Your financial support of the South Suburban College Foundation is an investment in the economic development of the south suburbs and a better future for the thousands of residents who depend on South Suburban College for the education and training to meet their career goals.
The SSCF annual campaigns include a spring Showcase Dinner and a Donor Drive in the fall. Individuals and businesses can establish a personal, memorial, or business-sponsored scholarship with an annual donation of $750 or more. An endowed scholarship fund that produces an annual scholarship for as long as South Suburban College endures can also be established with a donation of $30,000 (over five years).
If an individual itemizes, outright gifts of cash are fully deductible for federal income tax purposes up to 50% of the adjusted gross income. Total gifts that exceed this limitation may be carried forward for tax purposes for up to five additional years.
Giving long-term appreciated stock offers a two-fold tax saving. First, it allows individuals to avoid paying any capital gains tax on the increase in value of the stock. In addition, they will receive a tax deduction for the full fair market value of the stock on the date of the gift. For income tax purposes the value of such gifts may be deducted up to 30% of the adjusted gross income, with an additional five year carry forward.
To receive a charitable deduction, name the SSC Foundation as both the owner and beneficiary of the policy. If the policy has a cash value, an individual can take a charitable deduction approximately equal to the cash value at the time of the gift. In addition, any annual premiums will become tax deductible each year.
Through bequeathing money in one’s will the Foundation can benefit tremendously while saving individuals many estate tax dollars at the same time. The federal estate tax can still take approximately 50% of one’s estate at the time of death.
If you are interested in making a contribution to the South Suburban College Foundation, please contact Executive Director, Patrick Rush, at (708) 596-2000, ext. 2697.