Planned Giving - Define Your Legacy and Make a Difference!

Planned Giving

With thoughtful planning, anyone can provide for their financial goals and help Jacksonville University continue to be an extraordinary place to learn. Planning may allow you to:
  • Benefit family and friends while providing for the university that is important to you
  • Leave a personal legacy that reflects your values and beliefs
  • Take advantage of possible tax benefits
  • Receive the satisfaction of giving back in a meaningful way
Legacy gifts take many forms, and reasons to include JU in one's financial and estate plan are as unique as each individual, but they share a single purpose: to ensure that Jacksonville University will prosper in the future.

We appreciate the continued commitment of alumni and friends to JU students and thank them for all they do to make our good work possible. We would be honored to assist you, too. JU's success depends on your vision and generosity.
How to Make a Difference at JU
You want to make a difference at JU, but don't know where to begin? Identify your goals and review possible strategies to achieve them.
Plan Your Gift At Any Age
Simple Planning Tips to protect your family and support JU too!


Text Resize
Subsribe to RSS Feed

Friday October 31, 2014

Case of the Week

Using Plastic to Make Gold, Year End Gifts – Part 3


Don Gregory, 60, is a very control-oriented businessman. In fact, his business philosophy is best summed up as “my way or the highway.” While sometimes difficult to work with, Don nevertheless has achieved substantial business success in his life. His quick decision-making skills and solid commitment to a plan has catapulted his company onto the Fortune 1000 list. It seems Don’s “way” proved financially fruitful over the past 20 years.

As suspected, Don likes to control many other aspects of his life as well. One such aspect is his charitable giving. Don annually gives $100,000 to charity. While very philanthropic, Don is extremely selective with his giving. Specifically, Don looks for a well-run charity with minimal overhead costs. Like his company, Don wants to see his dollars effectively used and not dissipated on “excessive” expenses.

Don is unsure which charity to benefit this year, local or non-local charity. Actually, he wants to give $100,000 to a zoo on the West Coast. Unfortunately, it is already December 30, and Don is worried his check will not reach the zoo before year-end. (Don is on the East Coast.) However, for tax planning reasons, Don wants his charitable contribution deductible this year.


Despite the time constraints, can Don complete the gift for federal tax purposes this year? What rules govern the timing of gifts by check?


The basic rule is that a gift to a charity, charitable trust or gift annuity is deductible when the property or cash is delivered to a charity. Because state law normally governs title to property, the delivery is usually complete under state law when the charity has legal ownership of the property. However, in some specific circumstances, there are examples in the income tax regulations that supersede the state laws. One such specific circumstance deals with gifts by check.

Even though the final transfer to charity is not actually made until the check clears the banking institution, checks are usually deductible on the date of unconditional mailing or delivery through U.S. Mail. See Sec. 1.170A-1(b). Therefore, so long as the check clears in the normal course of business, the charitable deduction will be allowable in the year the donor mailed or delivered the check. This is true despite the fact donors could hypothetically stop payment on the check and negate the actual gift.

Don is very pleased with this flexibility and this rule. Consequently, Don elects to unconditionally send by U.S. Mail the $100,000 check to the zoo on December 30. To be safe, Don makes sure the envelope is properly postmarked this year. The check reaches the zoo on January 3 and clears on January 7. Pursuant to the tax regulation, Don’s gift is complete on December 30. Don, therefore, may deduct $100,000 on his Form 1040 this year.

Published October 24, 2014
Subsribe to RSS Feed

Previous Articles

Seven Day CRT, Year End Gifts – Part 2

Real Estate Gift with Little Time on the Clock, Year-End Gifts – Part 1

Green SO Bailout – Part II

Green Supporting Organization Bailout?

Green Supporting Organization For Children?