There are many ways to support the Grosse Pointe War Memorial. Your charitable gifts make an important difference in what we are able to accomplish.
Gifts of Cash
If you itemize, you can lower your income taxes simply by writing a check. We are a 501(c)(3) charitable organization and your contributions are deductible to the extent allowed by law. There is no easier way to get a charitable deduction! Some employers will match charitable gifts, meaning your gifts are worth even more. If your company has a matching gift program, simply enclose the form along with your check.
Gifts-in-Kind are non-monetary items of tangible personal property or other physical assets that represent value to the Grosse Pointe War Memorial. If you believe you have a potential gift in kind, please contact us for more information.
Gifts of Stock
If you own stock, it is almost always more tax wise to contribute stock than cash. This is because a gift of appreciated stock generally offers a two fold tax saving. First, you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax charitable deduction for the full fair market value of the stock at the time of the gift. Make sure that you have owned the stock for a “long term” period of time (this generally means that you have held the stock for more than one year), to qualify for these significant tax advantages.
Gifts of Real Estate
A residence, vacation home, farm, acreage, or vacant lot may have so appreciated in value through the years that its sale would mean a sizeable capital gains tax. By making a year end gift of this property instead, you would avoid the capital gains tax, and, at the same time, receive a charitable deduction for the full fair market value of the property. It is also possible to make a gift of your home, farm, or vacation home so that you and your spouse can continue to use it for your lifetimes – while you receive a tax deduction in the current year.
Life Income Gifts
If you are considering a major gift, a “life income” gift may be an excellent year end gift. Such a gift can increase your own income! You could transfer stock or cash to us and establish a “charitable remainder unitrust” or “charitable remainder annuity trust” that would provide you with a greater annual return. This income would be paid to you and/or a loved one for life, after which the assets would be distributed to us. Through such an arrangement, you would be increasing your income and making a meaningful (and tax deductible) contribution to us at the same time.
While you’re considering your income tax savings, this may also be a good time to consider long term tax savings. The federal estate tax can take up to 50% of one’s estate at the time of death, which is a higher tax amount than the income tax. It definitely pays to do some advance planning with your attorney and other professional advisors. We hope you will consider a charitable bequest in your will – to benefit us while you save estate tax dollars at the same time.
The War Memorial is an active community center that services 100,000 people each year. Sponsoring one of our classes, lectures, television shows or special events is a great advertisement for your business or organization. Your sponsorship will be acknowledged in our calendar of events mailed to 20,000 homes in our community, as well as event programs and publications.
If you have any questions regarding ways to donate, please call the Development Department at (313) 881-7511. We would be happy to provide you with additional information and assistance. Please keep in mind that the information in this publication is general in nature. You should contact your own tax advisor or professional accountant to learn how this information relates to you and your individual circumstances.
Thank you for your interest and support!