- When was the SC Pharmacy Foundation established?
In 1992, the South Carolina Pharmacy Association established the South Carolina Pharmacy Foundation as a 501(c)(3) tax-exempt corporation. The eventual goal of the Foundation is to utilize the interest and investment funds to support special pharmacy projects throughout the state.
- Are contributions made to the SC Pharmacy Foundation tax deductible?
Yes, all gifts and donations to the South Carolina Pharmacy Foundation by individuals or corporations are tax deductible under IRS rules and regulations.
- What levels of giving are available?
The Foundation accepts all levels of giving – from $1 to amounts much greater. Giving to the Foundation provides the opportunity to advance pharmacy in South Carolina in many ways which are beyond the scope of an association such as the South Carolina Pharmacy Association.
- How do I contribute to the Foundation?
Q: How do I contribute to the Foundation?
A: Anyone can contribute to the Foundation in an effort to advance the practice of pharmacy. Monetary gifts can be mailed to the South Carolina Pharmacy Foundation c/o SCPhA, 1350 Browning Rd., Columbia, SC 29210. Please make all checks payable to the SC Pharmacy Foundation.
- Can contributions be other than money?
Yes. The Foundation is able to accept non-monetary assets as gifts. These types of gifts include individual stocks, bonds, property, life insurance etc. The Foundation will normally sell the gift and retain the funds to advance the purpose of the Foundation. The individual donating the gift is able to take a tax-deductible deduction on their income tax. We do recommend that you speak with your tax advisor for more information. Gifts other than money should be coordinated with the Foundation. To obtain more information on giving to the Foundation, contact SCPhA at 803.354.9977.
- Why would an individual contribute something other than money?
In some situations, the contributor to the Foundation will not incur the capital gains. Under the current IRS rules and regulations, individuals who sell an asset (such as stocks or property) are required to pay capital gains tax on the increased value of the asset. In some situations, depending on the amount of time the asset has been owned, the capital gains tax can be significant. A fully tax deductible contribution to the Foundation allows the individual to take full credit for the gift without incurring the capital gains. Thus, the contributor maximizes his or her contribution and the Foundation is able to take advantage of the full contribution. We do recommend that you speak with your tax advisor for more information.
- Will the Foundation accept a Memorial Gift?
Absolutely. A gift to the Foundation is an excellent method to recognize a fellow pharmacist for the contributions he or she has provided to the profession.
- Is the Foundation interested in being included in my will?
Yes. Individuals should consult their estate planner about setting up the Foundation as a benefactor of a portion of your estate. There are a variety of ways to fund a contribution to the Foundation as a part of your estate.