There are many ways to donate funds and property to CFOC. They are briefly described below. If you or your professional advisors have questions or need further information, please contact Jeff Katz at jeff@cfotsego.org
Ways to Give Now
By check, wire transfers, or credit card
You can send your contribution to the Community Foundation of Otsego County, P.O. Box 55, Springfield Center, NY 13468. Checks should be made out to the Community Foundation of Otsego County.
You may also send your contribution by wire transfer from your bank account to ours.
You can also donate online here via PayPal (using either your personal PayPal account or by using your credit card through PayPal.)
Stocks, bonds, mutual funds and any other publicly-traded securities (“Securities”)
Gifts of Securities represent a potentially tax-efficient method for you to support CFOC. If the securities you donate have been held for more than one year, the amount of your charitable contribution is the fair market value of the securities transferred to the CFOC. For Securities held less than one year, please consult your tax advisor.
Real Estate
If you own a home, commercial real estate, or land, CFOC can help you turn this asset into a charitable gift. If it has been held for more than one year at the time of donation, a gift of real estate usually provides the same tax benefits as gifts of Securities.
IRA Distributions
If you have reached the age group subject to Required Minimum Distributions on your Individual Retirement Accounts, you can give all or part of your Required Minimum Distribution (up to $100,000) as a Qualified Charitable Distribution to CFOC (other than through a donor-advised fund, which is described under “Create a Fund”).
Closely-held stock.
If you own shares in a family business or other closely-held corporation and are considering using those assets for charitable purposes, CFOC would be happy to discuss those plans with you and your professional advisors.
Life Insurance
If you transfer an existing or new life insurance policy to CFOC and name it as beneficiary, you receive an immediate tax deduction for the policy’s cash value. If you are still making premium payments to keep the policy current, they may also qualify for a deduction. (See also “Create a Legacy” if you wish to retain ownership of the policy but name CFOC as a beneficiary.)
Other property
Based on the nature of your assets and your financial goals, donations of other assets may be of interest to you. These include gifts of tangible property, such as artwork, jewelry, furniture, or collections. CFOC is available to work with you to create a workable plan for contribution of valuable non-financial assets.
Tax benefits
Cash contributions to CFOC are fully deductible up to 50% of your adjusted gross income in any one year. Donation of Securities are fully deductible up to 30% of your adjusted gross income. Deduction amounts exceeding either the 30% or 50% limit may be carried forward for up to five additional years. An added benefit of giving appreciated Securities is the avoidance of the capital gains tax on the appreciated portion of the gift.
