Look below to learn more about the assets most commonly used to fund a gift.

Cash

Making a donation of cash is as simple as writing a check or authorizing a charge on your credit card. From your standpoint, it’s no fuss, no bother. Find out how Alliance for the Arts can put your contribution to work without delay.

Gifts of Cash: Getting Started

The easiest, most common way for people to support the Alliance for the Arts is with cash gifts – typically gifts by check.

Main Benefits

When you make a cash gift by currency, credit card or check that supports the Alliance for the Arts today, we both benefit. Your generosity enables us to meet our most urgent needs and carry out our mission on a daily basis. Your benefits include:

• The ability to choose how your gift is used.
• The opportunity to see the results of your generosity.
• An immediate charitable deduction on your federal income taxes, when you itemize.

If You Don’t Usually Itemize…. If you have a few itemized deductions, consider alternating between years in which you take the standard deduction and make few charitable gifts and years in which you give double your usual annual philanthropic support and shift to itemizing.

How to Document Your Gift

For gifts by check or less than $250, a copy of the check is sufficient documentation. For a check of $250 or more, you should obtain a receipt from the charity. For other contributions, be sure to get a written acknowledgement of your gift from the Alliance for the Arts. It must include:

• the amount of cash contributed;
• whether you received any goods or services in exchange for the gift; and
• a description and good faith estimate of the value of any goods or services you received in return.

How to Figure Your Maximum Charitable Deductions

Generally, the maximum deduction for cash gifts is 50 percent of your adjusted gross income. If filing jointly, use your aggregate adjusted gross income. Any excess deduction may be carried over for up to five additional years.

Example: Figuring Your Benefits

Donor profile:	Richard plans to make a $1,000 cash gift to a charitable organization. Richard’s annual adjusted gross income is $45,000.
Gift Amount:	$1,000
Taxes Owed: (Richard’s combined state and federal marginal income tax rate (36%) x his gift amount ($1,000)	$360
Net cost of gift: (gift amount-taxes owed)	$640

To learn more about supporting the Alliance for the Arts, contact us at (805) 449-2590. The information in this website is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.