Real Estate
Donations of real estate, whether residential, commercial, or income-producing, can support foundation needs. The foundation performs an administrative review of all real estate donations to determine such factors as environmental quality and marketability.
You may donate your home or farm to foundation and retain a lifetime right to use the property, or stipulate that certain family members may have a life interest in the property, through an arrangement called a life estate contract. This approach has attractive tax benefits because it provides an immediate income tax deduction and also reduces your estate tax liability upon death.
Land and equipment deeded to the Dr. Melvin C. Terrell Educational Foundation is not taxable in the estate of the donor. He or she may retain full income, or a percentage of the income during his/her lifetime. Cash contributions for this purpose or gift-in-kind of useful equipment are appreciated and can be receipted as donations at fair market value.
Tangible Property
Other ways to give to the foundation include: the donation of book collections, art, maps, furniture, equipment and many other items that can be used for legitimate educational purposes. The tax value of these gifts is a matter determined by you and qualified appraisers and approved by the Internal Revenue Service. Gifts such as these are charitable contributions and are deductible to the full extent allowed by law. The foundation reserves the right to refuse a gift if it does not meet the purposes of the organization.
Donations of real estate, whether residential, commercial, or income-producing, can support foundation needs. The foundation performs an administrative review of all real estate donations to determine such factors as environmental quality and marketability.
You may donate your home or farm to foundation and retain a lifetime right to use the property, or stipulate that certain family members may have a life interest in the property, through an arrangement called a life estate contract. This approach has attractive tax benefits because it provides an immediate income tax deduction and also reduces your estate tax liability upon death.
Land and equipment deeded to the Dr. Melvin C. Terrell Educational Foundation is not taxable in the estate of the donor. He or she may retain full income, or a percentage of the income during his/her lifetime. Cash contributions for this purpose or gift-in-kind of useful equipment are appreciated and can be receipted as donations at fair market value.
Tangible Property
Other ways to give to the foundation include: the donation of book collections, art, maps, furniture, equipment and many other items that can be used for legitimate educational purposes. The tax value of these gifts is a matter determined by you and qualified appraisers and approved by the Internal Revenue Service. Gifts such as these are charitable contributions and are deductible to the full extent allowed by law. The foundation reserves the right to refuse a gift if it does not meet the purposes of the organization.
