- Is my gift tax deductible?
Most gifts are considered charitable contributions in whole or part. The fair market value of any goods or services (auction items, tickets, etc.) you receive in return for your gift are deducted from the gift amount. You should consult with your accountant for specific guidance on your gift.Contributions to Vol State are tax deductible by donors under IRS Code sections 170(b)(1)(A)(ii) and 170(b)(1)(A)(v).
- As a donor, must I pay the full amount of a gift at once or can I make installment payments?
Pledge gifts can be paid in installments over a period of time. For example, a donor who makes a $1,000 pledge might choose to fulfill the commitment with two $500 payments over the course of a year. As another example, a donor who pledges $25,000 might have the option of completing the commitment over five years.
- What kind of assets can I give?
Volunteer State Community College accepts a wide range of gifts, including, but not limited to, cash, securities, real estate, personal property (art, jewelry, collections, etc.), equipment, intellectual property, mineral rights, oil and gas interests, timber, cattle, or limited partnership interests. All gifts are subject to review by the college’s Gift Acceptance Guidelines.
- I’m not affiliated with Vol State, but your institution interests me for personal reasons. Can I make a gift?
Anyone can make a gift in any form and in any size to Vol State. Friends, some of whom are not alumni, provide the college with a substantial number of gifts every year. And these donors make gifts with the knowledge that they have invested in an institution they care about.
- What does it cost to establish an endowed scholarship?
Scholarships are a critical area of need for Vol State students, and remain one of the most gratifying giving opportunities for our donors. Donors may set up an endowment to fund a specific interest. An endowment requires that the principal remain intact in perpetuity, or for a defined period of time or until sufficient assets have been accumulated to achieve a designated purpose; in this case scholarships. For specific amounts, please contact the Executive Director of the Foundation.
- If I establish a scholarship, will I be involved in the selection of student recipients?
Volunteer State Community College maintains a scholarship committee that reviews applications and makes the final determination. A donor does not participate in the final selection process. However, the college does encourage donors to meet with scholarship recipients through planned activities.