In the majority of cases, funds will be raised for Transforming Lives 2.0 through pledge commitments payable over five-years. Cash or liquid securities are the preferred forms of giving to the campaign. Other forms of giving are also appropriate and may offer donors an attractive alternative, perhaps enabling them to significantly increase the size of their gift.
The following information is not to be construed as legal or financial advice, or contrary to IRS guidelines. In all cases, donors are advised to consult with their own legal and financial advisors to determine specific tax savings and/or the giving opportunity which best fits their particular need.
The simplest way to make a gift is to contribute cash, checks or via credit card. A tax deduction is taken in the year the gift is made. If the amount exceeds 50 percent of the donor’s adjusted gross income, the excess contribution may be carried over for up to five additional years. Cash gifts are credited on the date they are received by Children’s Specialized Hospital Foundation.
Some corporations encourage officers, former officers, employees or their spouses, and retirees to make charitable contributions by matching their gifts dollar-for-dollar, and sometimes as much as two or three dollars for every dollar given. In all cases, corporate matching gifts will be encouraged and soft-credited to the donor in the proportion designated by the matching gift arrangement.
For outright gifts of appreciated long-term securities the deduction is equal to the fair market value of the securities on the date the donor relinquishes control of the assets to Children’s Specialized Hospital Foundation. Gifts of this nature also allow the donor to avoid capital gains tax on the appreciation of the stock.
Gifts can consist of almost any type of property: personal or recreational residence, farm or ranch, commercial building, subdivision lots, undeveloped property or a fractional interest in property. Assets may be given outright, serve as the corpus of a trust arrangement or, in the case of a personal residence, be given with the right of lifetime tenancy by donor and/or spouse. Immediate partial charitable deduction is available to the donor.
Using life insurance to make a major gift is a viable option for donors who no longer need policies purchased some years ago. Donors may choose to assign their fully paid policies irrevocably to Children’s Specialized Hospital Foundation as the beneficiary. Donors realize an immediate tax deduction in the amount of the policy's current value.
An owner of a traditional or Roth IRA who is 70 ½ years or older, may instruct their IRA manager to distribute directly to a public charity up to $100,000. The CARES Act eliminated the required minimum distribution (RMD) for 2020 but you can still make a gift from your IRA or name the Children’s Specialized Hospital Foundation as a beneficiary.
"I give, divise, and bequeath to the Children’s Specialized Hospital Foundation incorporated under the laws of the State of New Jersey, and having its principal administrative offices at 150 New Providence Road, Mountainside, NJ 07092 without reduction for any tax occasioned by my death the sum of.... dollars and/or the following described property .... to be used for (1) its general purposes, or (2) a specific program or purpose, agreed to in advance by Children’s Specialized Hospital Foundation."
All new bequest intentions received from donors aged 70 and above will be reviewed by CSHF representatives for proper recognition and credit per planned gift valuation policy.
If you have questions or need assistance in transferring gifts of appreciated securities, please call 908-301-5410.
Children’s Specialized Hospital Foundation
150 New Providence Road Mountainside, NJ 07092
(908) 301-5410 | [email protected]
All gifts are tax deductible to the fullest extent allowed by law.
