Ways to Give
We want to make it as easy and convenient as possible for you to contribute to the college. Here are various ways to give:
A cash gift is usually made by a personal or business check or currency. Your income tax deduction is for the full amount of your gift, assuming no goods and/or services are received in return for your gift. Make checks payable to Gateway.
A gift of long-term appreciated securities has two major advantages:
- it provides you with an immediate income tax deduction; and
- eliminates capital gains taxes to the extent allowed by tax law.
In-Kind/Real Estate Gifts
You may give a residence, land, or other real property as an outright gift-in-kind. The value of the donation is determined by an appraisal of the fair market value at the time of the transfer of ownership. In some cases, you may wish to donate a property in which you retain an interest. A gift of a remainder interest in a personal residence or farm provides you with a current income tax deduction for the present value of the remainder interest and also permits you to eliminate capital gains on the appreciation. Donations of personal property such as equipment, books, art, and jewelry, may also be contributed under special guidelines established by the IRS.
The gift of life insurance provides you with a charitable contribution for the present cash surrender value. Also, future premium payments made following the transfer of ownership and beneficiary status of the policy are also tax-deductible.
Contact the Resource Development office at 859-442-1177 if you have questions.