There are many different ways to support OCCA.
GIFTS OF CASH
A cash gift has many advantages. It is immediately available to assist us in carrying out our mission. Cash gifts are generally deductible in amounts of up to 50% of your adjusted gross income. (Any amount given in excess of this limitation may be carried over as a deduction for up to five years.)
LEVELS OF GIVING
❏ Butternut ($35)
❏ Pine ($50)
❏ Cherry ($125)
❏ Maple ($250)
❏ Oak ($500)
❏ Chestnut ($750)
Otsego County Conservation Association
P.O. Box 931
Cooperstown, NY 13326
GIFTS OF APPRECIATED SECURITIES
If you have marketable securities that have grown substantially in value, then the IRS has made it possible for you to provide a gift to a charitable organization at low after-tax cost. Selling appreciated securities results in a tax on the full gain; however, if you give the appreciated securities to a charitable organization, there is no tax on the gain. The “profit” is counted as a part of your charitable deduction.
GIFTS OF CLOSELY HELD STOCK
A closely held corporation can receive a substantial benefit from the company and not have to pay any tax while assisting OCCA. If Mr. “X” owns 90% of a corporation and decides to give OCCA shares of stock, valued at $10,000, the donation of the stock costs nothing and still leaves Mr. “X” in control of the corporation. Mr. “X” is entitled to a $10,000 charitable deduction and a $3,600 tax savings, assuming a 36% tax bracket. OCCA turns in the stock to his corporation for redemption, receives $10,000 cash and the corporation retires the stock.
Many employers want to support the charitable causes that are of interest to their employees. To do this, companies make a matching gift based on the amount of money you have contributed. To find out if your company will make a matching gift, you should ask your employer about a “matching gift program.”
GIFTS OF REAL ESTATE
Property such as farm land, investment property or undeveloped land may be turned over to OCCA. There is also an allowance for real estate gifts when donated for conservation purposes. The contribution to OCCA of a partial interest in real estate or for the contribution of the use of real estate would be tax deductible due to the nature of our organization.
GIFTS OF LIFE INSURANCE
Life insurance is also a means for making a donation. Perhaps your family has grown and you no longer need to retain that $50,000 policy. The cash value has grown to better than $20,000. You can make OCCA the owner and beneficiary by simply asking your agent to change the beneficiary and ownership designations and sending OCCA the policy.
“Deferred” or “planned” gifts can provide you with an immediate income tax deduction, as well as life income, avoidance of capital gains tax, and even the continued usage of the property. Bequests, however, provide gift and estate tax savings. You may want to consider one or more of the following as you plan your estate.
Charitable Remainder Unitrust
An arrangement through which you irrevocably place property or money with a trustee while receiving a life income. At death, the “remainder” passes to the charitable organization of your choosing. Depending on your needs, you can: provide income for your family, avoid capital gains, defer income until retirement, avoid gift tax, and reduce estate settlement costs.
Gifts by Will
A bequest is a significant way to assist OCCA while retaining full use of your property during your life. At your death, the property goes to OCCA. You can remember OCCA in a General Bequest by making a bequest of a specific amount. Or, you may prefer a Percentage Bequest, stating that OCCA will receive a percentage of the estate. You can direct that property be transferred to OCCA through a Specific Bequest. A Residuary Bequest provides OCCA a designated percentage or everything remaining in your estate after all necessary costs or other bequests are satisfied.