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Outright Gift

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If you have enough income to live comfortably in your retirement years and help support your children and grandchildren, we hope you'll consider making a donation that can immediately support your community. Not only will your donation be put to work today, but you'll also receive valuable tax benefits.

Cash

Cash, usually given by personal check, is the most popular type of charitable gift. Credit cards and automatic bank drafts are other options. You'll receive a federal income tax deduction for the amount of the gift, which is deductible up to 60 percent of your adjusted gross income in the year of the gift. Any excess deduction can be carried over for up to five additional years. If you're in the 28 percent tax bracket, the cost of a $10,000 cash gift is only $7,200 because your taxes are reduced by $2,800. We receive a gift that can be put to work immediately, either for the purpose you designate or as an unrestricted donation.

Securities

The most common non-cash charitable gifts, publicly traded securities are usually in the form of shares of stock, bonds and mutual funds. You'll receive a federal income tax deduction for the fair market value of the securities, which is deductible up to 30 percent of your adjusted gross income for the year in which the gift was given - with a five-year carryover for any excess. As with a $10,000 cash gift, your taxes are reduced by $2,800 - and you eliminate capital gains tax on the increased value of stock. (Even if your stocks have lost value in recent years, for tax purposes, they are still appreciated if their current value is more than what you originally paid for them.) We receive a much larger donation than otherwise may have been possible.

Real Estate

Real estate can be almost any type - farmland, a commercial building, vacation home, personal residence or vacant lot. If property is owned for more than one year and is debt-free, you'll usually receive a federal income tax deduction for its fair market value, which is up to 30 percent of your adjusted gross income for the year in which the gift was given - with a five-year carryover for any excess. Depending on the type of property donated, we may sell it outright or keep and manage it for a steady income stream.

Personal Property

Personal property includes fine art, antiques, rare books, jewelry, coins, stamps and similar valuables. You're entitled to a charitable deduction equal to the fair market value of the gift if its use is related to the organization's tax-exempt purposes. Otherwise, the deduction is based on your cost basis. An item of sentimental value can be enjoyed forever. We are greatly enriched by an item that has more than monetary value.

  1. Contact Susan Willey at 319.366.2862 or susan.willey@gcrcf.org for additional information on an outright gift and how it can help support your community.
  2. Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
  3. If you name the Community Foundation in your plans, please use our legal name and Federal Tax ID.

Legal Name: Greater Cedar Rapids Community Foundation
Address: 324 3rd St. SE, Cedar Rapids, IA 52401
Federal Tax ID Number: 42-6053860

A charitable bequest is one or two sentences in your will or living trust that leave to the Greater Cedar Rapids Community Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to the Greater Cedar Rapids Community Foundation, a nonprofit corporation currently located at 324 3rd St. SE, Cedar Rapids, IA 52401, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Community Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Community Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Community Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Community Foundation where you agree to make a gift to the Community Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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