Cash
Some of the most common ways to make a gift to The Philadelphia Orchestra or Ensemble Arts Philly are to write a check, make a gift using a credit card, or donate online.
A gift of cash could be right for you if:
- You want the easiest way to donate to The Philadelphia Orchestra or Ensemble Arts Philly.
- You want the largest possible income tax charitable deduction for your gift.
- You would like to make the gift to The Philadelphia Orchestra or Ensemble Arts Philly that has the greatest immediate impact.
How It Works
You make a gift of cash directly to The Philadelphia Orchestra or Ensemble Arts Philly and you receive an immediate income tax charitable deduction.
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What is an outright gift of cash?
An outright gift of cash is when you transfer funds to The Philadelphia Orchestra or Ensemble Arts Philly and get nothing of financial value in return. The most common way for donors to make an outright gift is to write a check payable to The Philadelphia Orchestra or Ensemble Arts Philly.
Gift provides immediate support
Unlike some other gift arrangements, your outright gift will provide resources that The Philadelphia Orchestra or Ensemble Arts Philly can put to immediate use. If you prefer to restrict our use of your gift in any way, please contact us so that we can be sure that we can carry out your wishes.
Maximum tax savings
You may deduct the full amount of your donation up to 60% of your adjusted gross income, after your total itemized deductions for the year exceed 0.5% of your Adjusted Gross Income. If you cannot deduct the full value of your contribution, you may carry forward your unused charitable deductions for up to five additional years.
Ways to give cash
Most donors make an outright gift by writing a check payable to The Philadelphia Orchestra or Ensemble Arts Philly and mailing it to us. You may also make a cash gift using your credit card.
Example
Rosetta Glass would like to make an immediate $15,000 gift to The Philadelphia Orchestra or Ensemble Arts Philly. Rosetta could write a check for this amount and earn a charitable deduction equal to $15,000. Alternatively, Rosetta could make a gift using her credit card by calling us on the phone, responding to a mailing, or by donating online through our website. Gifts of checks and gifts made via credit cards are considered cash gifts.
Benefits
- Rosetta may deduct up to 60% of her adjusted gross income for her gift of cash, providing tax savings if she itemizes.
- If Rosetta itemizes deductions but cannot use the entire deduction in the year of gift, she may carry the balance forward for up to five additional years.
- Assuming Rosetta itemizes deductions and can use her entire income tax charitable deduction of $15,000, she will save her $5,250 (35% tax).
- Rosetta will gain the satisfaction of making a $15,000 gift to The Philadelphia Orchestra or Ensemble Arts Philly.
The purpose of these web pages is to provide general educational information. They are not intended as legal, accounting or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, obtain the services of appropriate advisers. Consult an attorney for advice if your plans require revision of a will or other legal document.