Immediate Tax Benefits for you, Immediate and Future Benefits to Cooper Union
To maximize your income tax benefit, please consider making an outright gift of cash or securities to 1) the Annual Fund, 2) for an existing budgeted area of The Cooper Union, 3) for the current use of an existing endowed fund, 4) to the principal of an existing endowed fund, or 5) enter into an agreement with The Cooper Union’s Development Office to establish a new endowed fund in your name for any currently budgeted School, Department, Program, or purpose (e.g., Scholarship, Faculty and Staff Benefits, etc.,).
While cash gifts receive a full charitable income tax deduction, appreciated securities receive a charitable income tax deduction for their full fair market value, while also avoiding capital gains tax.
If you are over the age of 70-1/2, and your Required Minimum Distribution (RMD) complicates your income tax situation, you may want to consider taking advantage of your ability to make a direct transfer to Cooper from your Individual Retirement Account to reduce your income tax and satisfy your RMD obligation for the current tax year.
For those who have established Donor Advised Funds elsewhere, The Cooper Union is an eligible 501c3 tax-exempt entity and would be a worthy and grateful recipient of your annual grant request. In all cases described above, you may also ask to have Cooper Union split your gift between two or more different purposes at Cooper.
Most of our Society of 1859 members are regular contributors to the Annual Fund, and have incorporated their annual giving with gift plans designed to sustain, and in some cases dramatically bolster, a legacy of lifelong devotion to Cooper.
Please bear in mind that The Cooper Union does not provide tax or financial planning advice. Please rely on your own personal and professional advisors to guide you in your financial decisions.
How Your Gift Helps
Your gifts to Cooper Union help to continue its mission of intellectual enrichment, innovative education and active citizenship. It will provide Cooper Union with the resources to…
What is an outright gift of cash?
An outright gift is any gift where you make a gift to The Cooper Union for the Advancement of Science and Art. The most common way for donors to make an outright gift is to write a check payable to the charity.
Gift provides immediate support
Unlike some other gift arrangements, your outright gift will provide resources that Cooper Union can put to immediate use. If you prefer to restrict our use of your gift in any way, please contact us so that we can be sure that we carry out your wishes.
This is the simplest way to make an outright gift. Just write a check payable to The Cooper Union for the Advancement of Science and Art. You may deduct the full amount of your donation up to 50% of your adjusted gross income. You may carry forward all unused deduction for up to five additional years. Most people when asked for a gift think of the amount available to them in their checking or savings accounts. You may also make a cash gift using your credit cards.
Susan McNeil would like to make an immediate $15,000 gift to The Cooper Union for the Advancement of Science and Art. Susan could write a check for this amount and earn a charitable deduction equal to $15,000. Alternatively, Susan could make a gift using her credit card by calling us on the phone, responding to a mailing, or by donating online through our website. Gifts of checks and gifts made via credit cards are considered cash gifts.
- Susan may deduct up to 50% of her adjusted gross income for her gift of cash.
- If Susan cannot use the entire deduction in the year of gift, she may carry the balance forward for five additional years.
- Assuming she can use the entire deduction, Susan will earn an income tax charitable deduction of $15,000, which will save her $5,940 (39.6% tax).
- Susan will gain the satisfaction of making a $15,000 gift to Cooper Union.