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Gift Options
Charitable giving may be done
at a time and in a way that suits your personal
goals and circumstances. The Community Foundation
of Shelby County accepts many different types
of gifts that help you fulfill your dreams and
receive the best tax advantages. Some donors
prefer to make current
gifts during their lifetimes. Others feel
that a deferred
gift is best.
Our staff can work with you and
your financial or tax advisor in making whatever
gift you choose. As with any gift to a charitable
organization, gifts to the Community Foundation
of Shelby County are irrevocable. We strongly
encourage you to consult your tax advisor before
making a sizeable gift to ensure the contribution
is made in a way most advantageous to your situation.
Current
Gifts
Gifts made during your lifetime
(sometimes called an inter vivos gift) can provide
the maximum allowable charitable income tax
deduction, eliminate capital gains taxes on
gifts of appreciated property and reduce estate
taxes that might be assessed if the property
remained in your estate.
See our Gift Acceptance Policy
for a formal explanation of gifts and acceptance
procedures. Contact the Community Foundation
at 497-7800 to request instructions for accepting
stock or real estate gifts. Gift
Acceptance Policy (pdf)
Cash
This common and easy gift is typically made
by a check or wire transfer to the Foundation’s
account. Cash gifts are deductible for federal
income tax purposes up to 50 percent of your
Adjusted Gross Income. Deduction amounts may
also be carried over up to five years after
the gift is made. Checks should be made payable
to Community Foundation of Shelby County. The
name of the intended charitable fund should
be listed on the check’s memo line or in an
accompanying note. Gift
Form.pdf
Appreciated Securities
Stock gifts are deductible up to 30 percent
of your Adjusted Gross Income. As with cash
gifts, amounts over the deduction limit may
be carried over for five years. When stock is
given to the Foundation, the donor deducts the
average share price and avoids any capital gains.
The Foundation sells the stock and places proceeds
in a new or existing charitable fund. Other
marketable securities such as bonds and mutual
funds provide similar advantages.
Real Property
Gifts of land can provide a deduction for the
Fair Market Value of the property. Gifts of
real estate are sold and the proceeds placed
in a new or existing charitable fund. Farm land,
primary or vacation homes, commercial buildings,
or building lots are examples of real estate
gifts. Before being accepted, real property
gifts must meet requirements of our Policy
and Procedures for Potential Gifts of Real Estate
(pdf).
Deferred
Gifts
Frequently individuals choose
to provide a gift to charity in their estate
plan. Deferred, or planned, gifts are typically
a portion of a person’s estate that will go
to a specified charity after death. There are
several options that may be customized to fit
your goals and situation.
Bequest
A very common way to leave a gift that establishes
or adds to a charitable fund after death is
by incorporating bequest
language in a will. Typically, an individual
makes provisions in their will for surviving
family or friends and then specifies one or
more charitable organizations to receive a portion
or the remainder of the estate.
Note: The legal name to include
the CFSC as a beneficiary or in a bequest of
any kind is: The Community Foundation
of Shelby County, an Ohio nonprofit corporation.
Life Insurance
Naming the Community Foundation as a primary
or secondary beneficiary of a life insurance
policy enables the donor to take a deduction
approximately equal to the cash value of the
policy at the time the gift is made. It is a
great option when the proceeds of the policy
are not needed or as a “Plan B” if the primary
beneficiary is deceased.
Charitable Gift Annuity
Those donors over age 55 who want a combination
of a charitable deduction and steady payments
for life may consider the Charitable Gift Annuity.
Fixed payments made back to the donor or to
others for life. The payments are based on age
and the amount of the gift and are at a rate
much higher than most low-risk investments.
View details on the Charitable
Gift Annuity.pdf.
Charitable Remainder Trust
Another type of a payment arrangement, a Charitable
Remainder Trust provides income for life or
for a fixed term. In this case, the charitable
gift is placed in a trust. At the end or the
donor’s life or the fixed term, the remaining
assets are placed in a charitable fund at the
Community Foundation. The tax deduction is based
on the trust’s charitable portion.
Have you included the Community
Foundation of Shelby County in a deferred gift
or your estate plan? Please contact Marian
Spicer so she can have an understanding
of your plans for the gift. You may also be
included in our Legacy
Society. Requests for confidentiality are
always honored.
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