What is the Community Foundation of Monroe County?
The Community Foundation of Monroe County is a nonprofit organization established to meet the current and future needs of our local community. We offer you all the tax advantages of charitable giving, the long-term benefits of endowment funding, and the ability to establish a legacy fund in the name of your family or a loved one.
We Invest in a Better Future for our Community.
Where Everyone has an Opportunity to Thrive.
We strive to successfully fulfill our mission, by committing to the following values:
- Stewardship – Maintain the highest standards of integrity and transparency in donor relations, community service, organizational governance and fiscal responsibility.
- Local Impact – Promote philanthropy that will have an impact on the community at large.
- Community Partnerships – Form collaborations with local non-profits, community leaders, and volunteers, to provide funds that address issues such as education, health, poverty, community development and others.
- Inclusion – Embrace diversity in our philanthropic decision making.
- Legacy –Operate to produce significant, widely shared and long-lasting results.
Ways to Give
CHARITABLE REMAINDER UNITRUST
The Unitrust is similar to the Remainder Annuity with the following differences:
• The donor can make more than one transfer to the trust.
• The payment amount each year must be a fixed percentage of the reappraised value of the trust (at least 5%).
UNITRUST AND INSURANCE TRUST
This is a combination of the aforementioned vehicles. Income from the Unitrust can be used to pay the premium for the insurance trust. Upon the donor’s death the principal goes to the charity and the insurance proceeds to the family with no estate tax.
Part of the home is placed in a charitable trust and the balance sold for cash. This allows the donor to sell a high-equity property without paying large taxes on the sale.
Benefit the Community
Retirement plan assets can be used to create a fund in the Community Foundation for whatever purposes the donor specifies.
LIFE ESTATE RESERVED
A donation of a home, farm or ranch effective upon the death of the donor means the donor continues to own and be responsible for the property until death but receives a charitable deduction now.
CHARITABLE LEAD TRUST
The Lead Trust is an agreement in which the charity receives the income and the family receives the principal, thus allowing the donor to pass on ownership of major appreciating assets with a minimum, if any, gift tax cost.
CHARITABLE REMAINDER ANNUITY
A one-time donation provides a non-charitable beneficiary (the donor, the donor’s spouse or a third party) with a stream of income (a specified fixed amount at least equal to 5% of the donation) to last for the life of the recipientor a period of years (not exceeding 20). At the termination of the period, the remainder of the property passes to the charity. The donor receives an income tax deduction from the present value of the remainder interest.
Plan for the Future
The simplest method of giving is to send a personal check, which is a deductible contribution.
Donation of appreciated securities provides an income tax deduction equal to the market value of the securities. Removes future value from the donor’s estate.
Real property given at appraised value allows the donor to receive a full charitable deduction and avoid capital gains taxes. Removes future value from the donor’s estate.
The cash surrender value of a donated life insurance policy or the cost of a replacement policy is deductible as a charitable contribution. If you continue to pay premiums after your gift, these premiums are also deductible.
A bequest in the donor’s will of cash, securities, or real property to the Community Foundation reduces the taxes otherwise payable by donor’s estate.