Department of Otolaryngology / Head and Neck Surgery
An expendable fund means that the principal is used for the purpose designated by the donor. This type of giving is an excellent way for you to make an immediate impact in such areas as student financial aid and research. For income tax purposes, you may deduct up to 50 percent of your annual adjusted gross income for cash gifts. Any deduction in excess of that you can carry over and use within the next five years.
An endowed fund is a permanent source of support. Such gifts are invested by Georgia Regents Medical Center to generate annual income, and a portion of the return on the fund is used to support the purpose chosen by the donor. The balance of interest and the appreciation remains in the fund so that the principal continues to grow and keep pace with inflation. The permanence of an endowed fund, and your ability to name the fund after anyone you choose, makes this type of giving an excellent vehicle for honoring or memorializing someone important to you.
Transferring appreciated marketable stock to Georgia Regents Medical Center Department of Otolaryngology/Head and Neck Surgery is a good option if you wish to support an area of medical research while reducing your tax bill. A gift of appreciated securities owned for more than one year is probably the most cost-effective charitable gift. The donor can take an income tax charitable deduction of the fair market value of the securities without having to pay capital gains tax on the increase in value above the original cost. A review of your highly appreciated investments can determine which assets are most suitable for gifts. In any one year, the amount of charitable deduction usable when giving appreciated securities is limited to 30 percent of adjusted gross income. Any unused portion may be carried forward for up to five successive years. Securities are donated in one of three ways: 1- hand delivery, 2 - mail or 3 - transfer through a broker. Generally, the preferred method is to transact a gift through your broker. DO NOT sell the securities and place the proceeds in our account - that will trigger capital gains taxes. Your broker should contact us for further instructions. When mailing securities, send them by registered mail with return receipt requested. Do not sign the back of the certificate, but mail a properly signed stock power form in a separate envelope. Each certificate used for the gift will require its own stock power form. Also, include a cover letter stating your intention to give the securities with an address and telephone number.
Many donors have benefited themselves and the university by making gifts of real estate varying from timberland to farmhouses. As with other appreciated property, a gift of real estate can unlock the full value of your property and offer specific economic advantages while providing lasting benefits to MCG. Each potential gift is carefully evaluated to ensure that it will enhance MCG’s mission. Marketability of the property is generally a key consideration. Georgia Regents Medical Center may receive a personal residence, farm, vacation home or other real estate. A certified appraisal of the property must be prepared. The IRS requires the signature of the appraiser on Form 8283. Making an outright gift of appreciated real property you have held for more than one year would result in an immediate income tax charitable deduction for up to 30 percent of your adjusted gross income. Any excess deduction that you could not use in the year of the gift may be carried over and used for up to five additional years. Real estate may also be used in other planned giving arrangements, enabling you to convert a low-yielding asset into a lifetime income for you or other beneficiaries.
Planned gifts include a variety of gifts with special tax implications, including gifts through your estate in your will or revocable trust. The government encourages philanthropy through state and federal tax advantages for gifts. Often these tax advantages can allow you to make a greater gift than you thought possible while benefiting your family and heirs. Many Georgia Regents Medical Center alumni and friends have chosen planned giving as a way to perpetuate their loyal support of the university beyond their lifetimes, while realizing benefits for themselves today. The type of asset and the way it is given to Georgia Regents Medical Center determines its actual tax and financial benefits. Certain planned gift arrangements provide an opportunity to diversify holdings, turn highly appreciated assets into a gift that provides you income, and maximize tax savings. By planning today, you may reduce or eliminate estate, inheritance, or gift taxes, providing your family the full benefits of your life's work. Certain gift plans actually increase the amount of wealth passed on to your family.