|
GIFTS OF CASH
A gift of cash is the most popular type of charitable gift. The gift is considered made on
the date it is hand-delivered or a check is mailed (postmark on envelope). A contribution on
a credit card can be deducted when the charge is made even though the donor's record is updated
at a later time. Gifts of cash are fully deductible up to 50 percent of your adjusted gross
income. Any excess over the 50 percent deduction ceiling may be carried forward as a deduction
on one's personal income tax return for up to five additional years.
Checks should be made payable to:
USC Sumter Partnership
and mailed to:
University Advancement
200 Miller Rd.
Sumter, SC 29150-2498
Telephone (803) 938-3872
You can make your gift online by clicking here.
If you choose this method make sure you indicate Sumter in the space for Division or Campus.
MATCHING GIFTS
Thousands of corporations and businesses now have programs to match employee gifts either in whole
or in part. In some cases, gifts from spouses, directors and retired employees are matched. We urge you
to explore this possibility as it may double or, in some cases, triple your gift. Ask your employer
about it or check here to see if your company is listed as a matching gift company.
Other Ways to give:
Appreciated Assets
When making a gift of long-term appreciated assets, you save twice -- on income tax and capital
gains tax. You get a charitable deduction for the full fair market value of the gift and you save the
capital gains tax that would otherwise be due if you sold the appreciated asset.
Valuation
Securities are considered a gift to the University on the date the certificate and stock power
pass unconditionally from your control (the postmark date if mailed or the date on which we receive an
overnight delivery package) or the date the securities are transferred directly to a University of
South Carolina Foundation brokerage account. To value the securities, we calculate a mean price using
the average of the high and low of the security on the day you relinquish control to the University,
as per IRS rules.
Closely-Held Stock
Gifts of closely held stock exceeding $10,000 in value must have a fair market value placed on them
by a qualified independent appraiser as required by the IRS for valuing gifts of non-publicly traded
stock. An independent CPA who maintains the books for a closely held corporation is deemed to be
qualified to value the stock of the corporation. Gifts of $10,000 or less may be valued at the
per-share cash purchase price of the most recent transaction.
Personal Property
The University's Libraries and Museums are greatly enriched by gifts of personal property such as
rare books, manuscripts, paintings, artifacts and other art objects. Our classrooms and research
capabilities are also enriched by contributions of computer hardware and software.
Real Property
You may contribute real property to the University, either as a bequest or, more commonly, by a
lifetime transfer, and realize significant tax benefits. The University looks at possible gifts of
property on a case-by-case basis. It is a detailed process but very workable and the rewards are great.
Gifts of real property may consist of almost any type of property: a personal or recreational
residence, a farm or ranch, a commercial building, subdivision lots or any undeveloped parcel of land.
The gift may be for all of your interest in the property or an undivided fractional interest.
For information about how to make these kinds of gifts, contact the Assistant Dean for University
Advancement, Carl R. McIntosh, CFRE at mcintocr@uscsumter.edu or 803-938-3733.
Please call Carl McIntosh at (803) 938-3733
|
