Ways of Giving
There are a number of ways of giving to Whitman College.
- Gifts of Cash
- Stocks / Bonds / Mutual Funds
- Closely Held Stocks / Entrepreneurship Program
- Real Estate / Personal Property
If necessary, visit the IRS web site for verification of our 501(c)3 status.
We are listed under Whitman College Board of Trustees.
Gifts of cash are usually made through a check made payable to Whitman College. Cash gifts can also be made by automatic cash transfer or by a credit card charge. Your gift may be designated for a specific project or you may leave it unrestricted, allowing the College the greatest flexibility to respond to emerging needs. Cash gifts are considered transferred on the date they are hand-delivered to Whitman College or postmarked.
Your tax advisor can provide specific information regarding the deductibility of your gift. Generally with a gift of cash, you may deduct the value of your gift, up to 50 percent of your adjusted gross income, as a charitable contribution in the year the gift is made. If your gift exceeds this amount, sometimes you may carry forward the excess deduction on your income tax returns for as many as five additional years.
Securities (stocks, bonds, and mutual fund shares) have become an attractive means of giving because they often can provide a greater tax benefit to the donor than a gift of cash.
Appreciated securities that have been held for more than 12 months can generally be deducted from your taxable income at their fair market value, without paying capital gains tax on the appreciated portion of the gift. The annual deduction limitation is 30 percent of your adjusted gross income. A five-year carry-forward privilege is available for gifts in excess of the 30 percent limitation.
Gifts of securities are valued at the market value on the date the certificates are transferred to Whitman. For publicly traded securities, market value is computed as the average of the high and low market prices on the date of transfer. Securities that have decreased in market value from the time of purchase can still be used to make a significant gift to Whitman. If you sell the securities and give Whitman the proceeds, you can deduct both the loss and the contribution.
Real Estate and Personal Property. Giving real property directly to Whitman can often be a viable option for those wishing to avoid capital gains penalties and to benefit to College programs with a significant gift. Learn more about giving residential or commercial real estate or a farm or ranch to Whitman College.
Another way to make a significant gift to Whitman is to donate critically needed items. For example, the music department needs high quality musical instruments, especially violins and grand pianos, for students' lessons. In most cases, gifts of tangible personal property provide a tax deduction for the donor. The donation must be related to educational purposes at Whitman. In-kind gifts valued at more than $5,000 require the donor to provide an independent appraisal.