The YMCA Foundation was established to guarantee the YMCA can continue its mission for future generations. Managed by the YMCA of the Shoals, Foundation proceeds can be used to enhance programs, grant scholarships, begin new programs or improve facilities. A committee for the Board of Directors has oversight responsibility for the management of these funds subject to approval of the entire board. This includes the foundation’s preservation, growth and intended use. Accurate records are maintained on each individual fund designation to assure proper accounting of both principal and income. Gifts take many forms. In any form, a gift can be structured to provide financial security for the donor and his or her heirs while maximizing its impact for the Y.
As an integrated part of your overall financial plan, the benefits from your foundation gift can help secure your family’s future even as it perpetuates the work of the Y for generations to come.
Gifts to the foundation may be:
- undesignated for the highest needs at the time
- designated for facility improvements; and
- designated for scholarships for high-priority programs identified by the board of directors.
Ways To Give
Through YMCA Foundation held at YMCA of the Shoals, you may contribute a variety of assets. You receive maximum tax advantages and are able to contribute during your lifetime or create a bequest in your will.
Cash
A gift of cash is the most popular way to give because of its simplicity. A cash gift of any size is always welcome. You may give online, by check or credit card.
Appreciated Stock
You may give stock and receive a tax deduction for its full market value, thus avoiding tax on capital gains on appreciated stock.
Life Insurance
You can name YMCA Foundation as owner of a paid-up life insurance policy or take out a new policy. You will receive a charitable income tax deduction on the cash value of the policy, as well as the annual premiums.
Bequest by Will
You may transfer any asset you own through a written will to benefit YMCA Foundation. Although you will not receive any tax benefits during your lifetime, your taxable estate will be reduced by the amount of the charitable bequest.
Charitable Remainder
Trust You may use many different assets to establish a Charitable Remainder Trust that will benefit you and/ or your heirs for life. The remaining interest in the trust could be earmarked for the YMCA Foundation.
Charitable Lead Trust
A Charitable Lead Trust enables you to transfer assets to heirs with a lower tax burden. You may designate the YMCA Foundation to receive the benefits from the trust for a specified period of time before the assets go to designated heirs.
Charitable Gift Annuity
A Charitable Gift Annuity enables you to transfer cash or marketable securities to YMCA of the Shoals for the ultimate benefit of the YMCA Foundation. In return, you will receive fixed annual payments for life or a set period of time, and you will be entitled to a charitable income tax deduction in the year in which the gift annuity is created.
IRA Assets
Many investors are beginning to realize that upon their death, unused IRA assets will be heavily taxed. In fact, it’s been estimated that estate and income taxes could consume anywhere from 60% to 80% of the money remaining in IRA assets. You can avoid income tax on retirement accounts, as well as estate tax, by naming the YMCA Foundation through YMCA of the Shoals as a partial or full beneficiary of retirement accounts.
Charitable Beneficiary Designation
You can designate the YMCA Foundation as a full or partial beneficiary of your qualified retirement plan using a form supplied by the policy underwriter or plan administrator. When you are no longer living, the benefit comes to the fund at YMCA of the Shoals, supporting local families forever. The benefit payment is generally excluded from your estate for tax purposes.
How To Give
You may contact Lane Vines, Executive Director, at any time to discuss these and other giving options by calling 256-246-9622.