Giving to the Psychonomic Society - The General Fund
Gifts of Cash
Gifts of cash are an easy and immediate way to give to Psychonomic Society programs. Members of the Psychonomic Society can provide a contribution when renewing their annual membership invoice, or make a secure online contribution with a credit card. Check payments should be made payable to the Psychonomic Society. From a tax standpoint, your cash gift is deductible from your itemized federal income tax return for the year in which the gift is made. There are multiple ways to give, and several are described below. For US citizens we indicate donations that may be deductible from federal income tax returns. However, donations are welcome from citizens of any country and it may be worth checking on the regulations in your country as to whether there are forms of giving to international non-profit (charitable) organizations that are deductible for tax purposes.
Gifts of Retirement Funds
In order to avoid the potentially high taxes which can be levied against your estate, you may want to consider making a charitable contribution using your retirement assets. As you plan for your retirement it is important to remember that retirement assets can be subject to two levels of taxes when they are left to a non-spouse beneficiary -- income and estate taxes.
Gifts of Stock
Why make a gift of stock? If you itemize your tax returns, gifts of securities entitle you to a federal income tax charitable deduction. In the case of appreciated securities, you may deduct the full fair market value of your gift once you have held onto the securities for at least one year. You may use your deduction up to 30% of your adjusted gross income. You are permitted to carry any unused deduction forward for up to five additional years. In addition, you will avoid paying capital gains tax on the stock you donated to the Psychonomic Society.
How do I make a gift of stock?
A gift of stock can be donated to the Psychonomic Society by an electronic transfer or via mail. Please contact Lou Shomette, Executive Director, for more information at 410-309-7050 or lshomette at psychonomic dot org.
Note: The value of your stock is determined by using the postmark date on the envelopes in which the certificates and stock power are mailed to Psychonomic Society (mail transfers) or by the date on which the broker transfers the stock to Psychonomic Society (electronic transfer.)
Planned gifts provide a meaningful way of making a significant impact on the Psychonomic Society’s future sustainability, while maximizing a benefactor’s philanthropic and financial goals. Planned giving takes many forms, including bequests, gifts of life insurance, and charitable remainder trusts. Legal counsel, or the advice of a financial planning expert, is recommended to assist you in determining the type of gift that is the most advantageous for you and the beneficiaries of your estate.
Bequests are the simplest form of planned gift and can be made by naming the Psychonomic Society as a beneficiary in your will. This can be done by including language such as "I give and bequeath to Psychonomic Society located at 2424 American Lane, Madison, Wisconsin 53704 USA an unrestricted gift of $xx,xxx...," or you may wish to make a gift of some percentage of the remainder of your estate after all expenses are paid.
You can name the Psychonomic Society the beneficiary of a life insurance policy which is no longer needed for its original purpose. The Psychonomic Society can also be made one of the beneficiaries of an active policy. If you have a policy which pays annual dividends, you can assign those dividends as a charitable gift to the Psychonomic Society and receive an income tax deduction for the value of the dividends. You may also transfer ownership of a policy to the Psychonomic Society and then deduct any premiums which you continue to pay. Insurance policies can also be used for wealth replacement purposes when you make a substantial outright gift or a deferred gift. Check with your legal counsel or financial advisor.
Charitable Remainder Trust
With the assistance of a lawyer, you may wish to establish a Charitable Remainder Trust which can provide you with income for life with a gift to the Psychonomic Society upon death or termination of the trust.
If you are considering this meaningful way to support the Psychonomic Society, we would like to recognize your generosity and ensure the intent of your gift is on record. Please call Lou Shomette, Executive Director at +1 410-309-7050 or lshomette at psychonomic dot org to notify us about your planned gift.
Please note that the Psychonomic Society, a 501(c)3 organization, cannot render tax or legal advice and we urge you to consult with your professional advisor about your situation before making a charitable gift.
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