- Cash—Cash is the simplest way to establish a fund or give to an existing fund. Cash gifts are fully deductible up to 60 percent of the donor’s adjusted gross income in any one year. Deduction amounts exceeding this limit may be carried forward for up to five additional years.
- Stock—Appreciated stock is a savvy way to give to your Community Foundation. Your gains are put to good use. Your gift of stock is reinvested in your community, and it qualifies for an immediate tax deduction based on the full market value.
- Individual Retirement Accounts (IRA) or 401(k) plans—You can name the Community Foundation of Johnson County as a beneficiary of the IRA or direct the Required Minimum Distributions (RMDs) to the charity of your choice.
- Charitable IRA Rollover – This federal legislation allows individuals to donate up to $100,000 to charities without a tax penalty when given from the retiree’s individual retirement account (IRA). If you are at least age 70 ½ and taking minimum IRA distributions, it is possible to turn your IRA into charitable good free from federal tax. In addition, gifts to endowments may be eligible for the 25% Endow Iowa Tax Credit. Learn more about giving through IRA Charitable Rollover in this short video.
Ways to Give
The Community Foundation of Johnson County facilitates many types of gifts including:
- Life Insurance—Life insurance is a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime.
- Estate Gifts—Including a charitable bequest in your will is a simple way to make a lasting gift to your community. When you make this gift through your Community Foundation, we establish a special fund that benefits the community forever and becomes your personal legacy of giving. Learn more about legacy gifts in this short video.
- Charitable Remainder Trust—A Charitable Remainder Trust allows you to receive income for the rest of your life, knowing that whatever remains will benefit your community and the causes you care about.
- Charitable Gift Annuity—A Charitable Gift Annuity allows you to arrange a generous gift to your community, while providing yourself a new income source that you can count on for the rest of your life.
- Private/Family Foundation Conversions—Individuals often establish family foundations as part of a philanthropic plan without being fully aware of the many challenges of managing such a foundation. Occasionally the management burden causes the family foundation to close, but members still desire to carry out their philanthropic plan.
- Real Estate—Giving real estate through the Community Foundation can help you turn your property gains into community good. The value of your real estate may exceed that of any other asset you own. With the help of your Community Foundation, you can use it to fulfill your charitable interests and receive financial and tax benefits.
- Closely Held Corporations—Donors can give shares of closely held corporations to the Community Foundation of Johnson County. Once shares are sold, proceeds can support endowments, Donor Advised Funds, and other vehicles of charitable giving.
- Tangible Personal Property—Real property such as artwork with a certified appraisal can fund charitable goals.
- Grain—By giving a gift of grain, you avoid including the sale of the grain in your farm income. Deducting the cost of growing the crops typically results in saving self-employment, federal, and state income tax. You can benefit even if you take the standard deduction rather than itemizing your deductions.