Similar to mutual funds, these funds pool donors' contributions and return the annual income earned by the fund to the donors or other named beneficiaries (age 55 or older). Gifts are income tax-deductible and capital gains taxes are eliminated on contributions of appreciated property. Columbia manages two such funds: the Gouverneur Morris Pooled Income Fund, which is income oriented, and the Seth Low Pooled Income Fund, which is managed for growth and income. Earnings from funds are taxed to recipients as ordinary income. You can participate with a gift of $25,000 or more in cash or marketable securities.