Advocate Charitable Foundation

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Gifts of Cash

Detailed gift description

If you want to make a gift today and maximize your charitable deduction, you’ll surely want to consider a cash gift. Cash is the simplest donation and provides us immediate benefits. Your gift can be made outright or fund one of our life income arrangements. Gifts of cash include currency, personal checks, money orders, credit cards, and wire transfers.

Are there benefits to using cash to fund a charitable gift?

There are. First, you are entitled to a charitable income tax deduction for your gift. However, an added bonus is that gifts of cash can be deducted against a larger portion of your taxable income than can gifts of appreciated assets. Here’s why: The IRS allows you to claim charitable deductions for gifts of cash up to 50 percent of your adjusted gross income but only up to only 30 percent of for gifts of appreciated assets.

What if I like the security of having cash on hand?

We have good news for you. Your gift can be made outright or it can be used to fund a life income arrangement. Life income arrangements are charitable gifts in which you receive an income in return for a gift, either for your lifetime or for a period of time (depending upon the vehicle you choose). Click here for more information about life income arrangements.

For more information

Email us, complete the personal illustration form, or call us at 847-384-3435 so that we can assist you through every step of the process.