How to Give

Make a current gift

When making a charitable gift to the Hampton Roads Community Foundation for medical scholarships, you have several alternatives in addition to giving cash. You can make a gift directly to the Florence L. Smith Medical Scholarship. Gifts of at least $25,000 can be used to start your own named fund at the Hampton Roads Community Foundation.

To learn more about making a current gift contact Nan Edgerton. Click here for a PDF of a flier about starting a Smith Scholarship.

Options for current gifts include:

• Publicly Traded Stock

• Mutual Funds

• Individual Retirement Accounts

• Real Estate

• Life Insurance

• Other Assets
   

• Publicly Traded Stock
  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 Hampton Roads Community Foundation. To learn more about this giving option, please contact Nan Edgerton, vice president of development.
   

• Individual Retirement Accounts
  Currently, federal legislation allows donors who are 70 1/2 or older to make transfers from IRAs to nonprofits without tax implications. Click here for details.
   

• Real Estate
  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.
   

• Life Insurance
  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 Hampton Roads Community 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.
   

• 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.