West Virginia State University Foundation, Inc. is a 501(c)3 public charity as recognized by the Internal Revenue Service and all gifts are tax deductible as permitted by law. West Virginia State University Foundation accepts the following property contributions:
Types of Property Contributions
Gifts of Cash
Gifts of cash are the most common form of giving. Outright gifts of cash to West Virginia State University Foundation, Inc. are charitable contributions and qualify for deductions on your federal income tax return for those who itemize deductions. Cash gifts may be unrestricted and serve the greatest needs of West Virginia State University or restricted for a specific program. However, please confer with our staff re the types of restrictions that the Foundation can accept.
Cash gifts also may be used to establish a charitable trust or gift annuity, both of which provide you with a lifetime income, a significant income tax benefit and an opportunity to make a substantial deferred gift to West Virginia State University.
Gifts of Appreciated Securities
Many donors who have held securities for more than one year have seen those investments appreciate in value. By making a gift of those securities to the Foundation, you gain an immediate tax deduction of the market value of the gift as permitted by law. You may also be able to carry forward any unused part of the contribution over a specific period of time.
In periods of rising markets, securities may be a particularly attractive method of giving. To complete a transfer, you may present securities to the Foundation with a "stock power" or endorse each certificate on the back. Endorsed certificates should be hand-carried or sent by registered mail to the Foundation. The specific value of a securities gift is determined by the average price between the highest and lowest quoted selling prices on the valuation date. If the securities have depreciated in value, it may be advisable to sell them at a loss and then give the proceeds to the Foundation. The proceeds will be treated as a cash gift and a capital loss may be claimed on your income tax return.
Please contact Cynthia Rakes if you are planning an electronic transfer of securities.
Gifts of Real Estate
A gift of appreciated real estate provides an immediate tax deduction of the value of the property.You may choose to fund a life income plan or other trust with the proceeds from the sale of real estate.
You may donate your home or farm to the 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. You may contact the Foundation staff if you are interested in this form of gift.
West Virginia State University Foundation, Inc. reserves the right to refuse a gift of property if it does not serve the best interests of the university.
Gifts of Tangible Property
Other ways to give to West Virginia State University Foundation, Inc. include the donation of book collections, art works, 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 educational purposes of the University.
Regarding non-cash and restricted gifts before making any non-cash or restricted gift to the Foundation, please call our staff. We cannot accept some non-cash or restricted gifts. We want to work with you to meet your desires in helping WV State University.
We would be pleased to meet with you, your attorney and other advisors to discuss the most convenient method for you to make a financial commitment to West Virginia State University. The information provided here is not a substitute for qualified legal or financial counsel. Remember, tax and estate laws change frequently. We urge you to seek legal advice to ensure that your preferences are fully accommodated.
All gifts are made to: West Virginia State University Foundation, Inc.