The Foundation provides a complete menu of giving vehicles to realize your philanthropic goals and to help increase your fund’s grantmaking potential:

Outright Gifts
 

Cash/check
 

Securities

Publicly-traded and closely-held stocks and bonds will be accepted at fair market value as determined under Internal Revenue Service rules.  It is the donor’s responsibility to obtain any necessary appraisals of closely-held securities; however, the Foundation’s general counsel may be engaged to perform the appraisal.  In the preparation of gift proposals, special attention will be given to tax restrictions such as the restriction on excess business holdings, restricted or controlled stock, and the capital gains treatment of discounted bonds when they mature.

Paid-up life insurance policy

The Foundation may accept gifts of paid-up whole or variable life insurance policies.  The cash value of the policy is deductible for federal income tax purposes.

Real property

Real property will be accepted at fair market value as established by at least one qualified appraisal.  In some instances, the Foundation will obtain a formal appraisal and the donor will obtain a second appraisal to eliminate any question of conflict of interest.  In most cases, a single appraisal paid for by either the Foundation or the donor, as negotiated, will be adequate.

Real property that is encumbered by a trust, deed, loan or mortgage will be accepted only in exceptional circumstances and upon advice from the Foundation’s general counsel.

Assets Related to Real Property

Trust deed notes and mortgages will be accepted as gifts using the unpaid principal balance as the fair market value in most cases.  When current interest rates differ widely from the interest rate payable under the terms of the loan, it may be necessary to adjust the value to take into account the yield on investment an informed buyer would expect to receive.  If the loan is a purchase money encumbrance, the donor must be advised in writing that all capital gains unpaid at the date of transfer will become due and payable when the gift is made.

Tangible Personal Property

Tangible personal property may be accepted as a gift.  The Foundation and the donor must comply with Treasury regulations for obtaining and reporting qualified appraisals.

 

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Deferred (Planned) Gifts

Numerous deferred gift options exist within the Foundation.  For all planned gifts, we strongly encourage you to meet with your professional advisors prior to execution. Please contact the Foundation at 216.476.7060 to request information.

The options are described below.


Bequest

A bequest is as simple as adding a codicil to your will.  This is the most common planned gift and it may provide you with valuable estate tax savings.  Bequests can be made in the form of:

• A stated dollar amount or specific property
• A percentage of the estate
• A portion or the entire residue.

 

Life Estate

You could receive a sizable charitable income tax deduction by making a gift to the Foundation of your personal residence or farm while retaining full use and rights to the property during your lifetime.

Life Insurance

One of the simplest ways to make a significant contribution is to give a life insurance policy to the Foundation.  The Foundation is listed as the owner and beneficiary.  You would pay the premium payment by issuing a check to the Foundation for the amount of the premium payment, and the Foundation would in turn cut a check to the carrier.  Each payment by you is fully tax deductible.

Charitable Gift Annuity

Gift annuities are for donors desiring to make a charitable gift during their lifetime, while also reserving an income for life.  Gift annuities are especially appealing to retired donors willing to make a gift of cash or marketable securities to the Foundation and desiring to receive guaranteed payments at rates that may exceed what they are receiving from CD's or other investments.

Charitable Remainder Trust

A Charitable Remainder Trust (CRT) allows you to establish a trust for the ultimate benefit of your fund at the Foundation, while you retain the income generated by the assets given by you for your lifetime and the lifetime of your spouse.  A CRT may help you to eliminate capital gains taxes, reduce estate taxes and improve lifetime cash flow.

Retirement Accounts

Qualified retirement plan accounts are subjected to layers of taxation (e.g. estate tax, federal tax, and state tax).  For some accounts, the combination of taxes can be as high as 75-85 percent!  A charitable gift of these funds may provide your fund with the full 100 cents on the dollar.  The 15-25 percent your heirs would have received may be replaced with an asset replacement trust.  Numerous other retirement plan giving opportunities exist, and we would be happy to provide additional information.

 

Click here for Guidelines for Establishing a Fund in Adobe pdf format

Click here for New Fund Information in Adobe pdf format

 

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