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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 Eastern Shore of Virginia Community Foundation (ESVCF),
contact executive director David M. Parker or board chairman E. Polk Kellam,
Jr.
Options for current gifts include:
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 ESVCF. To learn more about this gift giving
option, please contact executive director David M. Parker or board chairman
E. Polk Kellam, Jr.
Real Estate
For most people, one of their greatest assets is real estate, which has
appreciated rapidly in recent years. 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? 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 ESVCF 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:
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Interests in business entities
– Subject to review and acceptance by the Foundation and/or The Norfolk
Foundation, which administers ESVCF funds, you may make gifts such as
closely held securities or interests in partnerships or limited liability
companies. These can be accepted only if the Foundation is adequately
protected from liability. Either executive director David M. Parker or board
chairman E. Polk Kellam, Jr. 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.
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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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