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Giving Current Assets
When making a charitable gift, you have
several alternatives in addition to giving cash. To learn
more about making a current gift to The Norfolk Foundation
contact Nan Edgerton.
One option for donating cash is our
online
donation form, which provides an easy and quick way to
contribute to The Norfolk Foundation. This process is
simple, safe and secure.
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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. |
Other options for current gifts include:
While your checkbook may be the usual means for making
gifts, for many people a gift of securities makes good
sense. Stocks you have owned for more than a year may be
more valuable today and are subject to capital gains tax on
the increased value if you sell the stock. When you give
that stock to charity, however, you pay no tax on the gain
and receive an income tax deduction for the full fair market
value of the stock.
Mutual Funds
You 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
In early 2006 Congress passed long-awaited legislation that
will allow people who are 70 ½ or older to make direct
transfers from traditional and Roth IRAs to qualified public
charities. Donors can do this without taking distributions
into their taxable incomes. IRA transfers to nonprofits
cannot exceed $100,000 per year and can be made through the
end of 2007. President Unless Congress extends the
legislation, it will expire on December 31, 2007.
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 you give real estate that
is more valuable today than when you acquired it, your tax
deduction is the present market value and there is no tax on
the gain. If you are thinking about giving real estate,
please allow adequate time to complete the transfer, subject
to review and acceptance by the Foundation.
Do you have paid-in-full life insurance policies that are
gathering dust in a drawer? These may have been intended to
protect your family while you acquired sufficient assets and
raised your 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 you and a great gift to support your
favorite causes.
Whether you decide to support specific nonprofit
organizations or to create a scholarship fund to help
students, the Foundation will provide ongoing stewardship to
ensure your wishes are fulfilled. Other Assets
Other assets you may donate include:
- Interests in business entities. Subject to review and
acceptance by the
Foundation, you 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
advisor to
review each gift and determine how to handle the
contribution. It is
important to allow time for this review to occur.
- Restricted Stock. You 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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