Ways to Support the ASCSA
A gift of cash is available immediately for the organization’s use and in most cases is 100% deductible for donors who itemize deductions. Your check should be made payable to the “American School of Classical Studies at Athens” or “ASCSA.”
Gifts of Securities
Increasingly, donors are using appreciated securities – including publicly traded and privately held stock and mutual funds – to make gifts. The attraction of this method of giving is that the donor is entitled to take a charitable deduction for the full current value of appreciated securities held longer than one year and is able to avoid paying the capital gains tax that would be due if the donor sold the securities. Please contact the School for wire transfer instructions.
Gifts of Real Estate
Real estate, such as a piece of land, a house or a farm, may be given outright, in which case The American School of Classical Studies at Athens will sell the property and use the proceeds for purposes designated by the donor. Any appreciated value is not usually subject to federal capital gains tax, and a substantial charitable deduction may be claimed. (There could be tax implications for the donor, depending on the length of time the gift is held by the organization.) All gifts of real estate are subject to prior approval and an environmental audit.
It is possible for a donor to give other tangible property, such as collections, books, furniture, artwork and jewelry to the organization. In most cases, the organization will choose to sell the property or item. There are federal income tax guidelines regarding gifts of tangible property (including rules governing the deductible amount if the organization disposes of the property within a certain time period), so it is very important to consult with a tax advisor before choosing to give an object of substantial value to the ASCSA. In-kind services may also be of value to the campaign, and we encourage you to discuss such options with the School.
A donor leaves a specific amount, a specific percentage of the full estate or the entire estate to the organization. A residuary bequest means that a donor gives the residue of the estate after other specific bequests are made to the organization. A contingent bequest means that the donor makes the gift dependent on certain events.
- Gifts with retained income. The donor uses the value of real estate to fund a trust.
- Gift of partial interest. The donor gives a percentage of interest, and the organization receives a proportionate share of the proceeds when the property is sold.
Language like the following may be used to make a bequest to the American School:
“I give to the American School of Classical Studies at Athens the sum of______ (dollar amount) or ____% of my estate to be used at the discretion of its governing board.”
Gifts of Life Insurance
A donor may name the ASCSA as one of the beneficiaries or the sole beneficiary of a life insurance policy. A donor may also transfer ownership of a policy to the organization. In the case of ownership transfer and/or sole beneficiary status, the policy’s face value is removed from the donor’s taxable estate. Also, future premiums paid on the policy by the donor can be treated as charitable gifts, and if the policy has a cash value, the donor can take an immediate tax deduction.
IRA and Other Retirement Assets
Retirement assets such as a 401(k) may be used to fund a gift. A lifetime gift through an IRA has positive estate tax consequences.
Additional structured planned giving options follow. These may be discussed with the American School on an individual basis.
Charitable Remainder Trust
The donor may give a specific amount that is placed in a trust managed by a financial institution. The donor gives up control of the funds but retains a life income interest in the funds. When the donor and other beneficiaries die, the remainder of the funds is given to the organization. This trust may take effect while a donor is still living (inter vivos charitable trust) or may be treated by the donor’s will (testamentary charitable trust). The following are the types of charitable remainder trusts:
- Unitrust. Federal law requires that a fixed percentage of the trust’s assets be paid to the donor (or beneficiaries) as income each year. In the case of unitrusts, the percentage is based on the current market value of the assets, so the income can vary.
- Annuity trust. The annual income payment is set as a percentage of the assets when the trust is established, and annual payments never change.
For further information, please contact Minna Lee at (609) 683-0800.