Gifts

At the Spelman Medical Foundation we raise funds to support healthcare.  We strive to work creatively with anyone interested in making a gift to support wellness and health in our community. 

Gifts of Cash 

When you make a gift of cash, you can deduct a portion of the gifts from your adjusted gross income and carry over any excess deduction for five years.

Cash Pledged Over Several Years 

Cash pledged over several years entitles you to deduct a portion of the gifts from your adjusted gross income for the amount you give each year.

Wills and Bequests 

A will or bequest is an easy way to give of your estate.  You simply make a gift bequest of a specific dollar amount, property, or percentage of your estate to the Spelman Medical Foundation.  

Gifts of Appreciated Stocks, Bonds, and Mutual Funds 

Appreciated stock (held longer than one year) makes an excellent gift.  We also welcome gifts of state, municipal and U.S. government bonds and mutual funds.  Bonds and mutual funds resemble cash in their tax treatment, earning you a tax deduction for the full value of the gift.

Gifts of Real Estate 

A gift of real estate (held longer than one year), entitles you to deduct the full fair market value of the property and avoid all capital gains taxes.  You may also choose to deed your home, land or farm to the Spelman Foundation, continue to live there, maintain the property, and receive any income it generates. For your charitable gift, you will receive an income tax deduction based on your life expectancy and the value of the property. 

Charitable Remainder Trusts 

A charitable remainder trust allows you to transfer certain assets to the Foundation for management, while you retain the income producing ability of those assets.  Donors can choose the rate of return from these income arrangements, as well as a fixed or fluctuating annual payment.  You will avoid capital gains taxes and receive an income tax deduction calculated by the amount of assets transferred, the number and ages of your beneficiaries, and the amount and/or type of income you elect to receive. 

Gift Annuity 

With a gift annuity you can make a contribution of cash or appreciated securities in return for a fixed annual income backed by the assets of the Spelman Foundation.  The Foundation will agree to pay you and/or a person you choose an income for life.  Part of the income is treated as return of principal each year and is tax free.  Gift annuities also allow you to claim a sizable charitable income tax deduction the year the gift is established.  Upon the death of the annuitant and any additional income beneficiary, the assets will be used by the Spelman Foundation as you have directed.  If you fund your gift with appreciated securities, you may see a sizable increase in income over the current yield of securities.  You will also avoid paying tax on the capital gains.  The remainder of the capital gains is reportable over a period of years.

Deferred Gift Annuity 

This is an outstanding retirement planning vehicle.  Similar to a gift annuity, the deferred annuity begins at a future date determined by you.  Your tax deduction and annual rate of return increase the longer you wait to start payments. 

Gifts of Retirement Accounts 

After planning for yourself and loved ones, you can make a gift of Retirement Account Funds (IRAs or company plans) to the Spelman Foundation by proper beneficiary designation. 

CDs and Savings, Brokerage, or Checking

Accounts with P.O.D. Provisions 

P.O.D. stands for payable on death.  During your life you retain full ownership and control.  At your death, the account balance is paid to your named beneficiary, the Spelman Foundation, immediately without probate.  

Gifts of Life Insurance 

Giving a gift of term or whole life insurance is a simple way to make a large gift in the future by naming the Spelman Medical Foundation as a beneficiary.  You will receive a tax deduction for the cash surrender value of the policy, thus reducing your tax liability in the year of the gift.  You will also be entitled to deduct tax for each premium as made, and give a major gift to the Spelman Foundation with a modest annual payment.