2013-12-11
It’s the holiday season – a time for giving gifts, helping the needy and taking advantage of end-of-the-year tax exemptions. There’s no better way to accomplish all three of those tasks than by making a donation to Your Community Foundation (YCF).
“If you’re an estate planner, financial consultant or other professional advisor looking for the best vehicles for charitable giving, YCF can help you connect your clients with causes they care about and provide maximum tax advantages while doing all the financial work for them,” said Beth Fuller, president of YCF.
“Or perhaps you’re an individual who wants to make a gift of your own, maybe to preserve assets for your children, support your community and lessen your tax burden while making sure that your gift will be well managed – now and forever.”
YCF provides a simple, powerful and highly personal approach to giving by offering a variety of tools to help someone achieve his or her charitable goals. A donor can make a gift of cash, stocks, bonds, real estate or other assets to YCF, with most charitable gifts qualifying for maximum tax advantage under federal law.
Each donor has a unique giving experience, tailored to suit every situation and goal. Here are the basics:
- Make a gift to YCF in the form of cash, appreciated stocks, real estate or other assets in any amount and designate the gift to an existing YCF endowment fund or start a new one.
- If the gift is $10,000 or more, or will reach that amount in three years, YCF will establish a special fund in the donor’s name, in the name of a family or business, or in honor of any person or organization the donor may choose. Many donors want to honor family members and establish a fund in their name.
- The donor receives tax benefits in the year the gift is made.
- The donor can recommend how the gift is to be distributed or rely on YCF to determine and address the areas of greatest need in the community.
- YCF invests the funds to maximize their value, and distributes the net income from those investments on an annual basis.
- YCF handles all administrative details.
- The gift – and all future earnings from the gift – becomes a permanent source of community capital, helping to do good work forever.
“Remember, too, that the IRA Rollover law allows you to make tax-free contributions to YCF from your IRA by year end,” Fuller said. “It is currently set to expire on December 31, 2013.”
Anyone 70 1/2 years and older can make tax-free IRA rollover gifts to YCF up to $100,000. There is no IRA withdrawal tax and no charitable deduction for these kinds of gifts.
YCF is a charitable, non-profit organization that encourages, develops and manages endowment funds and uses the net proceeds to support a long list of community programs and scholarships. The foundation manages assets and pledged assets of approximately $9 million and administers more than 150 separate funds.
Information about YCF and a description of its endowment funds is available at www.ycfwv.org or by calling (304) 296-3433.