We accept a variety of assets, please contact us 520.625.4556 for more information on gifts and assets.
Giving Circles
Plan your charitable legacy today!
Cash is the simplest way to give and always welcome. You can make an online donation or mail your gift to us.
Stock many donors like to donate appreciated stock and securities. The donor must contact our office prior to initiating a stock donation and let our staff know the specifics of their donation (number and type of shares) and of their intentions so that we can track their donation received into the stock account for proper deposit credit and donor acknowledgement. For a copy of GGVCF stock transfer instructions, click here.
Real estate and other property can be donated to our Community Foundation.
Life insurancea donor can name GGVCF as beneficiary of an existing policy that is no longer needed, or consider purchasing a life insurance policy naming GGVCF as irrevocable beneficiary. The latter approach allows the donor to deduct the premiums paid from his or her tax bill.
Life income gifts special techniques such as a Charitable Gift Annuity or Charitable Remainder Trust allow the donor to receive considerable tax deductions and an income for life.
When the donor passes away, the remainder transfers to GGVCF for use specified by the donor.
A giving circle is a form of participatory philanthropy where groups of individuals donate their own money or time to a pooled fund, decide together where to give these away to charity or community projects and, in doing so, seek to increase their awareness of and engagement in the issues covered by the charity or community project. Many circles, in addition to donating their money, also contribute their time and skills to support local causes.
Bequests by Will A bequest can be a specific sum of money willed to an existing fund or one that you would create ahead of time. It can also take the form of a percentage of your estate or a specific asset such as your IRA account or a house or other types of real estate. In addition, our Community Foundation can be named as the residual beneficiary of your estate, a contingent beneficiary or as the ultimate recipient of the assets of a charitable remainder trust.
IRA or Qualified Plans when someone passes away, retirement assets are included for estate and income taxes – often up to 86%. Funding a charitable legacy endowment with an IRA or retirement plan prevents the bequest from becoming a liability of your estate, and your end-of-life donation is made with pre-income tax funds.
Charitable Remainder Trusts this planned giving strategy is ideal for donors who want to provide a life-time income stream for themselves, their spouse or children. The tax benefits of this type of trust are substantial. Upon the donor’s death, the remaining assets in the trust come to GGVCF.
Charitable Lead Trust this planned giving strategy is ideal for donors who want to provide a stream of income to the community foundation now, and have the principal in the trust revert to beneficiaries (typically family member) at the end of a finite period of time.
On March 27, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act to help combat the far-reaching impacts of COVID-19. The bill provides increased tax incentives for charitable giving for both individuals and corporations, signifying an intent to stimulate philanthropy throughout America.
The adjusted gross income (AGI) limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100 percent of your AGI (increased from 60 percent).
The AGI limit for cash contributions was also increased for corporate donors. Corporations can now deduct up to 25 percent of taxable income (increased from 10 percent).
The CARES Act allows for an additional, “above-the-line” deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
Both of these new incentives apply only to cash contributions to public charities and do not apply to contributions to supporting organizations or public charities that sponsor donor-advised funds. However, there have been no changes to existing deductions for contributions made into a donor-advised fund. This means you are still able to deduct up to 60 percent AGI in cash and up to 30 percent AGI in appreciated assets contributed to a donor-advised fund. Existing carry-over rules still apply, so if your donations in 2020 exceed your AGI deduction limits, you may carry forward excess deductions for up to five subsequent tax years. As always, donors should consult with their tax and legal advisors when considering their charitable giving.
The CARES Act did not change the rules around the QCD, which allows individuals over 70½ years old to donate up to $100,000 in IRA assets directly to charity1 annually, without taking the distribution into taxable income. However, remember that under the CARES Act an individual can elect to deduct 100 percent of their AGI for cash charitable contributions. This effectively affords individuals over 59½ years old the benefits similar to a QCD; they can take a cash distribution from their IRA, contribute the cash to charity, and may completely offset tax attributable to the distribution by taking a charitable deduction in an amount up to 100 percent of their AGI for the tax year. If you’re planning a large donation in 2020, this may be a smart strategy as long as you are between the ages of 59½ and 70½ and are not dependent on existing retirement funds. .