There are many options to choose from when giving to Cumberland Community Foundation. Donors can start creating a philanthropic legacy now with an outright gift or do so later with a planned gift. Cumberland Community Foundation helps people give where they live.
Give where you live and support the causes that are important to you with a gift to Cumberland Community Foundation. Your gifts will create opportunities throughout the community. When you give, our community thrives.
Cumberland Community Foundation accepts a variety of outright gifts including cash, securities, real estate and life insurance.
A cash gift is the simplest way to establish a fund or give to an existing fund. Cash gifts are fully deductible up to 50 percent of the donor’s adjusted gross income in any one year. Deduction amounts exceeding this limit may be carried forward for up to five additional years.
Gifts of appreciated securities (stock, bonds and most mutual funds) also provide tax advantages. If you have held the securities for one year or longer, the current value generally is tax-deductible up to 30 percent of your adjusted gross income, with a five-year carryover if the gift amount is more than the 30 percent limit.
We can accept a gift of a house, beach condominium, or other personal residence, farm, commercial building and income producing or non-income producing land. A gift of real estate you have owned for more than a year may entitle you to a tax deduction for the fair market value of the property and avoidance of capital gains taxes. Gifts of real estate are accepted through CCF Real Estate Foundation, a 501(c)3 supporting organization.
When you name Cumberland Community Foundation as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction that usually approximates the cash surrender value of the policy. All premium payments made thereafter are deductible as a charitable contribution.
A Gift in Your Will or Estate Plans
Including Cumberland Community Foundation in your estate plan is an easy way for you to make a significant impact on community needs and create a legacy that lasts forever. You can use a variety of assets to make a planned gift and accomplish your charitable goals.
A Gift in Your Will (“Bequest”)
A charitable bequest to Cumberland Community Foundation enables you to retain control over your assets during your lifetime and support the community you love later. A charitable bequest can be a specific dollar amount, a percentage of your estate, or what remains after other bequests are made. Example bequest language (PDF)
Individual Retirement Accounts (IRAs, 401Ks) or other qualified retirement plans are often one of the best types of assets to leave to charity because they are taxed so heavily when left to heirs. When you leave retirement plan assets to a nonprofit––such as Cumberland Community Foundation––100 percent of the gift will be available to support your charitable interests.
Gifts That Provide Income
Charitable Remainder Trust
A charitable remainder trust offers you a great deal of flexibility. Payments may be made to you or another beneficiary for life, or a specified number of years. The income beneficiaries annually receive an amount equal to a fixed percentage of the trust’s fair market value, or a fixed dollar amount. A charitable remainder trust may be set up during your lifetime or through your will. The eventual distribution to your endowment fund at Cumberland Community Foundation will only take effect upon the death of the trust’s income beneficiaries, or at the end of the specified number of years. At this time, the remainder of the trust transfers to Cumberland Community Foundation to support your charitable giving goals, usually an addition to an endowment fund that you have designed.
Charitable Lead Trust
A Charitable Lead Trust enables you to make significant charitable gifts now while transferring substantial assets to beneficiaries later. A trust is set up from which Cumberland Community Foundation receives annual payments for your life or for a specific number of years. These funds may be used to create and grow an endowment for your favorite causes or they may be added to an Advised Fund. When the trust terminates, the principal is returned to you or distributed to others you designate. The trust assets pass to the recipients at reduced tax cost—sometimes even tax-free.
Retained Life Estates
You can turn your property’s value into community good by making a gift of real estate to Cumberland Community Foundation. You can continue to live in and fully enjoy your home (or vacation property) as long as you like while giving the future ownership of it to Cumberland Community Foundation. This is called a Retained Life Estate. The gift of the “remainder interest” is a charitable contribution in the year the gift arrangement is made, which may result in a substantial income tax charitable deduction. When the life tenancy terminates, Cumberland Community Foundation becomes the owner of the property. The proceeds of the property’s sale may be used to establish a fund at Cumberland Community Foundation, or add to an existing fund.
Go to Plan My Gift for more information and to use our free, gift planning tool.