The Highland Community College Foundation’s matching challenge DOUBLE PLAY 2014 continues this year after a very successful campaign during 2013.
Last year’s donors surpassed the matching goal of $75,000 by more than $9,000, for a total of $84,320.
Donations to DOUBLE PLAY 2014 will be matched dollar-for-dollar up to the first $72,000 during 2014. Donors to the 2014 Matching Pool include:
$50,000 from an anonymous donor in Jo Daviess County
$10,000 from an anonymous donor in Stephenson County
$6,000 from Stephenson Service Company
$6,000 from Citizens State Bank
Donors who wish to participate can designate their gift to the “greatest needs of Highland Community College” or to the current major gift campaign -- “Growing for tomorrow--changing lives today.”
Donations to the major gift campaign, which have recently surpassed $3.7 million, along with revenue from debt certificates issued by the College, have allowed both the Stamm Health Science Nursing Wing and the Wind Turbine Technology Center to be constructed and occupied by students and faculty.
However, more than $3 million still needs to be raised so that the Foundation can fulfill its pledge to help Highland Community College retire the debt, according to James M. Berberet, Foundation Executive Director.
If you would like to take advantage of this opportunity to double your donation for higher education in Northwest Illinois, please contact the Highland Community College Foundation office at 815.599.3413 to request additional information and to secure a donation/pledge form. Donations can also be made online at highland.thankyou4caring.org.
Download a printable pledge form.
The most common way to make an immediate gift is by writing a check. This type of cash gift provides immediate liquidity for us and generates a charitable income tax deduction for you, the donor, in the year of the gift.
Giving stocks or bonds may provide greater tax benefits. If you have owned securities for more than one year and the fair market value has increased since you purchased them, you can avoid capital gains tax and receive a charitable income tax deduction equal to the fair market value.
A gift of real estate that has been held for more than a year also has the advantage of providing you with a charitable deduction based on the current fair market value, as well as bypassing capital gains tax on the appreciation.
Selected artwork, books and antiques are examples of gifts of personal property that can, in certain situations, be an appropriate gift. However, to ensure that any tangible personal property qualifies for a favorable tax deduction, please contact the HCC Foundation office prior to making a gift.
Sometimes called deferred gifts, the term planned gifts refers to specific strategies that (in most cases) benefit charity at some point in the future while offering immediate benefits to the donor.
The gift of a paid-up life insurance policy is a good example. By designating the HCC Foundation as owner and beneficiary of such a policy, you will receive a charitable income tax deduction that, in most cases, is equal to your cost basis in the policy.
The benefits of planning compound when you utilize one of a number of strategies that generate income as well as provide a number of other attractive benefits.
The Gift Annuity is a great example of how a gift generates income for the donor. This is actually a contract between a donor and a charity that is part gift and part annuity. In addition to the annuity payment, the donor receives a charitable income tax deduction and a portion of each annuity payment may be tax free.
The Deferred Payment Gift Annuity in which annuity payments are delayed for a number of years, offers rates that make it an attractive supplement to retirement income.
The Charitable Remainder Trust is perhaps the most versatile charitable giving tool. With the CRT, it is possible to bypass capital gains on tax on the sale of highly appreciated assets, generate an increase inincome, receive an attractive charitable income tax deduction, and fulfill your philanthropic objectives.
The CRT is a legal trust that can be constructed to produce a predicable annuity payment each year or take advantageof investment growth opportunities with income payments based on a growing trust principal.
Please see our information on charitable bequests here
If you would like more information on the strategies discussed here, or any other planning option, please feel free to contact the HCC Foundation office.