The Foundation can accept a wide variety of assets:
Cash, usually in the form of a check, is an easy and convenient way for your clients to support worthy causes in the community. Gifts of cash enable donors to claim a tax deduction of up to 50% of their adjusted gross income in any one year when itemizing deductions, with the excess, if any, carried forward for an additional five years. Actual savings from gifts of cash depend on the donor's tax bracket - the higher the tax bracket, the higher the deduction.
Gifts of appreciated securities offer important tax advantages, since their full fair market value is deductible as a charitable contribution up to 30% of adjusted gross income each year when itemizing deductions. Like gifts of cash, deduction amounts that exceed the limit can be carried forward for up to five additional years. Capital gains taxes do not have to be paid on the appreciated portion of the gift.
After the Foundation liquidates the securities, the value of the gift (net broker's commission and fees) is available to support the donor's charitable goals. The Foundation can accept gifts of publicly traded stock, publicly traded bonds, closely-held stock, restricted stock, partnership interests (including family limited partnerships), and mutual funds.
The Winston-Salem Foundation can accept gifts such as houses or other personal residences, farms, commercial buildings, or undeveloped land. A gift of real estate that has been owned for more than a year entitles donors to the same federal tax advantages as those for gifts of securities - a tax deduction for the fair market value of the property - while allowing avoidance of a capital gains tax.
The Foundation can also accept gifts of personal property, such as artwork and jewelry. After expenses and the liquidation of the personal property, the net proceeds are available to support the donor's charitable goals. The value of the tax deduction must be determined by a qualified appraisal.