GOODWILL INDUSTRIES FOUNDATION OF CENTRAL INDIANA, INC.
When you contribute to Goodwill, you have the flexibility to decide where your contributions will go. Unrestricted gifts allow funds to be distributed where they are most needed, while directed funds allow you to contribute to a specific program that may be important to you.
Gifts to Goodwill are tax deductible to the full extent permitted by law. In many cases, gifts to Goodwill can decrease the tax consequences of capital gains or inheritance. Consult your attorney or tax advisor for more information.
Cash – When you contribute cash, your dollars can immediately be put to use. If you itemize, this type of contribution is deductible up to 50 percent of your adjusted gross income. Excess deductions can be carried forward for up to five additional tax years. Consult your attorney or tax adviser for more information. Make a Gift
Bequests – Bequests are an easy way to give and help you ensure that organizations you believe in receive your support after your death. A bequest to Goodwill is not subject to federal or state inheritance tax and is deductible from the value of the estate for estate tax purposes. Click here for Goodwill's bequest language.
Charitable Gift Annuities – Many donors find the charitable gift annuity a good way to receive income and make a gift to Goodwill. Annuity payments can be immediate or deferred. Goodwill's minimum age for a charitable gift annuity is 50 years old. However, donors who are younger than 50 may establish a charitable gift annuity with deferred payments.
Charitable Remainder Trusts – If the funding asset is hard to value or has numerous beneficiaries and variations on term, individuals may opt for a charitable remainder trust. Charitable remainder trusts are gifts that are placed irrevocably in a trust with the named beneficiary(ies) receiving a fixed (annuity trust) or variable income (unitrust) for life or term of years not to exceed 20.
IRA Transfers – Individual Retirement Account (IRA) transfers are a viable option for individuals who are looking for an easy way to contribute to their favorite organizations like Goodwill.
Life Insurance – If you purchase a life insurance policy for a beneficiary who no longer needs benefits, you may choose to designate Goodwill the irrevocable beneficiary. This contribution affords an immediate tax deduction at the time of transfer, and you also may deduct premiums you pay after the transfer.
Retirement Plan Assets – For estate planning purposes, retirement plan assets are the assets designated to fund bequests to Goodwill. In so doing, both income and estate taxes are avoided.
Securities or Real Estate – Stocks, bonds, mutual funds and real estate that have been owned longer than 12 months and have appreciated afford an immediate charitable income tax deduction for the full fair market value up to 30 percent of the adjusted gross income. Excess deductions can be carried forward for up to five additional tax years, and capital gains taxes are eliminated on contributed securities or real estate.
