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Giving Current Assets
When making a charitable gift, your clients have
several alternatives in addition to giving cash. To learn
more about making a current gift to The Norfolk Foundation
contact Nan Edgerton.
Options for current gifts include:
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New! Community Funds
The Norfolk Foundation welcomes gifts of all sizes to
its family of Community Funds. These include
funds for that provide grants for the following
purposes:
*Arts and Culture
*Civic Leadership
*Educational Achievement
*Environment
*General Grantmaking
*Health and Human Services
*Scholarships
Gifts can be made
online or by sending a check to The
Norfolk Foundation, One Commercial Place, Suite 1410,
Norfolk, VA 23510. |
While a donor's checkbook may be the usual means for making
gifts, for many people a gift of securities makes good
sense. Stocks your clients have owned for more than a year may be
more valuable today and are subject to capital gains tax on
the increased value if your clients sell the stock. When they give
that stock to charity, however, they pay no tax on the gain
and receive an income tax deduction for the full fair market
value of the stock.
Mutual Funds
Your clients may give mutual funds to The Norfolk Foundation. To learn
more about this giving option, please contact
Nan Edgerton,
vice president of development.
Individual Retirement
Accounts
For 2006 and 2007 federal legislation allows donors who are
70 1/2 or older to make transfers from IRAs to nonprofits
without tax implications. They may transfer up to $100,000
per year to nonprofits. Click here for
details.
For most people, one of their greatest assets is real
estate, which has appreciated rapidly in recent years.
Similar to appreciated stock, when your clients give real estate that
is more valuable today than when they acquired it, their tax
deduction is the present market value and there is no tax on
the gain. If your clients are thinking about giving real estate,
please allow adequate time to complete the transfer, subject
to review and acceptance by the Foundation.
Do your clients have paid-in-full life insurance policies
that are gathering dust in a drawer? These may have been
intended to protect their family while they acquired
sufficient assets and raised their children. If these
policies have accomplished their purpose, making The Norfolk
Foundation the owner and beneficiary of them may make sense.
This can provide an income tax deduction to your clients and a
great gift to support their favorite causes. Whether your
clients decide to support specific nonprofit organizations or
to create a scholarship fund to help students, the Foundation
will provide ongoing stewardship to ensure their wishes are
fulfilled.
Other Assets
Other assets your clients may donate include:
- Interests in business entities. Subject to
review and acceptance by the Foundation, your client may
make gifts such as closely held securities, partnership
interests and interests in limited liability companies.
These can only be accepted if the Foundation is adequately
protected from liability. A staff member will meet with you
and your client to review each gift and determine how to
handle the contribution. It is important to allow time for
this review to occur.
- Restricted Stock. Your client may donate stock
controlled under Securities and Exchange Commission Rule
144 or other applicable restrictions subject to review and
approval by the Foundation.
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