Frequently Asked Questions

What is the Panola College Foundation?

Why does Panola College need private support?

May I designate my gift as I wish?

What is the difference between a restricted and an unrestricted gift?

Can I make a gift in honor or memory of someone?

How do I determine if my company will match my contribution?

Are all gifts tax-deductible?

Can I receive a tax deduction for donated equipment and supplies?

 

What is the Panola College Foundation?

The Foundation is a separate, not-for-profit, IRS approved 501(c)(3) organization established in 1982 to support the mission and vision of Panola College. The Foundation solicits, receives, and administers gifts from private sources in order to provide philanthropic support for students and to meet critical needs of Panola College.

Why does Panola College need private support?

Many people assume that Community Colleges are primarily State supported and, therefore, have little need for private donations. This is not an accurate representation. Instead of thinking of Panola College as State "supported," a more accurate description would be State "assisted." In 1986 State appropriations made up more than 60 percent of a college's budget. Today State appropriations account for less than 30 percent. At Panola College, private donations provide students the opportunity to complete or continue their education, strengthen academic programs, and provide faculty with additional teaching tools.

May I designate my gift as I wish?

Yes. You can tell us how to utilize your donation by making a restricted gift to a particular program or scholarship.

What is the difference between a restricted and an unrestricted gift?

If you make a restricted gift, you can direct your contribution to a specific scholarship, academic program, or any other special need. An unrestricted gift gives the Foundation the ability to apply funds where they are needed most, including taking advantage of unexpected opportunities or meeting unforeseen challenges.

Can I make a gift in honor or memory of someone?

Yes. You can honor a friend, colleague, family member, or other special person with a gift to the Panola College Foundation.

How do I determine if my company will match my contribution?

Contact your company's human resources department to see if it offers a matching funds program. More than 1,200 corporations have programs that match employees' gifts to educational institutions.

Are all gifts tax-deductible?

Gifts to the Panola College Foundation are tax deductible to the extent allowed by law. As with all financial considerations, we encourage you to discuss potential tax advantages and other aspects of charitable giving with a tax attorney or financial adviser.

Can I receive a tax deduction for donated equipment and supplies?

Yes. A donor may generally take a contribution deduction equal to the fair market value.

 

Neither the author nor publisher of this document, nor this organization is engaged in rendering legal or tax advisory services. For advice and assistance in your specific case, you should obtain the services of a qualified attorney or other professional advisor. The purpose of this publication is to provide accurate information of a general nature only. Tax revisions occur often, as do changes in state laws, which govern wills, trusts, and charitable gifts. Please seek advice from your legal and tax advisor when considering these types of contracts.