What to Give
An outright gift to the Main Street Community Foundation is the simplest way to make a difference in the community you care about.
You can donate cash, stocks, bonds, real estate or other tangible personal property. Most charitable gifts qualify for maximum tax advantages under federal law.
While many people give liquid assets, such as cash, giving other assets may be better for you and should also be considered.
Planning wisely for the final distribution of stocks, IRAs or another retirement plan, life insurance, your home, vacation home, business, automobile(s), boats, jewelry, checking and savings accounts, can reduce unnecessary federal, state and property taxes your heirs may have to pay.
A gift of cash is the easiest way to give. The foundation accepts cash, checks and money orders. Credit cards are also accepted when donating on-line. Each donor receives a tax acknowledgement for the full amount.
Plan ahead. You will maximize your benefits, avoid unnecessary taxes and gain peace of mind.
Securities / Stocks
Appreciated securities are ideal to donate. You avoid the capital gains inherent in selling the stocks yourself and can deduct the current fair market value without having to pay tax on the appreciation (provided you have owned the asset at least a year and a day).
Securities held by your bank or broker
Notify your bank/broker that you are making a gift of securities to the Main Street Community Foundation. Instruct their representative to telephone or e-mail Susan Sadecki, the foundation president, at 860-583-6363, or at email@example.com for instructions prior.
Securities held by you
Please send unendorsed certificates by mail, with a letter giving your name, address, your affiliation with the foundation (if any), and the purpose of your gift to:
Main Street Community Foundation, Inc.
120 Halcyon Drive
P.O. Box 2702
Bristol, Connecticut 06011-2702
In a separate envelope, mail to the foundation a stock power for each certificate, along with a copy of your letter.
Do not fill in the Main Street Community Foundation's name on either the stock certificate or the stock power. Leave all information on the stock power blank except your signature and date (this will expedite handling). And do not send stock certificates to a transfer agent for transfer into the foundation's name.
If the certificate represents a greater number of shares than you intend to give to the foundation, enclose a note requesting the return of a new stock certificate with the non-gift balance.
Your bank or broker can supply you with blank stock powers, or the foundation can send them to you.
Mutual Fund Shares
To transfer mutual fund shares, contact us. We can assist you with the procedure and appropriate letters of instruction.
Retirement Fund Gifts
Retirement plan assets, such as individual retirement accounts (IRAs), are among the most expensive for your family to inherit. They are subject to income taxes (state and federal), and may be subject to estate and generation-skipping transfer taxes. These combined tax hits can erode the value, leaving as little as 30 percent for your beneficiaries.
When you donate your IRA to the Main Street Community Foundation you preserve 100 percent of its value.
To name the foundation as the beneficiary of your IRA or other retirement plan assets, request a Beneficiary Designation Form from the financial institution that manages your plan.
IRA Charitable Rollover
A qualified charitable distribution from your IRA can count to satisfy all or part of your annual minimum required distribution. To learn more about IRA Charitable Rollovers, click here.
Life Insurance can provide a simple means for making an outright, tax-deductible gift to the foundation without incurring out-of-pocket expenses.
You may name the foundation:
- as owner and beneficiary of an existing policy
- designate us as a percentage beneficiary
- give the policy outright, or
- purchase a new one and pay the premiums as a gift to the foundation.
All but revocable designations entitle the donor to a tax deduction. Remember to consult your professional advisor before using life insurance or other assets to make a charitable gift.
Besides saving taxes, giving a residence, vacation home, farm acreage, or vacant lot can relieve you of sales and property management costs and real estate taxes. The donor must provide a qualified appraisal of the property. All gifts of real property will be considered for approval by the foundation board of directors after a property analysis has been completed.
Personal property such as jewelry, artwork, collectibles, and other assets can also be used to fund gifts. The donor must provide a qualified appraisal and tax deductions vary.