Gifts you make today
for immediate use are known as Outright Gifts, and there are many ways to
make them. An outright gift, sometimes called Gifts-In-Kind, is a voluntary
transfer of property made without strings attached. With an outright gift there is no
continuing duty or obligation owed to the donor, the person or organization
receiving the donation or to any other person. The recipient is entitled to utilize the
gift as it sees fit and for whatever purposes it sees fit. This is also
referred to as an unrestricted gift.
Gifts of Real Property
Tangible Personal Property
Other Personal Property
Mutual Fund Shares
Gifts of Real Property
includes all gifts of real estate. Most of the time gifted properties will
be sold. In other instances, it may be kept as an investment. The temple
can accept gifts of real property, both improved and unimproved, after
review and in consultation with our Development office. Real property is
simply real estate -- a home, condo, commercial property, farm, or other
Temple donors may
want to contribute real estate such as their residence, vacation home, farm,
ranch, commercial property, or undeveloped land. Usually, we accept gifts
of real estate if there are no restrictions placed on selling the property.
Temple of the Goddess reserves the right to accept or refuse any and all
property donations. Real property can be donated as an immediate gift or may be
part of your planned giving donation. (See Planned Donations) The real
property donation is worth the property's fair market value, which can only
be established by an independent appraisal.
The temple can accept
mortgaged property though the transaction is subject to “bargain sale”
rules. [According to the IRS, a bargain sale occurs when property is sold to
a charity at a price less than fair market value or when it is mortgaged or
otherwise encumbered. In these circumstances, the donor has made a
charitable gift and a sale. The sale element of such a transaction may have
capital gains consequences. These transactions, because of their complexity,
should be closely examined by the donor's tax advisor.]
You can also donate
your home to the temple and continue to live in it for the rest of your
life. This form of gifting is most suitable for older donors who can expect
to remain in the property until death. The arrangement is irrevocable and
the donor is still responsible for all taxes and upkeep of the property. A
tax deduction is allowed in the year the gift is arranged.
NOTE: Under U.S.
Treasury regulations, a donor must pay for any initial appraisal made on the
property. Unless waived by Temple of the Goddess, it is the responsibility
of the donor to cover any costs involved in an environmental impact study,
title search, and other related studies or tests.
Tangible Personal Property
Gifts of tangible
personal property include, but are not limited to, cash, securities, cars,
boats, furniture, computers, stamp collections, books, jewelry, and coins,
as well as intangibles such as art work, royalties, patents, and copyrights.
Donations of tangible personal property are deductible if they are
legitimately appraised and satisfy the "related use" standard set by the
A donation of
tangible property is deductible for the full fair market value (up to 30% of
your adjusted gross income) if it meets two conditions. Your gift must be
documented by a legitimate appraisal and must satisfy the "related use"
"Related use" means
that the temple must be able to use the gift in a way that is related to or
furthers its mission. Property that does not satisfy the "related use"
standard may still be deducted, but only for the cost basis of the property,
subject to a limit of 50% of your adjusted gross income. The five-year
carryover rule for the deduction applies in both cases
To make a formal
transfer of your gift, you can simply write a "letter of intent to donate"
that identifies the specific property you are gifting and includes a signed
statement of your intent to transfer it to Temple of the Goddess. The
exchange is complete on the date when ownership or legal title is
transferred. We suggest you speak to your financial advisor and review IRS
Publication 561 which outlines the methods in which the IRS requires you to
determine the value of donated property.
Temple of the Goddess
appreciates your gifts of tangible personal property and we accept most any
gift that is useable or can easily be sold to help provide support for one
of our many temple programs.
Securities and Mutual Fund Shares
include shares of corporate stock or mutual funds, bonds issued by
corporations or governmental agencies, stock options or other options.
Stocks, which have appreciated in value, are attractive to use for
charitable gifts as they allow the donor to make a rather significant gift
that involves less out-of-pocket cost. Capital gain taxes on the
appreciation in value are avoided. Mutual fund shares, like securities
offer an income tax deduction for the gift value and will lower your current
tax liability. In addition, stocks may be donated outright or used to create
an income-producing gift. Either way, you select the purpose of your gift to
help Temple of the Goddess grow and fulfill its mission.
Please contact us at
DevelopmentOffice@TempleoftheGoddess.org if you have any questions.
The information on this site is not intended as legal, tax, or investment
advice. For such advice, please consult your legal, accounting, or other
professional advisors to confirm the accuracy and applicability of
information and current IRS regulations governing non-cash charitable