Gifts of Cash If you want to help the Binghamton University Foundation today and maximize your charitable deduction, consider making your gift with cash. Cash is the simplest asset to donate — there is no appraisal to secure and no acceptance policies to follow. It is also the simplest asset for the Binghamton University Foundation to accept and quickly put to good use. Make your cash gift via a check or money order, a credit card or a wire transfer. There's an extra tax benefit You can claim the entire amount of your cash gift as a charitable income tax deduction. The IRS allows you to claim this deduction up to 50% of your adjusted gross income (AGI). If you used appreciated securities or other assets to make your gift, your deduction would be the same, but you would only be able to claim the deduction up to 30% of AGI. (You can claim excess deductions over the five tax years following your gift.) Remember Although a cash gift can provide immediate benefit to us, you can also use it to fund a life-income plan such as a charitable gift annuity. For more information Email us, complete the personal illustration form, or call us at 607-777-4712 so that we can assist you through every step of the process. |
