A WORD ABOUT TAX DEDUCTIBLE GIFTS TO THE FOUNDATION
Under section 501(c)(3) of the Internal Revenue Code, the Navy Supply Corps Foundation is a non-profit tax-exempt organization.
The Foundation is supported by private donations from individuals, corporations, and foundations and does not receive any government funding. From time to time, donors, when dealing with the Navy Supply Corps Foundation, require a tax identification number. NSCF uses the federal identification number: 23-7066533.
Each year when you prepare your tax return, you face a potential federal tax on your capital gains. One simple way to reduce your taxes is to provide a gift to the Foundation. By providing a gift of stock or property that has appreciated in value, you can claim the fair market value for tax purposes (subject to IRS limitations). This allows you to provide significant support for the Foundation without a significant outlay of cash.
Gifts of stock or property can also be donated through a charitable remainder trust. This can provide immediate tax benefits, income from the trust, and still provide support for the Foundation. Contact your tax advisor for additional information.
If you need more information on potential tax savings, contact your tax advisor or CAPT (Ret) Dan Pionk, Executive Director, Navy Supply Corps Foundation, 2385 Godby Road, P.O. Box – 490165, College Park, GA 30349 or call (706) 354-4111 or at email@example.com.