THE COMMUNITY FOUNDATION DIFFERENCE
Community Foundations came into existence in 1914 to address two common problems: people left money in their wills to charitable purposes but with so many conditions, often the funds were never used. Secondly, people left money for their heirs to distribute for charitable purposes but the distributions were never made. A community foundation solves both of these problems. If a condition cannot be met, a community foundation can direct the gift to a like purpose or intent. The Board of Directors assumes the responsibility for ensuring a charitable purpose is fulfilled rather than depending on heirs for this task.
WHAT WE OFFER YOU
Giving is personal. We are here to support your ideas for the community.
We provide fund investment and accounting management and ensure that tax and audit requirements are met. We award grants based on your recommendations, and audit grant recipients to ensure that your donations are doing the most good and are in alignment with your philanthropic goals.
TYPES OF GIFTS
Ask yourself the following questions:
These kinds of questions constitute the exercise known as Planned Giving.
Community Foundations came into existence in 1914 to address two common problems: people left money in their wills to charitable purposes but with so many conditions, often the funds were never used. Secondly, people left money for their heirs to distribute for charitable purposes but the distributions were never made. A community foundation solves both of these problems. If a condition cannot be met, a community foundation can direct the gift to a like purpose or intent. The Board of Directors assumes the responsibility for ensuring a charitable purpose is fulfilled rather than depending on heirs for this task.
WHAT WE OFFER YOU
- Opportunity to give in a way that resonates with you and your values.
- Community knowledge and opportunities
- Collaboration with professional accountants, lawyers and financial advisor
Giving is personal. We are here to support your ideas for the community.
We provide fund investment and accounting management and ensure that tax and audit requirements are met. We award grants based on your recommendations, and audit grant recipients to ensure that your donations are doing the most good and are in alignment with your philanthropic goals.
TYPES OF GIFTS
Ask yourself the following questions:
- What asset do I want to give?
- When is the most opportune time to give it?
- What is the best way to give it?
- For what purpose is this gift?
These kinds of questions constitute the exercise known as Planned Giving.
The Power of Endowments - Download here.
SCF Advisors Seminar Sheet - Download here.
Client Choices at SCF - Download here.
Community Foundation vs Private Foundation Fact Sheet - Download here.
A wise philanthropist gives the right asset, at the right time, in the right way, for the right purpose."
Frank Minton
PLANNED GIVING
Planned gifts enable you to give to your favorite charity during or after your lifetime while meeting your current income needs, providing for your heirs and receiving the maximum allowable tax benefits. The Skagit Community Foundation accepts a variety of assets that can be used for charitable giving. Contact us if you have any questions. As always , we encourage you to work with an attorney or your C.P.A. to determine which option is best for you.
Outright Gifts
Cash, stocks, real estate.
Insurance or Retirement Plans
Life insurance or retirement plans can be used as gifts by naming The Skagit Community Foundation as a beneficiary.
Bequests By Will
List a charitable contribution of your estate in your will.
Charitable Remainder Trust
This is a permanent transfer of cash or assets that is managed by a trustee who pays income to you or other beneficiaries.
Charitable Lead Trust
You can choose to give to charity while living and transfer your wealth to your heirs upon your death. There is a substantial tax benefit.
Planned gifts enable you to give to your favorite charity during or after your lifetime while meeting your current income needs, providing for your heirs and receiving the maximum allowable tax benefits. The Skagit Community Foundation accepts a variety of assets that can be used for charitable giving. Contact us if you have any questions. As always , we encourage you to work with an attorney or your C.P.A. to determine which option is best for you.
Outright Gifts
Cash, stocks, real estate.
Insurance or Retirement Plans
Life insurance or retirement plans can be used as gifts by naming The Skagit Community Foundation as a beneficiary.
Bequests By Will
List a charitable contribution of your estate in your will.
Charitable Remainder Trust
This is a permanent transfer of cash or assets that is managed by a trustee who pays income to you or other beneficiaries.
Charitable Lead Trust
You can choose to give to charity while living and transfer your wealth to your heirs upon your death. There is a substantial tax benefit.
Make use of IRA Charitable Rollover
Requirements and restrictions for making an IRA charitable rollover gift:
- The donor must be 70 1/2 years or older
- The gift must be made directly from the IRA to the charity
- Gifts to all charities combined cannot exceed a total of $100,000 per taxpayer for the year
- The gifts must be outright, and no material benefits can be received in return for the gifts
- Gifts cannot be made to a donor advised fund
- The gift is not included in taxable income, and no charitable deduction is allowed
- The gift can be made only from an IRA
Steps to take to make a gift:
- If you want to make a qualifying transfer, contact your IRA administrator and instruct that person to transfer funds to the Skagit Community Foundation
- Contact our office for transfer account numbers and detailed instructions
- Final decisions about your finances should be made in consultation with your own financial or legal advisor
important message
It is important to inform the Skagit Community Foundation if you plan to name it as a beneficiary from your retirement account. Retirement plan custodians have no legal obligation to inform beneficiaries that the plan holder has passed away. If the Skagit Community Foundation is unaware of your plans to leave a gift from your retirement fund, we have no way of following up with the custodian. Therefore, please share your gift intentions with us so we can fulfill your philanthropic intentions.
Join our Legacy circle of donors
Want to be a part of our Legacy Circle of Donors? Click here to download the form.
Suggested language for wills
Please consult your attorney. Commonly used language includes, but not limited to the following suggestion:
"I direct that the net residue of my estate be divided and distributed as follows:
(number of shares) to the governing board of the SKAGIT COMMUNITY FOUNDATION, P.O. Box 1763, Mount Vernon, Washington 98273 for the purpose of (fill in the blank). Said funds shall be invested in a manner so as to maintain the principal or (specify choice here) shall be annuitized over a period of (number of years).
"I direct that the net residue of my estate be divided and distributed as follows:
(number of shares) to the governing board of the SKAGIT COMMUNITY FOUNDATION, P.O. Box 1763, Mount Vernon, Washington 98273 for the purpose of (fill in the blank). Said funds shall be invested in a manner so as to maintain the principal or (specify choice here) shall be annuitized over a period of (number of years).