Ways to Give
As a fund of Akron Community Foundation, the Gay Community Endowment Fund can accept a variety of gifts, from appreciated securities to bequests.
No matter which method you choose, your gift to the Gay Community Endowment Fund will positively impact the gay, lesbian, bisexual and transgender community for generations to come. You can choose to either give now or give later:
may be deducted for income tax purposes up to 50 percent of adjusted gross income. Contributions over that limit can be carried forward for up to five subsequent years.
Publicly traded securities
You receive a double benefit if the stock has appreciated: an immediate charitable deduction for the fair market value of the securities donated and exemption from any capital gains tax on the appreciation. The fair market value of contributed securities can be deducted up to 30 percent of the donor's adjusted gross income.
In addition, if the deduction amount is larger than the donor can use in one year, the surplus can be carried as a charitable deduction over the next five years. See how we make transferring stock
Mutual fund shares
Like gifts of publicly traded securities, gifts of mutual fund shares are deductible up to the full fair market value. Some mutual fund companies have special procedures for gifts of mutual funds. The effective date of the gift and possibly the year for which the deduction is available is determined by the date the transfer of mutual funds
Closely held stock
The contributed value per share must be discounted from the value per share for a controlling interest, as determined by a qualified independent appraisal. There can be no agreement restricting or requiring the resale of the stock by the charitable recipient. If the company offers to redeem the shares, however, the community foundation can take the proceeds or reinvest them for a better return. The company does not reissue the shares; all shares outstanding increase in value.
An alternative outcome to redemption by the corporation is the voluntary purchase of shares from the charity by younger family members or key non-family employees.
Many people find that the protection offered by life insurance policies is no longer needed later in life. Thus a life insurance policy can become an ideal tool for charitable giving.
A few steps need to be taken to donate a life insurance policy. You start by irrevocably assigning your insurance policy to the Gay Community Endowment Fund and naming it as the sole beneficiary. You can make annual tax-deductible contributions to cover the policy's annual premium.
Or, if the policy is paid up, you will receive an immediate tax deduction in an amount equal to the policy's cash surrender value.
Gifts of real estate can include a house, apartment building, farm, vacation home, commercial buildings, and income-producing or non-income producing land.
A gift of real estate typically requires certain procedural steps prior to acceptance, including a site visit to the property, a qualified appraisal, a preliminary title report and an environmental assessment. Akron Community Foundation has a separate LLC set up specifically to handle these types of gifts for you.
Some people may wish to leverage their automobile, antiques or jewelry to benefit a charitable cause. Akron Community Foundation can accept these gifts, too. Any item valued at $5,000 or more is subject to IRS guidelines and must be appraised by an impartial party.
Bequests left via will or trust can help you reduce your estate taxes while supporting your community in a permanent and public way.
Charitable gift annuities
Charitable gift annuities offer younger donors the charitable benefits of an immediate gift annuity while allowing time for retirement earnings to build before they begin taking payments.
Charitable remainder trusts
Charitable remainder unitrusts and charitable annuity trusts are the most flexible life income vehicles, paying you income tax for life while offering you an immediate tax deduction for a portion of your gift. You can then make additional gifts to the trust as circumstances allow.
, when passed to an heir, are quickly depleted by double taxation. By naming Gay Community Endowment Fund as a beneficiary of your plan, you can avoid taxes, leave more to your family, and preserve your hard-earned assets for the good of your community.
Learn more about planned gifts through Akron Community Foundation's planned giving site or download GCEF's free planned giving guide. You can also read the community foundation's formal gift acceptance policy.
Need help deciding the best option for you? Talk to your advisor
, then contact Margaret Medzie
, vice president and chief development officer, or Steve Schloenbach
, vice president and chief financial officer, to find out how Akron Community Foundation can help make your giving easy.