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line of credit loan becoming a gift?

  • 1.  line of credit loan becoming a gift?

    Posted 13 days ago
    If a private individual or corporate entity has made a line of credit available to a school at a fair market value interest rate, can that same individual or entity "forgive" the loan and get a tax deductible donation or does the individual or entity have to make a gift to the school to pay off said loan/line of credit?

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    Jeff Day
    Director of Development
    The Haverford School
    jday@HAVERFORD.ORG
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  • 2.  RE: line of credit loan becoming a gift?

    Posted 13 days ago
    You probably should seek legal and CFO guidance.  This site might offer some useful information:


    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: line of credit loan becoming a gift?

    Posted 13 days ago
    Thanks, John!

    Jeff Day P'20
    Director of Development
    The Haverford School
    484-571-7052 (mobile)

    Preparing boys for life