You Can Make a Difference Today

We know our work means a lot to you and that is why you support the CAMC Foundation. If you are considering a gift to the CAMC Foundation at the end of this year, here are three popular options that may appeal to you.

  1. Give cash. In exchange for a gift of cash, you receive an income tax charitable deduction for the full value of the gift up to 50 percent of your adjusted gross income (AGI).
  2. Donate stocks, mutual funds or real estate. Even if these types of assets have lost value, for tax purposes they are still appreciated if their current value is more than what you originally paid for them. If you’ve owned them for more than one year, you may deduct the full fair market value of the property up to 30 percent of your AGI. You also eliminate paying capital gains tax on the appreciation, thus reducing the out-of-pocket cost of your gift.
  3. Contribute personal property. Perhaps you have tangible items, such as artwork and antique furniture or other collectibles, that you would like to give to the CAMC Foundation. If we can use these items in a manner related to our tax-exempt purpose, you can deduct their fair market value up to 30 percent of your AGI. If use of the property is considered unrelated to our mission—which we’ll help you determine—the deduction is generally based on its cost basis, deductible up to 50 percent of your AGI.

How to Get Your Deduction

Did you give cash? You must have a receipt from us prior to filing your return that states the date of the gift, the amount, and whether you received any goods or services in exchange for your donation. You don’t need to send this to the IRS, but you do need to have it on hand when you send in your income tax return. If you write a check for less than $250, a copy of the check will suffice as a record of the gift. You should always obtain a receipt for a gift by check of $250 or more.

Did you give property? A gift of property requires a receipt, and if it is worth $250 or more, additional items are required on the receipt. For gifts of property valued at more than $500, you’ll also need to include IRS Form 8283 with your tax return. And if you want to deduct more than $5,000, you’ll need to obtain a qualified appraisal unless you have donated marketable securities.

If you have any questions about supporting the CAMC Foundation at the end of this year, please feel free to contact E. Gail Pitchford at 304-388-9862 or gail.pitchford@camc.org. We look forward to helping you.

A charitable bequest is one or two sentences in your will or living trust that leave to the CAMC Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to the CAMC Foundation, a nonprofit corporation currently located at 3414 Staunton Avenue, SE, Charleston, WV 25304, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the CAMC Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the CAMC Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the CAMC Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the CAMC Foundation where you agree to make a gift to the CAMC Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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