Many donors make an outright charitable gift with cash, check or credit card. If you itemize income-tax deductions on your tax return, the first tangible benefit of making a gift by cash, check or with your credit card is the tax deduction for the full value of your gift.
The annual charitable deductions you can claim for cash gifts to public charitable organizations is limited to 50 percent of your adjusted gross income. However, you can apply any unused deductions for up to five more years, which gives you six full years to use the deduction. You’ll also see the immediate results of your generosity.
Electronic Funds Transfers (EFT)
You can use EFT to send a recurring gift from your checking or savings account monthly or quarterly. Your payments will appear on your bank statements automatically, and we will send you receipts for tax purposes.
The Foundation receives monthly gifts on the 15th of each month. We receive quarterly gifts on the 15th of March, June, September and December.
Changes to your EFT
To change your payment amount or schedule, simply contact the Foundation. If you change banks, please send us a new voided check or deposit slip.
To cancel your EFTs, please notify the Foundation at least 15 days prior to the next scheduled fund transfer.
You may be able to double, triple or quadruple the amount of your gift by taking advantage of a corporate matching program. If your company has a program, you may be able to make a larger donation to A&M without further reducing your own assets and still receive a charitable deduction for the amount you give. You can make your donation with a check, cash, a credit card or publicly traded securities.
Some companies will also match volunteer time or gifts from retirees. Every organization has its own rules and matching gift forms, so be sure to check with your company’s human resources department.
Using assets other than cash allows you more flexibility when planning your gift—and if you plan your gift creatively, you can benefit in even more ways.
If you irrevocably donate to the Texas A&M Foundation any asset, such as stocks, bonds and/or mutual funds, you can take a current income-tax deduction. If you contribute appreciated securities that you’ve held for longer than one year, you’ll also avoid paying capital-gains tax.