Cash

  • Check, credit card, or payroll deduction

Gift of cash

Tom Powell, 30 is married with two young children and is enjoying a solid career as an accountant with a major accounting firm. Tom is in the earliest phrases of accumulating assets and, although he has a good income, does not have a lot of savings. His company offers its employees a matching gift program. Tom wants to be supportive of the community through the United Way, so he chooses to make a gift of cash from his checking account, which will be matched dollar-for-dollar by his employer, doubling the impact of his gift. Tom will be able to take a charitable deduction for the amount of his gift, and since he is in a 30% income tax bracket, his gift will only cost him seventy cents on each dollar, Since his contribution is being matched, each seventy cents he invests will produce two dollars worth of valuable assistance in the community.

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