Waynesboro Family YMCA Foundation

Leave a legacy and join the Heritage Club today.  Currently, 44 living members make up our Heritage Club that directly supports the Waynesboro Family YMCA Foundation.   There are a number of ways that you can leaving a lasting imprint on future generations of youth and families served by the Y.

 

How Gifts Can Be Made to the
Waynesboro YMCA Foundation

Outright Gifts

Create a Living Trust or Life Income Gift – You may put property in trust and have the income paid to you and then to your beneficiary and the income or principal then go to the Y, or you may make a gift directly to the Y, receiving all or part of the income for your life.

Gifts of Cash – Gifts of Cash are the most common form of giving. Outright gifts of cash to The Waynesboro YMCA Foundation are charitable contributions and qualify for deductions on your federal income tax return for those who itemize deductions. Cash gifts may be unrestricted and serve the greatest needs of the Y or restricted for a specific program.

Gifts of Appreciated Securities – Most donors who have held securities for more than one year have seen those investments appreciate in value. By making a gift of those securities to the Y Foundation, Inc. you gain an immediate tax deduction of the market value of the gift as permitted by law, without incurring income tax on the appreciation.

Real Estate – Similar to appreciated securities, a gift of appreciated real estate provides and immediate tax deduction of the value of the property. You may donate your home or farm to the Y and retain a lifetime right to use the property or stipulate that certain family members may have a life interest in the property, through an arrangement called a “life estate contract.”

 

Deferred Gifts

Gift Annuity – The gift annuity is a combination of a gift to the Foundation and an annuity. In return for your gift of cash, securities or real estate, the Foundation provides you with a contract that will pay you a fixed amount on a schedule basis during your lifetime.

Charitable Remainder Trust – You may prefer to make a deferred gift through a Charitable Remainder Trust. The Charitable Remainder Trust provides an immediate income tax deduction for the value of the remainder interest in the trust based on Internal Revenue Service life expectancy tables, your age and rate of return at the time. These trusts are individually managed with annual payments made to your named beneficiary for his or her lifetime. Neither the Y nor its Foundation is chartered to serve as trustee, therefore, a third party trustee (such as bank or a friend) should be used. After the death of the named beneficiary, the trustee will transfer the principal to the Y Foundation, Inc.

Life Insurance – There are many ways to use life insurance to make a gift. Here are a few of the most popular methods:

  • Purchase a policy and designate the Y Foundation, Inc. as the irrevocable owner and beneficiary. By paying relatively small annual premiums, you guarantee a large future gift, and your premiums are tax deductible each year.
  • Change the beneficiary of an existing policy. You may name The Waynesboro Family YMCA Foundation to receive all or a portion of the proceeds.
  • Add the Foundation to the list of beneficiaries of existing policies – as a reminder or final beneficiary. In the event that your primary or secondary beneficiaries don’t survive you, the Y would receive the value of the property.
  • Assign annual dividends from policies to the Foundation as a regular means of giving tax free income. The value of the dividends is deductible as a gift.
  • Name YMCA as irrevocable owner of an existing policy and deduct its cash surrender value.

 

Bequests

Bequests – special gifts made through a will have been significant sources of support to our Y and are the most straightforward form of estate giving. A bequest to The Waynesboro Family YMCA Foundation is not subject to estate tax and helps reduce the tax liability for your heirs.

One popular form of estate giving is called a residuary bequest through which the Y receives the portion of the estate that remains (residue) after other beneficiaries are provided for in the will. Another form of estate giving is a specific bequest through which a specified sum or property or a specified percentage of your estate is given to the Foundation.

 

For more information on how to become a Heritage Club member and give to the Foundation, contact Jeff Fife at 540.943.9622.


Want more information?

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