Scholarship Endowment

[Acownt4it]

Every once in a while a client comes in that breaks your heart.

Clients daughter was in her first year of college about 4 hours away from home. She was crossing the street; a drunk and stoned driver blew a stop sign and killed her.
Now the parents are left to pick up their lives.

The reason for this post is not to depress anyone.

The parents want to contribute $10,000 into a Scholarship Endwoment fund (at the school the daughter went to) for the next two years. Is this contribution deductible as a charitable contribution or is this a gift?

After a story like this, I make sure to thank God every day for the health and well being of my own children.

22 more days

[Gretel]

Contribution to an Endowment fund are charitable donations. My state allows a 50% tax credit for Endowments made to an educational institutian, but you have to back out the contribution on the state level then. So check your state if they have something similar.

[Davc]

Charitable.

[Lion]

Daughter

My daughter lives in a dorm near where a coed was killed by a drunk driver. Police swarmed all over questioning, hoping to find witnesses. Very sad. Not a phone call any parent wants to get. If we're talking about the same hit & run, the police worked fast, investigated thoroughly, and arrested five people so far. They've not closed the case. Anyway, I think the parents are doing a wonderful thing in their daughter's memory. I hope it gives them a little bit of peace during a horrible time.