Donations to the scholarship fund should be made to the CFA, via recognized mechanisms described here, and noting that the contribution is intended for the “Think On” scholarship fund.
- Make an online donation via CFA using a credit/debit card
- The donation screen will be similar to the image shown below.
- Cash and personal checks are the simplest way to donate. They enable donors to claim a current income-tax deduction of up to 50 percent of their adjusted gross income in the year of the gift with a five-year carry forward.
- Send a check by mail to:
- The Community Foundation of Abilene, P.O. Box 1001, Abilene, Texas 79604.
- Please include “Think On” in the memo.
- Find more information at the CFA website (http://cfabilene.org/)
Publicly traded securities and mutual funds.
Donors receive a double income tax benefit when they give publicly traded securities or mutual funds (i.e., securities for which there is a recognized market, such as the NYSE.) These gifts are deductible at their full market value, and the donor avoids capital gains on the stock’s appreciation. Donors can claim a current income tax deduction of up to 30 percent of their adjusted gross income with a five-year carry forward, if required.
Closely held stock.
We review proposed gifts of closely held stock case by case. If accepted, donors are entitled to a deduction for the appraised fair market value of the gift, up to 30 percent of the donor’s adjusted gross income. Capital gains are also avoided.
Donors may name the Foundation as the owner and beneficiary of existing policies that they no longer need. Donors are entitled to a federal tax deduction for the cash surrender value in the year the gift is made.
Gifts of real estate include homes, farms, ranches, commercial buildings or incoming-producing land. All gifts of real estate will require certain procedural steps, including site visit, environmental assessment and a qualified appraisal. The Foundation accepts real estate on a case-by-case basis.
Other Types of Donations
Other types of contributions are possible, but may be more complicated to execute and will require discussion with CFA representatives. In all cases, note that the contribution is intended for the “Think On” scholarship fund.