Gift Options

Welcome! We are pleased that you have an interest in learning about the many benefits of making a planned gift.

What To Give

Making a gift of cash is the simplest and easiest way for you to make a gift.

BENEFITS OF GIFTING CASH

  • You can make an immediate impact on our mission
  • You may be eligible for a charitable income tax deduction – Please consult your tax advisor
  • All gifts made to the Community Foundation are acknowledged with a letter sent to the donor

HOW TO MAKE A GIFT OF CASH

  • Online gifts of cash – Just click here and complete our online donation form. Your gift will be processed quickly and safely using our secure server.
  • Recurring gifts of cash – When you click here and complete our online donation form you also have the opportunity to select a recurring gift option where we will follow your instructions and charge your credit card on the schedule you request as long as the card is valid.  For those of you who have a fund or scholarship with the Foundation it’s an convenient way to add to it regularly and to make a larger gift over time.
  • Mailing a gift of cash – You can send us a check or money order made out to CFGNB. Please let us know if you want your gift used for a specific purpose by indicating that purpose either in the memo line or in a letter or note enclosed with the check.
  • Stop by the Community Foundation office at 74 Vine Street in New Britain during normal business hours (8:30-5:00 Monday through Friday) and drop it off. We’d love to see you.

Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for you to make a gift.

BENEFITS OF GIFTS OF STOCKS AND BONDS

  • You can avoid paying capital gains tax on the sale of appreciated stock while making a meaningful charitable gift
  • You may receive a charitable income tax deduction for the value of your gift when it is given – Consult your tax advisor
  • Such a gift helps our Foundation’s mission of inspiring philanthropy, responsibly managing charitable assets and partnering with communities to address current needs

MAKING A GIFT OF STOCKS AND BONDS

  • By electronic transfer is the preferred method- Please contact us for instructions on how you can transfer stock or bonds from your brokerage or investment account directly to our account.
  • By certified mail – If you hold securities in certificate form, you will need to mail two envelopes separately to complete your gift. In the first envelope, place the unsigned stock certificate(s). In the other envelope, include a signed stock power for each certificate. You may obtain this power from your broker or bank. Please remember to use certified mail.

VALUING YOUR GIFT

  • There are specific rules for valuing a gift of stock. The value of a charitable gift of stock is determined by taking the mean between the high and low of the stock price on the date the gift is received either in the office or in our brokerage account. Mutual fund shares are valued using the closing price for the fund on the date of the gift. Our Foundation will provide the donor with a written acknowledgement of any gift noting the details and value of the gift for their records.

Individuals who are age 70 1/2 or older and wish to make a gift from their Individual Retirement Account (IRA) as part of their required minimum distribution (RMD) to the Foundation (Up to $100,000 per person, per year) should contact their IRA administrator and instruct them to send their gift from their IRA directly to the Foundation with the name of the fund they wish to support or note that it’s unrestricted and for the area of greatest need. The benefits of such a gift include reducing your taxable income by not taking the required minimum distribution yourself, lowering the amount of Social Security tax paid, and making a wonderful gift that will help grow the Foundation so it can have a greater impact in the Greater New Britain community. Current IRS regulations do allow these gifts to benefit all types of funds at the Foundation (Designated, Field of Interest, Discretionary, Scholarship, Agency) except for Donor-Advised Funds.

You may also consider donating a percentage or all of your remaining retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, upon your passing by adding the Community Foundation of Greater New Britain as a beneficiary of the plan. Such a gift helps further our mission and establishes a legacy for you and your family.

BENEFITS OF GIFTING RETIREMENT ASSETS

  • Avoid potential estate tax on retirement assets by contributing them to a charitable organization
  • Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
  • The estate may receive estate tax savings from an estate tax deduction

HOW TO MAKE A GIFT OF RETIREMENT ASSETS

  • To leave some or all of your retirement assets to the Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Community Foundation of Greater New Britain as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
  • Please also inform the Community Foundation if you are making charitable estate plans that will benefit the Foundation. If you wish for your gift establish a new fund or scholarship we will want to work with you to establish the fund agreement ahead of time so as to make sure we follow your explicit wishes in how the funds will be granted in the community for years to come. We will also want to welcome you to our Beehive Legacy Society where we will have the opportunity to thank you during your lifetime for your vision and generosity.

MORE ON GIFTS OF RETIREMENT ASSETS

  • Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to the Community Foundation of Greater New Britain. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.  Additionally, rather than leave retirement assets to heirs who may face potential taxation consider leaving life insurance to those same heirs as life insurance is not taxed when distributed. Contact us for more information.

A gift of your life insurance policy is an excellent way to make a gift. If you have a life insurance policy that has outlasted its original purpose, for example, you may have purchased a policy to provide for minor children and they are now financially independent adults, then consider making the Community Foundation of Greater New Britain a beneficiary of the policy.

HOW TO MAKE A GIFT OF LIFE INSURANCE

  • To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include the Community Foundation of Greater New Britain as the beneficiary of your policy.
  • Please also inform the Community Foundation if you are making charitable estate plans that will benefit the Foundation. If you wish for your gift establish a new fund or scholarship we will want to work with you to establish the fund agreement ahead of time so as to make sure we follow your explicit wishes in how the funds will be granted in the community for years to come. We will also want to welcome you to our Beehive Legacy Society where we will have the opportunity to thank you during your lifetime for your vision and generosity.

Some families consider donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, or commercial property to charities like our Foundation.  If you have any interest in discussing such a gift please contact our Community Foundation staff. The acceptance of any such gift will need to be approved by the governing board of the organization to ensure it is appropriate for our organization to accept.

BENEFITS OF GIFTING REAL ESTATE

  • You may avoid paying capital gains tax on the sale of the real estate
  • You may receive a charitable income tax deduction based on the value of the gift – Consult your tax advisor
  • Such a gift can leave a lasting legacy for you as the Community Foundation establishes or adds to an existing fund or scholarship with the asset

MAKING A GIFT OF REAL ESTATE

  • Your real estate property may be given by executing or signing a deed transferring ownership. You may deed part or all of your real property. Your gift will generally be based on the property’s fair market value, which must be established by an independent appraisal. Contact us to learn more.
  • Please also inform the Community Foundation if you are making charitable estate plans that will benefit the Foundation. If you wish for your gift establish a new fund or scholarship we will want to work with you to establish the fund agreement ahead of time so as to make sure we follow your explicit wishes in how the funds will be granted in the community for years to come. We will also want to welcome you to our Beehive Legacy Society where we will have the opportunity to thank you during your lifetime for your vision and generosity.

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How To Give

A charitable bequest is a written statement in a will which directs that a gift be made to charity upon the death of the person who made the will and it is one of the easiest ways to leave a gift that will make a lasting impact. At the end of this section there is a link that will provide you with samples of the language you can include in your will for this type of planned gift.

BENEFITS OF YOUR BEQUEST

  • Fully establish a planned future fund or scholarship at the Community Foundation or add to an already existing one with your gift
  • Receive an estate tax charitable deduction
  • Reduce the burden of taxes on your family
  • Leave a lasting legacy
  • And in the case of the Community Foundation, when you inform the Foundation during your lifetime of your intended gift we will welcome you into our Beehive Legacy Society which allows us to thank you throughout your lifetime for the vision of your gift

HOW A BEQUEST WORKS

  • A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or the Community Foundation of Greater New Britain as part of your estate plan, or you can make a bequest using a beneficiary designation form. If you have established a fund with us you’ll also want to note that the gift is for that fund at our Foundation in your bequest.

HERE ARE SOME OF THE WAYS TO LEAVE A BEQUEST TO COMMUNITY FOUNDATION OF GREATER NEW BRITAIN

  • Include a bequest to Community Foundation of Greater New Britain in your will or trust
  • Designate Community Foundation of Greater New Britain as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
  • Name Community Foundation of Greater New Britain as a beneficiary of your life insurance policy or other assets like certificates of deposit or bank accounts

A BEQUEST MAY BE MADE IN SEVERAL WAYS

  • Percentage bequest – make a gift of a percentage of your estate
  • Specific bequest – make a gift of a specific dollar amount or a specific asset
  • Residual bequest – make a gift from the balance or residue of your estate

You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help continue our work and benefit this year.

BENEFITS OF AN IRA CHARITABLE ROLLOVER

  • Avoid taxes on transfers of up to $100,000 from your IRA to our organization
  • Satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions
  • Make a gift that is not subject to the deduction limits on charitable gifts
  • Help further the work and mission of our organization
  • NOTE: Current IRS regulations do not allow for gifts from IRAs to be made to Donor-Advised Funds at any Foundation; however, they can be made to a Scholarship, Designated Fund, Field of Interest Fund, or to the Foundation’s unrestricted fund to support the area of greatest need as determined by the Foundation

HOW AN IRA CHARITABLE ROLLOVER GIFT WORKS

  • Contact your IRA plan administrator to make a gift from your IRA to us.
  • Your IRA funds will be directly transferred to our organization and if you have them, include a note about which fund it should be added to. We will make sure it is deposited into that Foundation fund.
  • Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
  • Please contact us to let us know the gift is coming and from which IRA administrator and if you wish for your gift to be used for a specific purpose.

A beneficiary designation gift is a simple and affordable way to make a gift. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.

BENEFITS OF A BENEFICIARY DESIGNATION GIFT

  • Support the causes that you care about
  • Continue to use your account as long as you need to
  • Simplify your planning and avoid expensive legal fees
  • Reduce the burden of taxes on your family
  • Receive an estate tax charitable deduction

HOW A BENEFICIARY DESIGNATION GIFT WORKS

  • To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
  • Ask them to send you a new beneficiary designation form.
  • Complete the form noting the Community Foundation of Greater New Britain and any specific fund at the Foundation as the beneficiary, sign it and mail it back to your broker, banker or agent.
  • When you pass away, your account or insurance policy will be paid or transferred to Community Foundation of Greater New Britain, consistent with the beneficiary designation.

IMPORTANT CONSIDERATIONS FOR YOUR FUTURE

  • If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.

You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset like stocks or real estate. Perhaps you recently sold property and are looking for a way to save on taxes this year and plan for retirement. A charitable remainder unitrust might offer the solutions you need!

BENEFITS OF A CHARITABLE REMAINDER UNITRUST

  • Receive income for life, for a term of up to 20 years or life plus a term of up to 20 years
  • Avoid capital gains on the sale of your appreciated assets
  • Receive an immediate charitable income tax deduction for the charitable portion of the trust
  • Establish a future legacy gift to our organization

HOW A CHARITABLE REMAINDER UNITRUST WORKS

  • You transfer cash or assets to fund a charitable remainder unitrust.
  • In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.
  • The trust is invested to pay income to you or any other trust beneficiaries you select based on a life, lives, a term of up to 20 years or a life plus a term of up to 20 years.
  • You receive an income tax deduction in the year you transfer assets to the trust.
  • Our organization benefits from what remains in the trust after all the trust payments have been made.

You may be looking for a way to receive fixed income for life or a number of years. You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes and plan for retirement. A charitable remainder annuity trust may offer the solutions you need.

BENEFITS OF A CHARITABLE REMAINDER ANNUITY TRUST

  • Receive fixed income for life or a term of up to 20 years
  • Avoid capital gains tax on the sale of your appreciated assets
  • Receive an immediate charitable income tax deduction for the charitable remainder portion of your gift to Community Foundation of Greater New Britain

HOW A CHARITABLE REMAINDER ANNUITY TRUST WORKS

  • If you are tired of the fluctuating stock market and want to receive fixed payments, a charitable remainder annuity trust may provide you with the stability you desire. A charitable remainder annuity trust pays a fixed amount each year based on the value of the property at the time the trust is funded
  • You transfer cash or assets to fund a charitable remainder annuity trust.
  • In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.
  • The trust is invested to pay fixed income to you or any other trust beneficiaries you select based on a life, lives or a term of up to 20 years.
  • You receive an income tax deduction in the year you transfer assets to the trust.
  • Our organization benefits from what remains in the trust after all the trust payments have been made.

If you are looking for a way to pass on some of your assets to your family while reducing or eliminating gift or estate taxes, a charitable lead trust is an excellent option.

BENEFITS OF A CHARITABLE LEAD TRUST

  • Receive a gift or estate tax charitable deduction
  • Pass inheritance on to family at a reduced or zero cost
  • Establish a vehicle from which you can make annual gifts to charity

HOW A CHARITABLE LEAD TRUST WORKS

  • You make a contribution of your property to fund a trust that pays Community Foundation of Greater New Britain income for a number of years to funds its programs or add to an existing fund.
  • You receive a gift or estate tax deduction at the time of your gift.
  • After a period of time, your family receives the trust assets plus any additional growth in value.

You may desire to leave your home or farm to Community Foundation of Greater New Britain at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!

BENEFITS OF A LIFE ESTATE RESERVED

  • Receive a federal income tax deduction for the value of the remainder interest in your home or farm
  • Preserve your lifetime use and control of your home or farm
  • Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child

HOW A LIFE ESTATE WORKS

  • • Following a review and approval by the Foundation, you deed your home or farm to Community Foundation of Greater New Britain. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
  • You and Community Foundation of Greater New Britain sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
  • When the owners of the life estate have passed away, your home or farm will belong to Community Foundation of Greater New Britain. We will use or sell the property to further our charitable work.