Every day you make choices about how you use your money. We want to help you think about the choices you make related to your charitable giving and take your giving to the next level — to make your philanthropy as personal, meaningful and fulfilling as possible. Below you’ll find more information to help you determine if you want to make a gift now, later, or both.
Giving Now: Giving to the Community Foundation is easy and doesn’t require great wealth. No matter how much you give, your philanthropic strategy will be meaningful when it is aligned with your values, life experiences, interests and desire to make Grant County a community where every person can reach full potential. With endowed funds supporting a variety of Grant County causes, every gift plays a part in connecting people, resources, and causes to promote sustainable impact towards the betterment of Grant County. You can make a connection today by donating to one of our 400+ charitable funds.
Giving Later: Additionally, many of the gifts we receive come in the form of end-of-life bequests, small and large, from caring donors like you, who wish to create a legacy in their community through planned giving. In creating an end-of-life gift, you will chose to support your community and the causes you care deeply about long after your lifetime.
Whichever option you choose, your gift will support the betterment of Grant County. Give us a call at 765-662-0065 if you’d like to discuss the ways to give that could support your charitable giving goals.
Note: Always check with your professional advisor to seek help when making major financial decisions.
Giving to the Community Foundation is easy and doesn’t require great wealth. No matter how much you give, your philanthropic strategy will be meaningful when it is aligned with your values, life experiences, interests and desire to make Grant County a community where every person can reach full potential. With endowed funds supporting a variety of Grant County causes, every gift plays a part in connecting people, resources, and causes to promote sustainable impact towards the betterment of Grant County. You can make a connection today by donating to one of our 400+ charitable funds.
Cash is the easiest way to give and may qualify for maximum allowable income tax deductions. You can donate cash online or by mailing a check. Be sure to download a copy of our donation envelope to inform us on how to apply your gift and to include memorial or honorary tribute details. Or visit our Donor Marketplace to search a full list of charitable funds online.
Memorial/Honorary Tribute Gifts
Tribute donations may be made to any of the many funds already existing. Or a new fund may be established in memory of an individual who has passed away. Additionally, many donors choose to celebrate special accomplishments (graduation, marriage, promotion, etc.), commemorate special occasions (birthday, anniversary, holiday, etc.), and more, with an honorary tribute donation.
Trust us, they don’t need more stuff. These donations will help to create a lasting legacy for the future of Grant County and continue to improve the quality of life for all Grant County residents.
Donating stock is as simple as calling your financial advisor! This is especially important if you have a Required Minimum Distribution (RMD) that you’d like to donate directly to charity. Use this stock transfer form or contact us for instructions about how to move the stock. It’s one of the easiest ways to give!
You’ll receive a charitable tax deduction of the current value with every stock or bond donation. If the securities have appreciated in value since purchased, long-term capital gains tax is avoided.
Tip: Donate highly-appreciated stock before the sale to avoid capital gains tax and enjoy a tax deduction of up to the fair market value.
Required Minimum Distributions (RMDs)
These monetary distributions are required, yet they often increase your income too much for your tax bracket. Consider using these funds to start or grow a fund.
Real Estate may be given at appraised value, with prior Community Foundation approval and acceptance, so that donors can receive a full charitable deduction and avoid capital gains taxes. In most cases, real estate will be liquidated.
Life Insurance Policy/Beneficiaries
Did you know that you can purchase an insurance policy, name the Foundation as the beneficiary, and receive a tax deduction for the annual payments? It’s true! You may assign an insurance policy over to the Community Foundation. It can be a fitting memorial for a spouse who has preceded you in death. The charitable tax deduction will be the lesser of the cost or cash value of the policy. If the donor continues to pay the annual premium, these too are tax deductible. The future benefit to the Foundation will be equal to the face value of the policy.
Group Life Insurance (Active and Retired – if applicable) Primary Beneficiary(ies) Example:
|Beneficiary Name||Relationship||Address||Birthdate||SS# (Optional)|
Gifts of Grain (Ordinary Income Property)
A charitable gift of ordinary income property (grain) creates the ability to exclude that portion of income on your tax returns. To be IRS compliant, you must transfer the grain to the foundation before the sale. Transferring grain is simple: a dollar amount or number of bushels can be designated at the grain facility by filling out an easy form and notifying the Community Foundation. You will receive a letter confirming your charitable contribution to a qualified tax-exempt 501(c)(3).
If you find that your elevator or tax preparer is not familiar with the process, give us a call at 765-662-0065.
Many companies now provide charitable matches to your donations. Ask about these programs at your place of employment. Also, an endowment fund can be established if a company or organization would like to set up a named fund for corporate charitable giving.
You may want to make a charitable donation to move into a new tax bracket, thus lowering your taxable income.
Tip: Set up a Donor-Advised Fund in a high-income, high-tax-bracket year for an immediate tax deduction – and do years of community good.
If you are the beneficiary of a trust which pays you a regular income, you may assign a portion of this income to the Community Foundation. You will pay no further tax on this income and may even take an income tax deduction for the value of the assignment.
Private Foundation Transfers
Transferring a private foundation will preserve the identity and purposes of the original donor and family members. There are no taxes to pay, and the Community Foundation assumes all administrative responsibilities. Additionally, a private foundation transfer offers flexibility, administrative savings, annual reports, and automatic audits. You have the satisfaction of knowing a permanent organization is in place to carry out your wishes in the future.
Additionally, many of the gifts we receive come in the form of end-of-life bequests, small and large, from caring donors like you, who wish to create a legacy in their community through planned giving. In creating an end-of-life gift, you will chose to support your community and the causes you care deeply about long after your lifetime.
Planned Giving Bequest (Property given through the provision of a Will)
Many of the gifts we receive come in the form of end-of-life bequests, small and large, from caring donors like you, who wish to create a legacy in their community. In creating an end-of-life gift, you have chosen to support your community and the causes you care deeply about long after your lifetime. The ways to give listed below work well as charitable vehicles in your estate plan, each offering unique advantages including tax benefits, and many do not reduce current income.
A bequest of cash, securities, or real estate can significantly reduce the taxes otherwise payable by your estate. The value of the bequest will not be subject to estate taxes. Your heirs benefit and, if an endowment fund is established, your good work in the community will continue permanently in your name, a living symbol of your charitable intentions.
Leaving a bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or the Community Foundation as part of your estate plan.
If you’ve already created your will, add an appendix or codicil, naming the Community Foundation and your gift. Use our sample bequest language by clicking the link below.
Retirement Plan Beneficiary
IRAs, 401(k)s, 403(b)s, 457(b)s, Section 408 Plans, Keough Plans, and Pension Plans are examples of assets that can be big tax targets, making them favorable candidates for charitable contributions. If these assets are passed on to heirs, they are heavily taxed. Naming the Foundation as beneficiary of a retirement plan removes the asset from the donor’s estate and reduces inheritance taxes. Another option is to add the Community Foundation as the second beneficiary, after your spouse, or as a percentage beneficiary of your retirement plan.
Special Note: If you predict that you might have to pay estate taxes, consider designating a charity as your beneficiary. Why? See taxing potential below:
Gifts to Heirs
Gifts to Charity
|Net to Heirs||$36|
|Net to Heirs||$100|
For every $100 in income, you could pay $64 in taxes, leaving your heirs with only $36.
Source: Family and Charitable Estate Planning with Retirement Assets, Christopher Hoyt, 2016.
A person may donate a residence, farm, or property as a planned gift and continue using the property throughout their lifetime. The donor receives a partial income tax deduction and reduced estate taxes.
Charitable Lead Trust
You may give assets to the Community Foundation for a designated period of time. The income is then available for grants. After this period, the property in trust can be returned to you or your estate. You pay no income or capital gains taxes during the period of control by the Foundation of those assets.
Charitable Remainder Trust
You can establish a trust of some of your assets and receive a charitable tax deduction for the remainder value, as determined by IRS regulations, and estate taxes will be reduced upon your death. You and your designated family member(s) will receive an income for life. The remainder goes to the Community Foundation upon the death of the final beneficiary.
You may establish a charitable gift annuity transferring property to the Foundation in return for an annual cash income payment to one or two persons. The Foundation can offer competitive rates to donors over 60 wishing to make a charitable contribution, but retain a lifetime income. A portion of these gifts may be tax-deductible and the income is guaranteed for the life of the annuitants.
Other Ways to Give
Use the Donor Opportunity Menu to learn more about the various Ways to Give and support your charitable giving goals.
Establishing an endowment fund with the Community Foundation is the perfect way for a person, a family, or even a business to give both now and later.
Start a Fund
It’s easy, convenient, and simple. In fact, establishing a fund can be done in less time than it takes to open a bank account. If you’re thinking about starting a fund here at the Community Foundation, we’d love to hear from you. Just give us a call at 765-662-0065 and let us know what charitable cause you would like your fund to support.
We take care of all the administrative and grantmaking activities, eliminating the need for you to set up a separate foundation, formulate policies, file innumerable forms, and monitor the status of grant recipients. We save you precious time and money.
Starting a fund at the Community Foundation is simple. Just let us know what charitable cause you would like your fund to support, and we’ll take care of all the paperwork. You give it, we grow it, and your fund grants it back into our community.