Additional Ways to Give to CYFS
Gifts of Appreciated Stock
If you have appreciated stock, you can gift some or all of the stock shares to avoid owing capital gains tax.
Qualified Charitable Distributions (QCD)
Anyone age 70 ½ or older can gift a QCD up to $105,000 each year from their IRA.
Bequests
A gift may be bequeathed via a Will, Trust, or by Beneficiary Designation on an account.
Charitable Remainder Trust
Charitable Remainder Trusts provide donors with a stream of income and a substantial tax deduction, while also leaving an impactful gift to a nonprofit.
Gifts of Appreciated Stock
If you have appreciated stock, you can gift some or all of the stock shares to avoid owing capital gains tax. You will also receive a charitable tax deduction for your gift.
To send a gift of stock to CYFS, follow these simple steps:
- Identify which stock(s) you wish to gift, and how many shares.
- Provide your broker or account custodian with CYFS’s DTC number and Account number.
- DTC Number: 0226
- Account number: LL8010573
- DTC Number: 0226
- Check with Celeste Matheson at CYFS at (309) 323-6600 or call John Graham and Associates at (309) 699-6608 to ensure your gift was successfully received and to gather any relevant confirmations for tax filing.
Jim & Sharon's Story
As is the case with many families, there are times each year when Jim and Sharon focus their attention on gift giving. For years, they have created a gift list that includes family members, friends and loved ones. Last year Jim and Sharon made an addition to their list and began including their favorite charity in their giving plan.
Qualified Charitable Distributions (QCD)
Anyone age 70 ½ or older can gift a QCD up to $105,000 each year from their IRA. A QCD can be made even if a Required Minimum Distribution (RMD) is not required. A QCD must be made from an IRA, not a qualified retirement plan like a 401(k), 403(b), or 457 Plan. If you have a 401(k) or similar plan, John Graham and Associates can help you roll it into an IRA to allow future gifting. Whereas a withdrawal from an IRA counts as taxable income to the individual, a QCD provides a tax-free gift to the charity of your choice and can also be used to satisfy annual RMD requirements.
Ray's Story
Ray was an employee of a nonprofit for many years and each year attended their end of year gala fundraiser. He typically wrote a check to support this nonprofit each December. After Ray turned 73, he was required to take a Required Minimum Distribution (RMD) from his IRA each year.
Bequests
A gift may be bequeathed via a Will, Trust, or by Beneficiary Designation on an account. For example, you may list CYFS as 5% beneficiary on your IRA or Life Insurance policy. Alternatively, you may list CYFS in your Will to receive 10% of your estate, or to receive a gift of a specified dollar amount. CYFS always appreciates being notified by the donor when being listed to receive a future bequest.
Nancy & Dave's Story
Nancy and Dave were dedicated volunteers. Over the years, they had seen many individuals helped by the good work of their favorite charity. They wanted to create a legacy to provide future resources to continue its mission.
Charitable Remainder Trust
Charitable Remainder Trusts provide donors with a stream of income and a substantial tax deduction, while also leaving an impactful gift to a nonprofit. Donors commonly use Charitable Remainder Trusts when they are seeking ongoing income, but are facing a potentially large tax burden for the liquidation of existing assets in order to produce that income.
Craig's Story
Craig, a farmer, was ready to retire. He estimated his grain would be worth $400,000 upon sale this year. He also planned to liquidate his farming machinery and a portion of his farm ground the following year since his kids had moved out of state and did not intend to carry on the family farm.