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In the United States, a conservation easement is a power invested in a qualified land conservation organization called a "land trust", or a governmental entity to constrain, as to a specified land area, the exercise of rights otherwise held by a landowner so as to achieve certain conservation purposes. It is an interest in real property established by agreement between a landowner and land trust or unit of government. The conservation easement "runs with the land", meaning it is applicable to both present and future owners of the land. The grant of conservation easement, as with any real property interest, is part of the chain of title for the property and is normally recorded in local land records.
A charitable trust is an irrevocable trust established for charitable purposes and, in some jurisdictions, a more specific term than "charitable organization". A charitable trust enjoys a varying degree of tax benefits in most countries. It also generates good will. Some important terminology in charitable trusts is the term "corpus", which refers to the assets with which the trust is funded, and the term "donor", which is the person donating assets to a charity.
A registered retirement savings plan (RRSP), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts. They were introduced in 1957 to promote savings for retirement by employees and self-employed people.
Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170(c) of the Internal Revenue Code as contributions to or for the use of certain nonprofit enterprises.
A 529 plan, also called a Qualified Tuition Program, is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. In 2017, K–12 public, private, and religious school tuition were included as qualified expenses for 529 plans along with post-secondary education costs after passage of the Tax Cuts and Jobs Act.
Car donation is the practice of giving away unwanted automobiles or other vehicles to charitable organizations. In the United States, these donations can provide a tax benefit.
Fundraising or fund-raising is the process of seeking and gathering voluntary financial contributions by engaging individuals, businesses, charitable foundations, or governmental agencies. Although fundraising typically refers to efforts to gather money for non-profit organizations, it is sometimes used to refer to the identification and solicitation of investors or other sources of capital for for-profit enterprises.
Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free. Examples of tax-advantaged accounts and investments include retirement plans, education savings accounts, medical savings accounts, and government bonds. Governments establish tax advantages to encourage private individuals to contribute money when it is considered to be in the public interest.
Matching funds are funds that are set to be paid in proportion to funds available from other sources. Matching fund payments usually arise in situations of charity or public good. The terms cost sharing, in-kind, and matching can be used interchangeably but refer to different types of donations.
In the United States, a donor-advised fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. To participate in a donor-advised fund, a donating individual or organization opens an account in the fund and deposits cash, securities, or other financial instruments. They surrender ownership of anything they put in the fund, but retain advisory privileges over how their account is invested, and how it distributes money to charities.
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. In this method, a fund consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions.
The Charities Aid Foundation (CAF) is a registered UK charity that operates in the United Kingdom, the United States of America and Canada. It works with companies, private philanthropists, regular donors, fellow foundations, governments, charities and not-for-profit enterprises to enable them to give more. Its stated purpose is to “accelerate progress in society towards a fair and sustainable future for all.”
Basis, as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation. When a property is sold, the taxpayer pays/(saves) taxes on a capital gain/(loss) that equals the amount realized on the sale minus the sold property's basis.
The Tulsa Community Foundation (TCF) is one of the largest community foundations in the United States. Headquartered in Tulsa, Oklahoma, as of January 2011 it was reported to have approximately four billion dollars in assets, and to have donated more than $580 million to local charities and government projects.
Planned giving is an area of fundraising that refers to several specific gift types that can be funded with cash, equity, or property. These gift vehicles are commonly based on United States tax law, but Canada, the United Kingdom, and other nations are beginning to establish similar laws. In the United States the specific rules of planned giving are defined by the United States Congress and the Internal Revenue Service.
A 501(c)(3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code. It is one of the 29 types of 501(c) nonprofit organizations in the US.
The Pension Protection Act of 2006, 120 Stat. 780, was signed into law by U.S. President George W. Bush on August 17, 2006.
A foundation in the United States is a type of charitable organization. However, the Internal Revenue Code distinguishes between private foundations and public charities. Private foundations have more restrictions and fewer tax benefits than public charities like community foundations.
National Philanthropic Trust (NPT) is an American independent public charity that provides philanthropic expertise to donors, foundations and financial institutions. NPT ranks among the largest grantmaking institutions in the United States.
National Christian Foundation (NCF) is a US non-profit organization that assists donors in donating to charitable causes. NCF accepts non-cash assets and is the nation's largest provider of donor-advised funds focused primarily on Christian donors. Since 1982, NCF has granted over $14.5 billion to causes and charities.
References
- ↑ Kostigen, Thomas. "Gift control". MarketWatch. Retrieved 2019-04-03.
- ↑ JOURNAL, Rachel Emma SilvermanStaff Reporter of THE WALL STREET. "A New Strategy For Giving Away Your Money". WSJ. Retrieved 2019-04-03.
- 1 2 Ashlea Ebeling (1 November 2004). "Stupid Tax Tricks". Forbes . Retrieved 27 November 2014.
- ↑ "IRS Approves Donor Managed Investment Account Technique". AllBusiness.com . 1 April 2005. Archived from the original on 4 February 2012.
- ↑ "Donor advised funding". Saturday, 12 June 2021