A gift of cash has traditionally been the most common way to make a charitable gift to Bentley, though gifts of other assets have been gaining in popularity. Donors typically make cash gifts by writing a check or using a credit card.
A gift of cash could be right for you if any of the following apply:
- You want the easiest way to donate to Bentley.
- You want an income tax charitable deduction for the full amount of your gift.
- You would like to make the gift to Bentley that has an immediate impact.
How it works
You make a gift of cash directly to Bentley to be used by the university right away. You would then be eligible to take an income tax charitable deduction for the full amount of your gift.
What is an outright gift of cash?
An outright gift of cash is when you transfer funds to Bentley and your gift is immediately available to be used by the university for the purpose you specify. The most common ways for donors to make outright gifts are by writing checks payable to “Bentley University” or making credit card gifts online. Bentley welcomes outright gifts of cash in any amount.
Outright gifts provide maximum tax savings for you
You may claim an income tax charitable deduction for the full amount of your outright gift, providing tax savings if you itemize. You may take charitable deductions for cash gifts up to 60% of your adjusted gross income. If you are not able to use your entire charitable deduction in the year of your gift, you may carry forward the unused portion of your deduction for up to five additional years.
Outright gifts provide immediate support for Bentley
Your outright gift provides resources that Bentley can put to immediate use. If you prefer to specify the use of your gift in any way, please contact us so that we can be sure that we can carry out your wishes.
How to give an outright gift of cash
You may make an outright gift of cash by writing a check payable to “Bentley University” and mailing it to University Advancement, 175 Forest Street, Waltham, MA 02452. You also may make a gift of cash online using your credit card, or you may call us at 781.891.2475 to give us your credit card number over the phone. Wire transfers are also possible – please contact us for details.
What is a gift of cash that creates income for me and/or others?
Cash may also be used to fund our life-income gift options. For more information, go here.
Susan would like to make a $15,000 gift to Bentley to be used immediately for Bentley’s greatest need. Susan could write Bentley a check for this amount, or make a gift using her credit card either online or over the phone. She would then obtain a charitable deduction equal to $15,000.
- Susan may deduct up to 60% of her adjusted gross income for her gift of cash, providing tax savings if she itemizes.
- If Susan 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 Susan itemizes deductions and can use her entire income tax charitable deduction of $15,000, she will save $5,550 (assuming she is in the 37% tax bracket).