Anyone can make a gift to any community foundation fund at any time. There is
no minimum contribution to existing funds, which offers great opportunity for
everyday people to strengthen their community through charitable giving. If you
desire, your gift may be made in memory of or to honor a person, event,
organization, or the community at large.
There is no minimum required in order to establish a fund; however, we ask that
donors commit to gifting at least $5000 within the first five years; no
disbursements (grants) will be awarded from the fund until its 3-year trailing
average balance is $5000.
Cash. An outright gift of cash to WCCF ~ to support an existing fund or establish
a new one ~ is a simple and convenient way to contribute.
Appreciated Securities. Gifts of appreciated stocks, bonds, or other property
are extremely popular, particularly because they may provide significant tax
benefits. A charitable gift of these assets, made directly to the Foundation (i.e.
not passing through your hands) generally will allow you to take a charitable
deduction on your income taxes for the full market value of the asset as of the
date of the gift. You also may avoid significant capital gains taxes. A gift of
appreciated securities is often much wiser than a gift of cash; it may, in fact,
enable you to make a larger contribution to the Foundation at a reduced cost to
you, benefiting you, the Foundation, and your chosen charitable cause.
Bequest. The simplest and most common way to leave a legacy is to designate
a specific gift amount or a percentage of your estate to WCCF. Fund agreements
to benefit your selected charitable interests can be written and signed now, to
take effect upon your death; those agreements may be amended to address new
opportunities during your lifetime, if desired. A bequest is a wonderful way to
leave a permanent legacy of your lifetime interests and values. “We are honored
to welcome donors who notify us of their bequest during their lifetime as
members of our Legacy Society.”
Life Insurance Policies. Whether it’s a policy you already have but no longer
need, or a new policy you buy for the specific purpose of making a future gift to
WCCF, life insurance can be a very helpful gifting tool. Depending on the gift
arrangement, you may receive an income tax deduction for the policy’s cash
value and any premiums you pay in the future.
Retirement Plan Assets. Qualified retirement plans are very expensive assets
to pass on to your children: they carry a significant income tax liability and can
also be eroded by estate taxes. Naming WCCF as a beneficiary of your
retirement plan may reduce or avoid estate and income taxes, leaving less
highly-taxed assets available for your children and providing more for charitable
causes in White County than you may have thought possible!
For the past several years, Congress has provided a very beneficial tool for
charitable donors who hold Individual Retirement Accounts. The IRA Charitable
Rollover allows people age 70½ or older to make tax-free gifts directly from
their IRA to a public charity such as WCCF, up to $100,000. Such gifts are
excluded from your gross income and can count toward your minimum annual
distribution. This provision is in effect for 2012 and 2013; future eligibility is up
Real Estate. Consider deeding your home or farm to WCCF now while retaining
the use and enjoyment of the property for your lifetime; you could receive an
immediate charitable tax deduction, and the value of your property or land would
be removed from your estate. If you own real estate that has appreciated in
value, a gift to WCCF may provide you with immediate tax relief and support ~
and your gift supports your Community…forever.
Charitable Remainder Trust. A charitable remainder trust names the
community foundation as trustee and ultimate beneficiary of trust assets; you
receive an immediate tax deduction for the charitable gift, and the assets are
removed from your estate, avoiding potential estate taxes. You, or someone
you name, receives income from your gift for their lifetime. Upon the death of
the life income beneficiaries, the remaining trust assets are used to establish or
support an endowment you have specified.
Charitable Gift Annuities. Consider a gift that pays you back! A charitable gift
annuity is a simple contract in which WCCF, in return for a gift of cash or other
property, agrees to pay you a fixed sum of money for your lifetime (to one or
two people = the annuitants). You receive an immediate tax deduction, and a
portion of the income received is tax free.
Penny Per Bushel. If you are a farmer with charitable interests, WCCF’s Share
Your Harvest: One Penny Per Bushel program can help you support the charities
you care about and provide tax benefits at the same time. To receive tax
benefits, gifts must be made directly from the grain buyer to WCCF; call for
information and enrollment forms.