Types of Gifts Accepted
Gifts of Cash
The Foundation gratefully accepts gifts of cash given in currency, by check, or credit card. To give by credit card simply click the Donate button to go to our secure giving page. To give by check make the check payable to FMCCS and mail to 315 North Drive, Bloomington IN 47401.
Gifts from family charitable funds or donor-advised funds may be directed to the Foundation. Our Tax ID is 31-0889739.
Qualified Charitable Distributions (QCD) from your IRA. If you are 70 1/2 or older, you can direct your IRA administrator to distribute a QCD from your IRA to the Foundation. Any amount you transfer counts against your required minimum distribution (RMD) and you can direct up to $100,000 to your favorite causes this year. The Charitable Giving and Secure Act of 2020 changed the age an individual is required to take a minimum distribution to 72 but individuals that are 70 1/2 can still elect to take a distribution.
Please consult your personal tax advisor for additional information.
Gifts of Stocks or Bond
Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for you to make a gift to the Foundation of Monroe County Community Schools. Benefits of gifting appreciated stocks and bonds include:
- Avoid paying capital gains tax on the sale of appreciated stock
- Receive a charitable income tax deduction
- Further our mission today
These gifts will be electronically transferred from your brokerage account to the Foundation’s account with TD Ameritrade. A tax receipt valuing the gift will be provided.
For more information please call us at (812) 330-7000 ext 50065.
Real Estate and Personal Property
The Foundation will accept gifts of real estate and personal property only after the Foundation has determined that it is in the best interest of the Foundation to do so. Generally speaking, the Foundation will sell gifts of real property and use the proceeds to support the mission of the Foundation. Appraisals, closing costs, and other expenses related to the acceptance and sale of the gift are responsibility of the donor unless otherwise agreed upon.
Life insurance policies offer donors the opportunity to leave a sizeable gift to a favorite charity after they pass away. Options for setting up life insurance to benefit the Foundation include:
- Donating your life insurance policy to the Foundation and naming the Foundation as the owner and the beneficiary. This will allow you to claim a tax deduction on your income taxes. You can make sure the premiums are paid by making a deductible cash gift to the charity.
- Naming FMCCS as the beneficiary of your life insurance policy so the death benefit automatically gets paid to the Foundation. Note that you will not receive a charitable tax deduction on the premiums paid.
Please check with your tax advisor and insurance agent for more details.
A donor may select to make the Foundation a beneficiary of your IRA or other retirement assets. This can be done by completing a form through your employer or your plan administrator. Once the designated beneficiary forms are in place, the retirement assets will generally pass directly to your beneficiaries (including charities) without going through probate. This can provide significant tax savings to you and your heirs as IRA assets are taxed by beneficiaries (charitable beneficiaries do not pay a tax). It is always best to consult your financial adviser in creating an estate plan that is best for you.
A donor transfers property to the lead trust, which pays a percentage of the value of the trust assets, usually for a term of years, to the Foundation of Monroe County Community Schools. At the end of the trust term, the remaining assets in the trust and any growth it has realized are passed to your heirs. Although there is no income tax deduction when you create a charitable lead trust, your gift or estate tax is greatly discounted and any growth is passed to your heirs gift and estate tax free.
Wills & Bequests
A bequest through your will or trust enables you to make a gift to the Foundation of Monroe County Community Schools without diminishing your assets during your lifetime. Important tax savings can result since the amount of the bequest may be deductible from your taxable estate. Most significantly, a charitable bequest to FMCCS gives you the opportunity to make a difference in the future of our community by supporting the educational opportunities available to our local students.
There are a number of different ways to make a charitable bequest. The most common method is to bequeath a specific dollar amount to the Foundation. However, you may find it more advantageous to direct a percentage of the value of your estate to FMCCS or to bequeath property such as stocks or bonds. Please consult your attorney or tax adviser to determine the most appropriate terms and conditions for your gift.
A bequest through your will or estate can be offered as either an unrestricted or restricted gift. An unrestricted gift will be used at the discretion of the Board of Directors to best serve the mission of the Foundation and to meet the most critical and urgent needs. A restricted gift can be directed to a current program or fund at the Foundation or to establish a new program or fund.
Sharing this information with FMCCS will help us plan for future growth and programs.