While we always accept gifts of food and funds throughout the year, there are some unique ways you can donate to the Food Bank that will help support our mission. Below are a few different ways to give.
Gift of Cash: The Cares Act of 2020 permits individuals who do not itemize to claim a deduction of up to $300 for cash contributions made to qualified charities during 2021, while married individuals filing joint returns can claim up to $600. Those who do itemize can apply an increased limit of up to 100% of their AGI for cash contributions made to qualifying charitable organizations during 2021. *Usually, individuals who itemize may claim a deduction for qualifying charitable contributions in the range of 20% to 60% of their adjusted gross income (AGI).
Appreciated Stock: Appreciated stock makes an excellent gift. You avoid all capital gain taxes, will receive a tax deduction, and can deduct a percentage of your adjusted gross income.
Bonds, Mutual Funds: Similar to cash in their tax treatment, these make excellent gifts. State, Municipal, and Government bonds are welcome gifts.
Bequest Through Will: One of the simplest ways is to give of your estate. You can make a gift bequest, after others have been provided for, of a dollar amount, specific property, a percentage of the estate, or what is left (remainder) to the organization.
Gift of Life Insurance: A simple way to make a significant future gift is to name the organization beneficiary to receive all, or a portion of the proceeds of an existing life insurance policy. You will receive a tax deduction for the cash surrender value, thus reducing your tax liability in the year of the gift.
Retirement Accounts: Retirement Account Funds (IRAs or company plans) beyond the comfortable support of yourself or loved ones may be given (like life insurance proceeds) to the organization by proper beneficiary designation.
Giving Societies: Just this past year, three new giving societies were created to give donors more options to participate in our mission. Nourish 365 members are special donors who commit to recurring monthly gifts which allow for us to plan for the year ahead. Our Hunger Action Council members are community minded investors who take a leadership role by making a multi-year financial pledge which can be submitted in annual, quarterly, or monthly payments. The Fraenkel Society was created to recognize supporters who are honoring the Food Bank through an estate provision, beneficiary designation, or life income gift. You need not be wealthy to leave a legacy, as there is no minimum to become a part of this society.
For more information on ways to give or to schedule an in-person visit with us at the Food Bank, contact Sandy Colvin, Chief Development Officer, at (225) 359-9940.
*Consult your tax adviser for official guidance on current tax laws pertaining to contributions and deductions.