Explore Options for Giving to Education through the Panola College Foundation.
However you choose to support Panola, you will be embarking on a partnership with one of the State's finest academic institutions.
Your gift can help a student to realize his or her dream of an education, support the work of a distinguished faculty member, or get a vital new community-service program underway.
As with all financial considerations, your first step should be to consult with a financial or tax advisor before making a gift. This is because some assets are better for gifting during your lifetime while others are better for gifting as a portion of your estate. Because the Panola College Foundation is a 501 (c)(3) non-profit organization, most gifts qualify for a federal income-tax charitable deduction.
Cash, in the form of personal or corporate checks, is the most popular type of charitable gift Panola College receives. Cash contributions are tax deductible as allowed by law. Checks should be made payable to the Panola College Foundation with a memo on the check stating the donation's designation or that it is an unrestricted gift.
For donors who prefer the ease and convenience of making regular gifts using a credit card, donations can be made through their American Express, Discover, VISA or MasterCard. For many credit card owners, this is a sensible way to make sustained, regular gifts to the Foundation, receive frequent flyer miles and other company incentives in return.
Many companies sponsor matching gift programs and will match your gift to the Panola College Foundation. Some employers also match gifts made by retirees and/or spouses. If your company is eligible, request a matching gift form from your employer, and send it completed and signed with your gift. We will do the rest. The impact of your gift to Panola College may be doubled or in some cases...tripled!
Donors wishing to make regular gifts over a sustained period of time may choose to establish an automatic bank draft on their checking account as an easy and efficient way to give.
Panola College faculty, staff, and administrators can support the efforts of the PC Foundation through tax-deductible gifts of any amount collected through payroll deduction. An "Authorization for Payroll Deduction" form is available in the Human Resources Office.
By donating to an existing endowed scholarship or the General Scholarship Fund you can assist additional students toward attaining their college education.
Appreciated stock, stock which is held for more than one year, can make an excellent gift. Not only do you avoid capital gains taxes on the gifted amount, but you also receive a tax deduction for the full fair-market value of your gift. The full value may be used to offset up to 30 percent of your adjusted gross income. The portion of the gift that exceeds the 30 percent threshold may be carried forward for up to five additional years.
If you own an investment that has decreased in value since you have owned it, consider selling it and making a charitable gift of all or a portion of the cash proceeds. In addition to an income tax deduction for the cash contribution, this creates a loss you may be able to deduct from other taxable income. The combined amount of the deductible loss and charitable deduction could actually total more than the current value of the investment.
In most cases when you give a gift of real estate to Panola College, you may claim a tax deduction based on the full market value of the gift, avoid capital gains taxes, and eliminate certain costs associated with the transfer of real property.
Make the Panola College Foundation the beneficiary of all or a portion of the proceeds of an existing policy. With this method of giving, a major gift may be made with only a modest annual payment.
Bonds and mutual funds are similar to stocks in their tax treatment. A tax deduction for the full value of the gift is possible if you have held the bonds or mutual funds for more than one year. Corporate, state, municipal, and US Government bonds are excellent sources of gifts.
POD stands for "Payable on Death". By adding POD provisions to an existing account, you retain full ownership and full control of the account during your lifetime. At your death, the account balance is immediately paid to your named beneficiary. The Foundation can receive this benefit without going through the probate process.
One of the simplest ways to give is through your estate. You can make a gift bequest in your will to the Foundation for a specific dollar amount, a percentage of your estate, or the remainder of your estate after you have provided for others.
Retirement account funds, whether individual retirement accounts or employee's company plans, may be given to the Foundation by a simple beneficiary designation. Because a gift from one of these plans during your lifetime would trigger an income tax liability for you and because these plans operate outside of your will, this gift is best made through a beneficiary designation with your company or individual plan which becomes effective after your death, similar to a bequest in your will.
Gifts of tangible personal property are always welcome. Charitable tax deductions are available in the year in which your gift is given and for up to five more tax years in order that a deduction may be fully used. For gifts which exceed $5,000 in value, the Internal Revenue Service requires the donor to provide a "qualified appraisal" to substantiate the deduction. The Foundation staff can help guide you in the process of giving personal property that is not related to the Foundation's charitable exempt status.
Many gifts of goods or services are readily accepted by the Foundation. In-kind gifts enable you to be a part of the mission and help meet specific College and Foundation needs. The Foundation staff will be happy to help you determine the availability of potential income tax deductions for gifts given in-kind.
A pledge is a formal statement of intention to make a gift to Panola. It may be followed by an immediate gift, or it may simply confirm your intention to make a gift in the future. Many donors choose to complete their gift pledge by making regular payments over a period of time. This method often allows donors to give more generously than they may have originally considered. Whenever possible, the Panola College Foundation encourages full payment of pledges within five years of the original commitment.
Contribute securities or other property to a trust and receive an income for life for yourself and others. Since there is no capital gains tax on a transfer into the Charitable Remainder Trust, you will earn income on the appreciated value of the assets and receive an immediate income tax deduction based on the value of the gift.
Your Charitable Lead Trust provides income to the Panola College Foundation for a term of years. As the trust donor, you determine the period of time. At the end of that period, the assets in the trust are returned to you or your heirs. A Charitable Lead Trust provides significant support to the Panola College Foundation and can lower your estate and gift taxes.
Charitable income tax deductions are subject to limitations determined by the level of your adjusted gross income and the type of asset given. Please review your particular situation with your tax advisor to determine how your circumstances relate to these limits.
Neither the author nor publisher of this document, nor this organization is engaged in rendering legal or tax advisory services. For advice and assistance in your specific case, you should obtain the services of a qualified attorney or other professional advisor. The purpose of this publication is to provide accurate information of a general nature only. Tax revisions occur often, as do changes in state laws, which govern wills, trusts, and charitable gifts. Please seek advice from your legal and tax advisor when considering these types of contracts.