Some of the most common ways to make a gift to your fund at Community Foundation of Tampa Bay, Inc. are to write a check, make a gift using a credit card, or donate online using your credit card or a direct debit from your bank account.

A gift of cash could be right for you if:

  • You want the easiest way to donate to your fund at Community Foundation Tampa Bay.
  • You want the largest possible income tax charitable deduction for your gift.

How It Works

You make a gift of cash directly to your fund at Community Foundation Tampa Bay and you receive an immediate income tax charitable deduction.

 

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What is an outright gift of cash?

An outright gift of cash is when you transfer funds to your fund at Community Foundation Tampa Bay and get nothing of financial value in return. The most common way for donors to make an outright gift is to write a check payable to Community Foundation of Tampa Bay, Inc. with directions to add it to your fund.

Maximum tax savings

You may deduct the full amount of your donation up to 50% of your adjusted gross income, providing tax savings if you itemize. You may carry forward all of your unused deduction for up to five additional years.

Ways to give cash

Most donors make an outright gift by writing a check payable to Community Foundation of Tampa Bay, Inc. and mailing it to us. You may also make a cash gift using your credit card.

Example

Dolores Morgan would like to make an immediate $15,000 gift to her fund at Community Foundation Tampa Bay. Dolores could write a check for this amount and earn a charitable deduction equal to $15,000. Alternatively, Dolores could make a gift using her credit card by calling us on the phone or by donating online through our website. Gifts of checks and gifts made via credit cards are considered cash gifts.

Benefits

  • Dolores may deduct up to 50% of her adjusted gross income for her gift of cash, providing tax savings if she itemizes.
  • If Dolores itemizes deductions but cannot use the entire deduction in the year of gift, she may carry the balance forward for up to five additional years.
  • Assuming Dolores itemizes deductions and can use her entire income tax charitable deduction of $15,000, she will save her $5,550 (37% tax).
  • Dolores will gain the satisfaction of making a $15,000 gift to her fund at Community Foundation Tampa Bay.