Gifts of Cash
Cash gifts may be given in the form of a check or charge to your credit card. The contribution is fully deductible (up to a maximum of 50% of your adjusted gross income.) If you would like to designate your donation to be made from a personal bank account, you may authorize Wesley Prep to make electronic monthly debits per your written instructions. Likewise, if you would like to designate your gift to be charged to your credit card account on a monthly or annual basis, please contact Valerie Meletio in the Wesley Prep administrative offices at 214-706-9568 or by sending an email to firstname.lastname@example.org
A Gift-In-Kind is transferring ownership of an asset, rather than selling the asset and giving the cash. These include long-term investment property, such as stock, mutual fund shares, bonds, or real estate. Personal property such as automobiles, jewelry, and other items may also be given.
Why Give Gifts-In-Kind?
The tax code generally favors this form of giving. Giving an asset to Wesley Prep, then allowing Wesley Prep to sell it, eliminates potential capital gains taxes and can increase the after-tax proceeds.
How Does the Tax Benefit Work?
- Itemized Deduction: Generally, an individual or business is allowed to deduct the fair market value of appreciated capital gain property as a charitable contribution if held at least one year.
- Capital Gains: The transfer of capital gains property to the not-for-profit (Wesley Prep) does not generate capital gains tax. The not-for-profit (Wesley Prep) as a tax-exempt entity, realizes the full market value at the time of sale, less transaction costs, without paying any taxes.
Contact Laurie Watts by sending an email to LWatts@LLUMC.org for more information.
Gifts of Life Insurance
You may contribute a life insurance policy by naming Wesley Prep either as the owner of the policy or simply as the beneficiary. If the policy is paid up, your tax deduction is usually the cost basis or the replacement value of the policy, whichever is less.
You can double the impact of your giving through your employer’s Matching Gift Program!
Companies that offer matching gift programs to eligible schools/charities can double the effect of their employee’s generosity. To double your impact of giving to education through Wesley Prep, ask your company’s HR department if it sponsors a matching gift program. If it does, request their enrollment form, and send the completed form to:
Attention: Capital Campaign/Valerie Meletio
9200 Inwood Road
Dallas TX 75220
Donation levels and corresponding naming opportunities:
- Platinum Panther – $500,000 and over – Playground, Commons, Courtyard
- Gold Panther $250,000 to $499,999 – Elementary foyers, Welcome areas
- Silver Panther $100,000 to $249,999 – Specials – Music, Science, Spanish, Computers, or Art
- Bronze Panther $75,000 to $99,999 – Idea labs, Teacher workrooms, Office areas
- Blue Panther $50,000 to $74,999 – Elementary classrooms
- Green Panther $25,000 to $49,999 – Preschool classrooms
- White Panther $15,000 to $24,999