Gifts of cash have always been the most basic and important source of support for Scouting. They are easy and popular, and offer a tax deduction equal to thefull value of the gift.
The net cost of a gift decreases for donors in the higher tax brackets (assuming they can itemize their deductions). The table below estimates the net cost of cash gifts for donors in different tax brackets. Please note that these brackets may change annually under the 2001 Tax Act:
|Tax Bracket (2002)||Gift Cost Per $1,000||Tax Savings Per $1,000|
- Gifts of cash are deductible up to 50% of your adjusted gross income each year. Unused deductions may be carried over and used for five years after the gift is made
- These gifts are considered made on the date it is hand delivered or mailed. So, a year-end gift mailed in December is deductible that year, even if not received by the council until January.
- Income producing interests, such as oil and gas or mineral interests, mortgage income, or copyrights, may also be contributed to produce a continuing source of cash for Scouting.