Contributing Efficiently
Make impactful donations through alternate methods
Sophisticated donors recognize the benefits of utilizing various financial vehicles for efficient and impactful giving. Several options offer the opportunity to make a significant gift while also having a positive influence on the donor’s tax position. Other options amplify the amount a donor can contribute. Below are a few such options for review with your financial planner or guardian. Your advisors may be familiar with additional ways to contribute to your favorite charity or nonprofit organization such as Life Chiropractic College West.
Did you know?
Congress included a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, intended to provide some relief for nonprofit organizations such as Life West. Section 2104 of the act permits eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions as an “above-the-line” deduction, i.e., as an adjustment in determining adjusted gross income (AGI), for tax years beginning in 2020.
Donate Appreciated Stock
Donating appreciated stocks you have held for at least one year can be a very financially savvy and tax-wise approach to supporting Life West. You can take full market value of the stock and bypass capital gains taxes.
We welcome your gift of appreciated stock. Inform your broker to transfer the stock to our account with Heffernan Insurance.
Life West’s Broker:
Heffernan Financial Services
Attn: Program Related Investment
1460 O’Brien Dr., Ste. B
Menlo Park, CA 94025
Your financial advisor will need:
DTC Clearing #: 0075
F/F/C to LPL Account #: 7374-8203
F/F/C to LPL Account Name: Life Chiropractic College West
Life West Tax ID#: 94-2382546
Address: 1460 O’Brien Drive, Ste. B, Menlo Park, CA 94025
Representative: Anthony Calomeni
Phone/Fax Number: (650) 842-5220
Our broker will need the following:
- Donor’s name and complete address
- Name of securities being donated
- Number of shares being transferred
- Financial advisor’s name and contact information
- Specific Foundation program, if any, to which gift should be directed
Consult your IRA custodian or another qualified financial adviser to see if this is an appropriate donation vehicle for you.
Making a donation? Let us know.
Please call 510.780.4500, ext. 2060 or email thyland@lifewest.edu so we know your gift is coming and can ensure it gets processed properly.
Donor-Advised Funds
If you have established a Donor Advised Fund at a public charity, please consider making a donation or grant from this financial vehicle. Instruct your guardian to donate directly to Life Chiropractic College West.
Qualified Charitable Distribution
(Available to donors 70 ½ and older)
A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity such as Life Chiropractic West. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
In addition to the benefits of giving to Life West, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA.
Also, QCDs don’t require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
Consult your IRA custodian or another qualified financial adviser to see if this is an appropriate donation vehicle for you.
Satisfy Required Minimum Distributions
An IRA charitable contribution satisfies the annual minimum distribution requirement for your IRA. You can mitigate the required minimum distribution if you make a qualified charitable donation from the IRA
You can donate part of your required distribution to Life Chiropractic College West and withdraw the rest of it as retirement income as long as you meet the minimum distribution requirement by the end of the calendar year.
Consult your IRA custodian or another qualified financial adviser to see if this is an appropriate donation vehicle for you.
