Current tax laws provide incentives to encourage private support of nonprofit organizations like the Bakersfield College Archives Association. Strategic selection of the most appropriate gift vehicle can lead to a far more significant contribution to the Archives Association than you may have envisioned
Send a check payable to BC Archives Association along with a letter stating how you want the gift to be used. Your gift is tax deductible in the year in which it is made.
Your donation of tangible goods and services will receive a tax deduction for the fair market value of the item if the gift can be utilized by the College. Common gifts are computers, books and laboratory equipment. Call us to discuss your in-kind donation.
Gifts of homes, commercial buildings, and other property can be very helpful to the College while providing donors with substantial benefits as well. Donors enjoy a tax deduction equal to the fair market value of the real estate for up to 30% of your adjusted gross income the year you transfer title, and amounts over 30% can be carried over for use during the next five years.
The easiest way to make a planned gift is through your will, revocable trust or retirement plan. You benefit with lifetime use of your assets and estate tax savings. We can provide you and your legal advisor with language to include in your will that ensures that your wishes be carried out. It is helpful if you inform the BC Archives Association of your bequest so we can assure you that your gift is properly structured and can be used as you wish.
Cash and Real Property
Your will can designate BC Archives Association as the beneficiary of either a specific legacy or a bequest that is a fixed percentage of your estate. You can bequeath securities, real estate, or other property. You can make your gift contingent on other conditions of the will being fulfilled before the association receives a gift. You can also bequeath the assets that remain after other bequests are met. Your estate receives the benefit of freedom from federal estate taxes for the full value of the gift. If your needs change, you can alter a bequest at any time by signing a new will or amending your will or trust.
Charitable Remainder Trust
Name the BC Archives Association as a recipient of a trust you establish. The trust makes periodic payments to you and/or your beneficiaries, and when the trust terminates, the remaining principal goes to support the Association. During the year you establish the trust, you receive a charitable income tax deduction based on the current value of the asset less the value of the income interest, not the cost basis (what you have actually invested).
Life Insurance Policies
Name the BC Archives Association as a partial beneficiary or owner of a life insurance policy. You benefit with an applicable charitable tax deduction.
Retirement Plan Assets
Name the BC Archives Association as a beneficiary of your retirement plan. You benefit with lifetime control of assets, estate tax savings for estates over a certain value, and the option to change beneficiaries if necessary.
** Always consult your attorney or financial advisor before making gifts. **
Bakersfield College is accredited by the Accrediting Commission for Community and Junior Colleges, Western Association of Schools and Colleges, 10 Commercial Blvd., Suite 204, Novato, CA 94949, (415) 506-0234, an institutional accrediting body recognized by the Council for Higher Education Accreditation and the U.S. Department of Education. Additional information about accreditation, including the filing of complaints against member institutions, can be found at: www.accjc.org