Current Giving Options for Cash & Property
Annual Fund Gifts are a priority need for ministries supported by the Children At Heart Foundation. Unrestricted donations go directly to provide daily care and services to the children and families in crisis. Restricted gifts may be designated for a specific non-budgeted purpose or project, such as a building, furnishings, equipment, vehicle or start up money for a new ministry or program.
Cash gifts made in the form of a check or currency should be made to Children At Heart Foundation (CAHF). If you choose to designate your gift to a specific ministry, you will have an opportunity to do so when making your gift online, or you may indicate the designation in the memo line on your check. All undesignated gifts will be used in the area where it is needed most. In most cases the donor is eligible for an income tax charitable deduction for the full amount of the gift.
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Non-cash gifts, such as stock or securities, real estate, business inventory, vehicles, equipment, and tangible personal property, may also be made after consultation with the Children At Heart Foundation development office.
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Non-cash gifts generally qualify for an appropriate charitable income tax deduction, as defined by the Internal Revenue Service, relative to the kind of asset being given and, sometimes, the intended use of the asset by the charity. The appropriate value of most non-cash gifts, such as securities, real estate, equipment, vehicles, and most tangible personal property is the fair market value. If you do not itemize your deductions or if your income or other gifts exceed a certain level, you may not be able to deduct part or all of the asset value in the current year.
Non-cash gifts in excess of $500 must have a resource for assessing value (i.e. Kelley Blue Book value for vehicles). Non-cash gifts other than publicly traded securities valued in excess of $5,000 must have a “qualified appraisal” or the income tax deduction will be denied by the IRS. The donor is responsible for filing a Form 8283 with his/her tax return for all non-cash gifts in excess of $500.
Appreciated Property Gifts
When appreciated property is sold, the seller must typically pay capital gains tax on the appreciation – the difference between the cost basis of the property and its current fair market value. Cost basis is generally the value of the property when the new owner acquired the asset. If the asset has been depreciated, such as an auto used in business, rental property, or other capital asset, the basis will be reduced by the amount of depreciation.
Outright gifts of appreciated assets to any qualified charity are not subject to capital gains tax. Likewise, when the charity sells the asset, it is exempt from paying capital gains tax. Therefore, outright gifts of appreciated assets, such as publicly-traded securities, real estate, and other usable or readily marketable assets, can be economically advantageous to both the donor and the charity.
Real estate gifts are welcomed by Children At Heart Foundation if the property can be used by one of our ministries to serve children or if it can be readily sold and the proceeds used for serving children. The Children At Heart Foundation will generally not accept real estate gifts that one of its ministries cannot use, real estate that cannot be readily sold, or real estate that contains environmental hazards.
The Children At Heart Foundation generally will accept gifts of new and used vehicles (autos, trucks, vans, tractors, etc.) that are in good condition and can be used by one of its supported ministries. Higher mileage, used autos and minivans are often needed by one of our single moms to get to school, work or child care.
When the vehicle is used in one of our ministries, the donor is eligible for a fair market value charitable deduction. Vehicles that cannot be used in any of our programs will be sold and the proceeds used to serve children. When vehicles are sold by the ministry, the donor is eligible for a charitable deduction equal to the sale price.
Professional services, such as medical, dental, orthodontic, legal, hair cuts and hair styling, are always needed for the children we serve and greatly appreciated. Unfortunately the donor is not eligible for a charitable deduction for these services.
Equipment, Appliances, and Furniture
Commercial and household equipment, appliances and furniture are often needed by our ministries. Household furnishings also are needed by single-parent families that we serve as they transition back into independent living. All donated items should be in good working condition. Items accepted that cannot be used in one of our programs will be sold and the proceeds used to serve ministries.
Donations of good used clothing are accepted and used by the children and families served by our supported ministries. Any items that are accepted but cannot be used by those we serve are passed on to other nonprofit agencies that can use them. We provide an acknowledgement of the gift, but the donor is responsible for assessing a value of the clothing for income tax purposes.
For more information about any Current Giving options, contact the Children At Heart Foundation at (512) 255-3668 or by email.