductible for federal estate tax purposes, and there’s no limit on the deduction your estate can claim
- Usually exempt from state inheritance taxes
- Revocable, meaning you can change the provisions in your will at any time until death
- Private, and will not be filed or made public until your death
Gifts of Stock
If contributors donate publicly traded stock to CCTC they will win two-fold. Not only will they feel victorious for having helped their community, they will also receive tax breaks as well. Should a contributor hold the stock for more than one year prior to donating it to CCTC, said contributor will avoid payment of capital gains tax on the stock’s value and will receive an income tax charitable deduction for the full market value of the price of the stock.
Life Income Gifts
You can transfer cash or stock to CCTC and establish a Charitable Remainder Trust or Annuity Trust that provides a five percent or greater annual return. This income would be paid to you, after which the asset would be distributed to CCTC. This meaningful and tax-deductible donation to CCTC benefits both parties.
You can donate a life insurance policy that you own but no longer need to CCTC. By making CCTC the owner and beneficiary of the policy you will qualify for federal income tax deduction equal to the policy’s cash value. At the time of your death your estate will be entitled to a charitable deduction when the policy’s proceeds are paid to CCTC.
Gifts of Real Estate
A residence, vacation home, farm or vacant piece of land could be donated to CCTC and provide the children with a summer escape, a new playground or a state of the art computer lab for education purposes. If you are in possession of a piece of land you’re not sure what to do with, donate it to CCTC, avoid sizeable capital gains tax, gain a tax-deductible donation on your return and create a sea of pint-sized smiles in Philadelphia.
Many companies offer matching gifts programs that will double the value of your donation. We recommend that you check with your company to find out if they will match your contribution to CCTC.
Honor and Memorial Tribute Gifts are a meaningful way to recognize or remember friends, family, special occasion, or celebrate the life of someone who has passed by donating to CCTC in their honor.
For more information about any of the aforementioned giving opportunities, please contact John Moeller, Director of Development at 215-496-0707 x1938