Northeast Community College Foundation
The Northeast Community College Foundation is active in conducting fundraising events and assisting in the development of private charitable gifts. It also works with the College's Grants Office in acquiring funds from private and public sources. These funds provide a tremendous benefit to students at Northeast through offering scholarships or providing additional funding for equipment to help meet their training needs.
Giving to the Northeast Foundation is an investment in our community and region. The future of Northeast is your future too.
The following information may be helpful as you consider how to support the Foundation and also benefit from the tax advantages associated with charitable giving. All gifts go to the Northeast Foundation, which is a 501 c (3) organization. The information below is not offered as legal or tax advice. For such advice, please contact your attorney or tax advisor.
Cash contributions are tax deductible as an itemized deduction in the year you make the donation up to a total of 50 percent of your adjusted gross income. Any excess over 50 percent can be deducted over the next five years.
A pledge is a formal declaration of intent to give. Some donors fulfill their pledges immediately, while others complete their gift pledges by making regular monthly, quarterly, or annual payments over a five-year period. Pledges cannot be claimed as a tax deduction until the gift is made.
A gift of long-term appreciated securities has two major advantages: (1) it provides the donor with an immediate income tax deduction and (2) eliminates capital gains taxes to the extent allowed by tax law. If you donate stock that has risen in value and that you’ve held for more than one year, you pay no capital gains tax on the transaction and are entitled to a charitable deduction for the full fair market value of the stock. Your income tax deduction is limited to 30 percent of your adjusted gross income. Any excess can be carried forward for five additional years.
Closely Held Stock
By contributing closely held stock to the Northeast Foundation, you may receive a current income tax deduction for the fair market value of the stock as well as elimination of capital gains taxes on the appreciated value.
Planned gifts are gift arrangements that have specific tax advantages and sometimes include lifetime income to beneficiary(ies) named by the donor. A planned gift maximizes your giving potential and can even allow you to ensure your future financial security or that of a loved one.
If you own property that is not subject to a mortgage and has appreciated value, a charitable gift may be an attractive option. You can claim an income tax deduction based upon the fair market value of the property, avoid all capital gains taxes, and remove that asset from your taxable estate. You may give a residence, land, or other real property to Northeast as an outright gift or with the right to occupy the property for life. A gift of a remainder interest in a personal residence or farm provides a current income tax deduction for the present value of the remainder interest. It also permits the donor to eliminate capital gains taxes on the appreciation. All gifts of real estate must adhere to the College’s Acceptance and Valuation of Gifts.
You can make a substantial gift with modest premium payments or paid-up policies that are no longer needed for family members. The gift of a life insurance policy to Northeast provides the donor with a charitable contribution for the present cash surrender value; premiums paid after the transfer are also tax-deductible.
Providing for Northeast in a will allows for a substantial contribution without diminishing assets during the donor’s lifetime. Since such bequests are deductible from the estate, significant tax savings are possible. Your will can include gifts in the form of:
- Cash, stocks, bonds, real estate, or personal property;
- A specified percentage of your estate;
- The balance of your estate after family members have been taken care of.
Tangible Personal Property
By giving Northeast tangible personal property, such as artwork, rare books, or antiques, you may receive desirable charitable tax deductions. The allowable deduction depends on an appraisal. All gifts of personal property must adhere to the College’s Acceptance and Valuation of Gifts.
Charitable Gift Annuities
With a charitable gift annuity, you give the Northeast Foundation a gift of money, stocks, bonds, or other liquid assets, and the Northeast Foundation will pay you or a beneficiary a fixed amount on a regular basis until death. A large part of this income is tax-free and you also receive a charitable deduction for part of the gift.
Charitable Lead Trust
A Charitable Lead Trust is another method of giving to Northeast. Income is paid to the Northeast Foundation each year during the life of the Trust. When the Trust terminates, the assets revert to the donor or another beneficiary.
Charitable Remainder Trusts
An Irrevocable Trust may be used to provide the donor or loved one with a fixed annual income that varies with the value of the Trust. A portion of the Trust qualifies for an income tax deduction. At the death of the last income beneficiary, the assets in the Trust are distributed to the Northeast Foundation to be used as the donor has designated.
The Foundation accepts equipment that can be used by the College or can be quickly sold. All gifts of equipment must adhere to the College’s Acceptance and Valuation of Gifts.
Where to Direct Your Gift
Please make checks payable to the Northeast Foundation. All property should be transferred to the Northeast Foundation, only after consultation with the Foundation.
801 E. Benjamin Ave
P.O. Box 469
Norfolk, NE 68702-0469
Your gift will be used specifically for the purpose for which it was given.