How to Make a Gift
The Community Foundation prefers
gifts of checks, marketable
securities, retirement funds, and life
insurance policies. Gifts of other assets — stock,
tangible personal property, partnership
interests and real estate — will be in
accordance with the guidelines below. Please contact us if you have any
questions: (607) 272-9333 or info@communityfoundationoftc.org.
Checks
The Foundation accepts checks (personal and bank checks as well as those
from other fiduciary organizations), and money orders. Any check should be
made payable to: Community Foundation of Tompkins County.
If there is a specific fund to which the contribution is being directed,
the Fund’s name should be written on the check’s Memo Line.
Credit Cards
The Foundation is pleased to accept donations by credit card. Donors will
receive a tax receipt letter for the principal amount of the donation. If
the donation is directed to a specific fund (such as a donor advised fund),
the net amount (after any transaction fees) will be credited to that fund.
To donate online, click here.
Planned Gifts or Bequests
Those wishing to make estate gifts or bequests to the Community Foundation
of Tompkins County should use the following wording in any will or bequest
document:
I give to the Community Foundation of Tompkins County, Inc., a tax-exempt
corporation organized under the New York Not-for-Profit Corporations Law,
with its principal office currently at 309 North Tioga Street, Ithaca, New
York, the sum of $__ (or __%), for its general charitable purposes.
**To designate a particular use, the last clause would need to be altered.
For more on planned giving, click here.
Marketable Securities
When securities are in a nominee’s
name, they may be transferred to the Foundation’s account. The Foundation
will issue a tax-receipt letter based on the market value of the securities
on the date of transfer. When a stock certificate is donated, the Foundation
will issues a tax-receipt letter based on the market value of the securities
on the date the properly endorsed certificate is mailed, or if not mailed,
on the date of receipt by the Foundation.
Stock
Gifts of stock in privately
held companies may be conditionally accepted by the Executive Director,
but this acceptance remains subject to approval by the Board of Directors.
When appropriate, the Foundation may request a valuation statement from
the donor. If they are immediately marketable, they are sold. If not,
the Foundation will take whatever steps are necessary to find a buyer
as soon as possible. Retention of such stocks requires explicit authorization
by the Board of the Foundation.
We ask that donors planning on making
a stock gift to the Community Foundation of Tompkins County, fill out
the form below and return it to us at 309 North Aurora Street, Ithaca,
NY 14850. Please
click here to obtain a New Stock Gift Form.
Tangible Personal Property
The donor must agree that the property can be sold unless the Foundation
agrees to use the property for a purpose related to its exempt purpose. The
Board of Directors may request a certified valuation.
Partnership Interests
Limited partnerships interests can be accepted, but the partnership agreement
will be reviewed to gain an understanding of the activities of the partnership
and how allocations are made to the partners. The underlying assets and liabilities
of the partnership will be reviewed to help determine the marketability of
the partnership interest. Consideration will be given to whether income generated
by the partnership is considered unrelated business income subject to income
tax. General partnership interests may not be acceptable due to the potential
unlimited liability.
Life Insurance
The Community Foundation accepts fully paid-up life insurance policies for
which the donor has relinquished ownership by assigning all rights, title,
and interest to the Foundation. If the insurance policy is not fully paid
up, the usefulness of the gift is judged on a case-by-case basis. If the policy
is accepted, the Foundation may choose either to cash it in for the current
surrender value or continue to pay the premiums.
Retirement Funds
Retirement plans owned by the donor may be gifted to the Foundation at death.
Such plans include Individual Retirement Accounts [IRA, 401(k), 403(b)], and
defined contribution plans. Methods for giving retirement assets include:
-
naming the Foundation as primary, successor, or contingent beneficiary
for all or part of the assets upon the death of either the retirement
asset owner or spouse;
-
creating a testamentary charitable remainder trust with the assets upon
the death of the asset owner, naming the Foundation as remainder beneficiary
and non-charitable heirs as income beneficiaries.
Real Estate
Such gifts will be reviewed by staff, legal counsel, and the Board of Directors
of the Foundation. Concerns include legality, mortgages, easements, restrictions,
and environmental problems. They donor must provide for obligations such as
taxes and insurance. In considering the acceptance of real estate donations,
the Foundation may ask that the following items be provided:
- Exact legal name of donor and federal I.D. number
- Description of property
- Description of any buildings or other structures located on the land
- Boundary survey of property with location of all structures, easements,
and encumbrances appearing on the face of the survey
- Information regarding existing zoning status
- Information on all ingress/egress for the property
- Description of prior use of the property
- Description of use of surrounding property, with specific disclosure
of any storage tanks or potential environmental factors affecting the property
- Disclosure of any contemplated or anticipated condemnations, rights-of-way,
or other actions by municipalities that might affect the subject property
- Phase I environmental report on the property, including environmental
report on any structures located on the real estate
- Specimen of title insurance commitment or schedule describing any liens,
encumbrances, or title matters affecting the property
- Copy of an appraisal showing the fair market of the property current
within 180 days
- Discussion with proposed donor regarding any special arrangements for
donor’s fund or other sources to address ongoing expenses for taxes,
insurance, assessments, maintenance, grass cutting, security, utilities,
etc.
- Specimen of proposed Seller’s Affidavit disclosing any and all
tenants, leases, security instruments, graves, or cemetery parcels, etc.
- Draft of proposed Warranty Deed conveying title from proposed donor to
Community Foundation.
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