Current gifts may be made to the Foundation in several forms in addition to check or credit card gifts. Please contact our office to set up ACH or wire transfers. In addition, please note that if your company has a corporate matching gift program, you may be able to increase your gift to the Foundation.
In the past, there was a disincentive for retirees to give IRAs to charity during their lifetimes because withdrawals from IRAs were subject to income tax — even those given to charity. But because of legislation that has made the charitable IRA permanent, retirement assets may become a preferred charitable gift for seniors. IRA distributions to charity can now again receive special tax advantages. Americans age 70½ and up can make tax-free IRA contributions to public charities such as your community foundation. If you would like to make a gift through your IRA, simply contact your plan administrator. When you request an amount of money to be distributed, use our legal name, the Greater Williamsburg Community Trust, EIN number 54-1927558. Frequently Asked Questions about IRA Giving.
Gifts of appreciated securities save income tax and also avoid the capital gains tax that would be imposed if you sold the securities yourself. For most donors, the full fair market value of stocks and bonds may be deducted for income tax purposes up to 30 percent of adjusted gross income with a five-year carryover. The actual impact of such a gift on your personal taxes should be reviewed with your tax advisor.
Closely Held Stock
These gifts may be particularly advantageous if you plan to sell your business in the near future or if the gifts carry out an objective of your estate plan. Such a gift could lower your capital gains taxes on the sale or transfer of your business. In some cases, your closely-held corporation may be able to buy back stock you donated to the Foundation, thus providing cash for the Foundation. Under IRS rules, however, such repurchases may not be prearranged. Please call the Foundation for information before making this type of gift.
The Foundation welcomes outright gifts of real estate if the real estate is readily marketable, of sufficient value, and free of environmental or other problems. Such gifts are subject to special review by the Foundation’s Executive Committee.
Life Insurance Policy
Discuss with your financial advisor the use of your life insurance policy as a planned giving tool. With the proper planning, estate taxes can often be reduced or eliminated.
To learn more, please email Nancy Sullivan, Executive Director or call our office at 757-259-1660.