Types of Gifts
In addition to advocating and fundraising for Citrus College, the Foundation acts as a conduit and fiduciary for gifts from outside donors to specific campus organizations, departments and groups.
TAX DEDUCTIBLE
Gifts made to the Citrus College Foundation are tax-deductible to the extent allowed by current tax laws. The Foundation has 501(c)(3) tax-exempt status. Every gift is promptly acknowledged with an official thank you letter/receipt which may be used for tax purposes.
Cash gifts to the Citrus College Foundation may be made by check, money order, credit card or by an electronic transfer of funds to the Foundation's money market account.
A gift made by check or money order should be made payable to the Citrus College Foundation and mailed to the address shown below:
Citrus College Foundation
1000 W. Foothill Blvd.
Glendora, CA 91741
A gift may be made by credit card. The Foundation accepts MasterCard, VISA and American Express. For assistance in making a gift by credit card, call the Foundation staff at (626) 914-8825.
An electronic transfer of funds from a donor's account to the Foundation's money market account at Vanguard may be used to make a gift. For assistance in making an electronic transfer of funds, please call the Foundation Office at (626) 852-8008.
Gifts in currency should not be sent through the mail. Donors who wish to make a cash gift in U.S. currency should visit the Foundation office. A cash receipt will be written at the time the gift is made.
Gifts of materials or other usable or marketable tangible items valued at $500 or more are accepted only after they have been evaluated by the business office of the college and upon recommendation of the president of the college to the Foundation and the college's board of trustees.
The donor will be requested to provide detailed information including make, model, serial number, purchase price, age, etc. about the item being donated. This will be recorded on the appropriate form. The Foundation and the appropriate college staff will assist the donor in valuing the item. The appraised value will be included in the gift acknowledgment letter which the donor may use for income tax purposes.
Gifts-in-kind that cannot be used by the college may be sold within two years of receipt.
Gifts-in-kind donated for silent and live auctions are auctioned off at the event for which they were donated, which is typically within a year of their receipt. A numbered receipt/gift acknowledgment signed by an authorized person will be issued at the time the gift is picked up or dropped off.
A prospective donor who owns an insurance policy that is no longer needed for its original purpose may gift it to the Citrus College Foundation.
The Foundation must both own and be named the beneficiary of the policy.
In general, the donor will be entitled to an income tax deduction for the cash surrender value and can deduct the amount of future premiums paid to the Citrus College Foundation.
The gift amount credited will be the face value of the policy.
Prospective donors who may be considering a gift of life insurance and need assistance may contact the Foundation staff at (626) 914-8825.
Gifts of real estate to the Foundation are accepted only after they are evaluated by the Foundation's real estate committee or by a real estate appraiser qualified to evaluate environmental considerations or other factors that may potentially create a liability or unforeseeable financial obligation to the Foundation.
Donors who are considering a gift of real estate are encouraged to contact the Foundation. The Foundation will work with you to facilitate a timely evaluation of the property as a potential gift.
Most real estate has appreciated faster than the rate of inflation and offers great potential in charitable gift planning. The Citrus College Foundation may accept a gift of vacation property, condominium, undeveloped land or other real estate. As an example, a donor may transfer ownership of his/her personal residence (or other real estate) to the Foundation and receive:
- recognition for a significant gift
- a current income tax deduction for the property's discounted value
- continued use of the property for as long as he/she lives
Gifts of real estate may also be made through a will or a living trust as a bequest. Prospective donors are encouraged to consult with a qualified estate planning professional when considering a bequest.
Gifts of appreciated securities or stock can be one of the most advantageous ways of giving.
If your gift of stock is one you have owned for more than one year, you may deduct the full fair market value of the stock as a charitable contribution while bypassing capital gains taxes. Frequently, selling highly appreciated property yourself may not be an attractive option.
Prospective donors are urged to consider giving the stocks to the Citrus College Foundation instead.
Please contact the Citrus College Foundation to make a gift of securities.
Gifts of securities will be recorded at market value on the date of transfer to the Citrus College Foundation.
The Foundation honors the request of a donor who wishes to remain anonymous. Such a donor needs only to specify that they prefer to remain anonymous in a letter transmittal with the gift. Only the Foundation director, the college superintendent/president and the administrative secretary will know — the gift and the donor's name will not be shared with others.
Because the Foundation maintains an Honor Wall in the foyer of the Haugh Performing Arts Center for donors of gifts of $1,000 or more, a donor who wishes not to be listed on the Honor Wall must notify the Foundation director.
Some donors may wish for the public to be aware that they made a contribution to the Foundation, but they may prefer not to disclose the specific amount of their gift. Others may be comfortable having their gift acknowledged within a range without revealing the exact figure. The Foundation is committed to respecting donor requests, especially when these preferences are communicated in writing.
You can make a designated gift to any program, department or project at Citrus College. To make your donation, please write a check payable to the Citrus College Foundation and specify the name of the program, department or project you wish to support either on the check or in an accompanying letter.
Please note that if the program or department does not have an established account with the Foundation, a minimum gift of $500 is required to set up a new account. Gifts of less than $500 will be transferred directly into the department or program's current year operating budget at the college.
A pledge is a written commitment to pay a specified amount sometime in the future. It may be paid annually, quarterly or monthly over one to five years. A donor may establish a bonafide pledge to the Foundation in the following ways:
- completing and signing a "letter of intent" form provided by the Foundation
- writing and signing a personal letter addressed to the Citrus College Foundation outlining the specifics of the pledge
- completing a pledge card provided by the Foundation
Please note: The Foundation will provide a written receipt indicating the amount, designation and method of payment of the pledge. After each payment is made, a receipt will be mailed to the donor confirming the amount received.
A pledge that is payable over multiple years affords contributors the opportunity to make a more substantial gift than might be possible if they were limited to making payment in full within a single year. Pledges may be paid over three to five years, except that no multiyear pledge may be made for an amount less than $200 per year (i.e., a pledge of $1,000 or more may be paid over a period of up to five years).
MEMORIAL GIFT / NAMING OPPORTUNITY
Naming of Buildings and Facilities Board Policy BP 6620
Naming of Buildings and Facilities Administrative Procedure AP 6620