What tax deduction will donors receive for their gifts?
Your tax benefits will depend on several factors, including the type of gift, and whether it is outright or deferred or has income payments. Some general guidelines include:
- Outright gifts generate a charitable deduction generally based on their fair market value.
- Bequests do not generate current income tax deductions.
- Life insurance distributions are not typically tax deductible. If you have made the Armenian EyeCare Project the irrevocable owner and beneficiary of a policy during your lifetime, however, you may deduct annual giftsthat offset premium payments.
- The charitable deduction for a gift that returns income, such as a charitable remainder trust, is based on the fair market value of the gift asset minus the present value of the income interest you retain.
Since some Planned Gifts involve complex financial instruments and tax issues, the EyeCare Project recommend that donors consult with their legal and/or financial advisors before making a Planned Gift.
What gift plans provide donors with income?
You have the option of making a gift that provides income to you, your spouse or other individuals, such as a charitable remainder unitrust or an annuity trust.
Will the Armenian EyeCare Project determine the value of gifts of tangible personal property for a donor’s income tax deduction?
No, the donor does this and the IRS has strict guidelines on assessing value and securing an appraisal.
Your Planned Gift is a significant addition to our long-term financial stability and our ability to meet the challenges and opportunities the future will bring. However, our ongoing efforts are supported through annual gifts, and we appreciate and encourage any annual support you may consider.
Is the Armenian EyeCare Project a tax-exempt organization?
The Armenian EyeCare Project is a non-profit 501(c)(3) tax-exempt organization.
What is the Federal tax identification number for the Armenian EyeCare Project?
The federal tax identification number is 47-0850159.
Will the Armenian EyeCare Project serve as executor for an estate?
No, the EyeCare Project will not serve as executor for any estate due to potential conflict of interest issues.
How can a donor notify the Armenian EyeCare Project about a Planned Gift?
Please let us know by calling 949-933-4069 or writing to [email protected]
