Agia Sophia Academy is a 501(c)(3) nonprofit Private School. Your gift is tax-deductible to the full extent provided by the law. Our federal tax identification number is 27-0089608.
Today, with the holidays fast approaching, and with many people thinking about year-end giving decisions, we thought it might be timely to provide you with some information about the CARES Act and how it benefits those wishing to make charitable contributions.
First, the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act has made it possible for those who don’t itemize on their tax returns to claim a new “above-the-line” deduction of up to $300 for cash donations to a public charity made in 2020.
If you do itemize, the tax benefits are even greater! Those who itemize can deduct qualified donations of up to 100% of their adjusted gross income. (The current deduction cap is 60% of adjusted gross income.) Learn more at www.IRS.gov.
Methods of Giving
There are multiple methods through which you can make a contribution to the School. The two most common methods of giving are cash and publicly traded securities (stock). In cases where gifts are made in cash, the valuation is the amount of the cash. Gifts of securities will be valued at the average market value on the date the full interest in the transferred property is received. Gifts of privately held securities, undivided interest in real estate, life estate contracts, tangible real property, individual retirement accounts, bequests through a will or codicil, gifts-in-kind and gifts of service are also acceptable based on the Steering Committee’s approval.
Many donors work for “Matching Gift Companies.” These employers match all or part of a donation that the employee makes to Agia Sophia. For example, if an employee makes a contribution of $1,000, the Matching Gift Company could donate an additional $1,000 to the Academy. What a deal! Donors are encouraged to inquire if their employer matches charitable contributions to independent schools.
A Gift of Cash
Gifts of cash are the most popular way to make a charitable contribution and may be in the form of cash, checks, money orders, bank drafts or currency.
A gift through a will is a common and easy deferred gift. A bequest is an instruction in your will that a certain portion of your estate be given to a named beneficiary. Charitable bequests to Agia Sophia Academy allow you to extend your support beyond your lifetime. They are a means of providing a meaningful gift without diminishing assets during a donor’s lifetime mannapotheke.de.
A Gift of Life Insurance
An irrevocable gift of a life insurance policy with Agia Sophia Academy named as the owner and beneficiary presents a very appealing way of making an outright charitable gift. You can also become the insured of a new whole life policy with Agia Sophia Academy being the owner and beneficiary and you make a tax-deductible contribution to the Academy equal to the premium payments.
A Gift of Real Estate
You may choose to gift property to Agia Sophia Academy and deduct the fair market value as a charitable contribution. If the property has decreased in value, it is better to sell the property, take a capital loss and gift the proceeds from the sale.
A Gift of Tangible Property
A gift of tangible property that is related to our exempt function may be deducted at the fair market value of the property without the payment of any capital gains on the appreciation. That is, provided the property has been owned more than twelve months.
Have a car or truck to donate? Click here! ASA has partnered with Volunteers of America to accept vehicle donations on our behalf. Running or not, they pick it up free of charge, you get the tax deduction and we get the profit.
Library: Help us expand our library selection by donating a book or two (new or gently used) from the ASA Library Wish List.
Classroom: Help supplement the classroom with some of the teacher requested items listed on our Amazon Wish List.
Note: You can often find savings for these items by comparing prices among various retailers with Wikibuy.
For more information about ways to give, please contact Christina (Bournelis) Blankenstein at 503-641-4600.