When you make a gift of a charitable bequest, we establish a Fund that benefits the community forever and becomes your personal legacy of giving.
Retirement Fund Assets
Often, substantial balances remain in retirement funds after the death of the retiree and the retiree’s spouse, leaving heirs with a double tax burden: a high federal estate tax rate and both federal and state income taxes when the funds are paid out to the heirs.
Designated Beneficiary of Life Insurance
Donors may give the Community Foundation a paid-up policy or irrevocably assign ownership rights of a life insurance policy to CFCV while the donor makes tax-deductible annual contributions to CFCV to cover the policy’s premium.
Life insurance provides a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime.
A donor may wish to assign a portion of trust fund income to reduce the donor’s taxable income and/or to receive a tax deduction.
Tangible Personal Property
Deductions for gifts of tangible personal property such as artwork, antiques, jewelry, and coin collections are generally limited to the cost basis of the gift and are deductible up to 50 percent of the donor’s adjusted gross income. Excess contributions may be carried over for the next five years. Due to special concerns with the acceptance of tangible personal property, the Community Foundation must provide prior written approval to the donor before a gift of tangible personal property will be accepted by the Community Foundation. Contact us for more information.
We offer a variety of giving methods tailored to your situation.
Transfer of a Private Foundation
The principals of a private foundation may wish to transfer its assets to the Community Foundation and: 1) go out of existence as a legal entity but, through a Donor Advised Fund, retain an Advisory Committee to advise the Community Foundation on disbursements from the Fund; or 2) create a supporting organization of the Community Foundation for management and administration by the Community Foundation.
This contractual agreement between the donor and the Community Foundation allows the donor to exchange a gift of cash or securities for a guaranteed, fixed income each year for the remaining years of the donor’s life. A gift annuity allows the donor to receive a substantial charitable deduction to reduce income taxes, minimize capital gains taxes, and receive a portion of the annuity payment as tax-free income.
Charitable Remainder Annuity Trust and Charitable Remainder Unitrust
This contractual agreement between the donor and the Community Foundation allows the donor or other life beneficiary to receive an annual payout of a percentage of the value of the trust. Upon termination of the trust, the remaining balance may be added to an existing Fund or used to create a new Fund at the Community Foundation.
Because of special environmental and other concerns inherent in gifts of real property, the Community Foundation has adopted special policies concerning real estate gifts. Donors are encouraged to consult with the Community Foundation well in advance of such a gift.
Closely Held Stock
Gifts of stock in a closely held business may be particularly advantageous to donors when ownership of the business is transferred to a new owner or owners. A closely held corporation may be interested in buying back stock donated to the Community Foundation, but such re-purchases may not be pre-arranged.
Family Limited Partnerships
Under certain circumstances, a donor may wish to contribute an interest in a family limited partnership to the Community Foundation. The Community Foundation has established specific policies for the acceptance and administration of this type of gift. Donors are advised to contact the Community Foundation for further information well in advance of such a gift.
We offer personalized service and a variety of giving vehicles. We welcome the opportunity to work with you and your advisor to help you fulfill your charitable objectives.