Giving options to meet any situation
The Community Foundation offers a variety of options to help you reach your charitable and personal goals. Please do not hesitate to contact us to discuss any of these giving options.
We encourage donors to discuss their giving options with their professional advisor — lawyer, accountant, estate planner. Our staff is always ready to answer your questions and provide any information that you may require regarding the establishment of a fund.
Questions? Want to make a donation? Ready to start a fund?
You can make a gift of cash, stocks, bonds, real estate or other assets, such as real property, to the Community Foundation that will qualify for the maximum tax benefit under state and federal law. We also accept gifts made with credit cards.
Deferred gifts, or bequests, allow you to designate a gift or portion of your estate to the Community Foundation and in some cases receive substantial reductions in federal gift and estate taxes.
- Life Insurance: You can name the Community Foundation as the beneficiary and owner of life insurance policies that you no longer need. If the policy is not paid up, the premium payment is fully deductible as a charitable contribution. At death, the proceeds pass to the Community Foundation free of estate taxes.
- Pooled Income Fund: You can place cash or property in the Community Foundation’s Pooled Income Fund and receive annual income yourself, or for another named beneficiary, for life. At death, the proceeds are removed from the Pooled Income Fund and placed in a new or existing component fund in the Community Foundation that you have selected. You receive a partial charitable income tax deduction based on the calculated remainder value of the gift.
- Qualified Retirement Plans and IRA Benefits: You can use assets accumulated in qualified retirement plans or IRA accounts to fulfill charitable goals, thereby keeping these assets free from tax liability. After you reach age 70 ½, you may be able to transfer a portion of these assets to charity to satisfy minimum distribution rules rather than take these assets in income that will be taxed. Note: the IRA Charitable Rollover Provision has been extended until the end of 2014.
Life Income Gifts
Life income gifts are gifts that provide charitable tax-deductions and income for the donor or other named beneficiary during their lifetime.
- Pooled Income Fund: You can make a gift to the pooled income fund and receive lifetime income. At death, the proceeds are removed from the pooled income fund and placed in a new or existing component fund in the Community Foundation. Grants are then awarded to charities or causes of your choice. You receive income tax benefits the year you establish the trust.
- Charitable Remainder Trust: You can place cash or property in a trust that pays annual income to you or another named beneficiary for life. After your death the remainder of the trust sum is transferred to the Community Foundation and placed in a charitable fund you’ve elected. You receive income tax benefits the year you establish the trust.
- Wealth-Replacement Trust: You can use life insurance in addition to a charitable remainder trust to increase the amounts received by heirs.
- Charitable Lead Trust: You can place cash and property in a trust that pays a fixed amount to the Community Foundation for the number of years you select. Once this time period ends the assets held in your name are transferred to the fund that you name. In some cases you receive a substantial reduction in federal gift and estate taxes.