|
Options
for Giving
United Way of Beaufort County provides many opportunities that allow you to reach your charitable
giving objectives. Items on this page are suggestions only, and United Way volunteers and staff are available to discuss
other alternatives with you. Consult
your financial
advisor about the best plan to suit your needs.
Annual
Giving
Cash Gifts
Cash gifts enable you to claim a current-year income tax deduction of up
to 50 percent of your adjusted gross income (AGI) in the year of the gift, with
a five-year carry-forward period.
United Way of Beaufort County Inc. accepts cash and personal checks. At your
direction, United Way can bill you quarterly or in a specific month.
We honor VISA, MasterCard, American Express and Discover cards. We will bill
your credit card on any date you specify to allow you to take advantage of
"frequent flyer" programs or other rewards programs offered by your credit card
company.
Payroll Deduction
Giving through your company’s payroll deduction plan is a
charitable direct-
deposit system. It's an easy and painless way to make an investment in your
community. To
take advantage of payroll deduction, use your employee pledge card during your workplace campaign. Keep your last payroll stub of the year for
tax purposes.
Stock Gifts
Gifts of stock are easy to do and provide several advantages:
- Deduct the Market Value of Stock
Federal law permits taxpayers who itemize to deduct the current market
value of contributed stock up to 30 percent of their adjusted gross income. The stock must
have been held by the taxpayer for more than one year. For example, John and
Mary paid $200 ten years ago for stock that is now worth $1,000. By giving the
stock to United Way, John and Mary qualify for a $1,000 deduction even
though their original cost was only $200.
- Save on Capital Gains Tax
Market earnings result in a capital gains tax liability when the
stock is sold. John and Mary’s stock experienced an $800 gain ($1,000
market value less the $200 original cost). They would incur a $120 federal capital
gains tax ($800 x 15%) if they sold the stock. By giving the stock to United
Way, John and Mary avoid paying capital gains taxes.
- Reduce the Cost of Your Gift
By taking advantage of income tax deduction and capital
gains tax elimination, John and Mary actually reduce their cost of making a gift. If John and
Mary are in the 35% tax bracket, a cash gift of $1,000 results in a charitable
deduction or "out-of-pocket" tax savings of $350. A stock gift
of $1,000 adds $120 in capital gains tax savings to the $350 in charitable deduction
savings. The full $1,000 gift helps John and Mary's community.
How to Make Gifts of Stock
Broker-to-Broker Wire Transfer
This is the easiest and preferred method for making gifts of stock. Shares are
sold and transferred on the same day to avoid market fluctuations. Simply call your broker,
who will transfer stock directly to one of the two United Way accounts:
- Wachovia Securities account #73945964, DTC
#0141
- Merrill Lynch account #75K04013, DTC #5198
Stock Certificates
Stock certificates take 3 to 6 business days to process and therefore are subject to market fluctuations. We strongly encourage you to use the wire
transfer method if possible.
If the certificate is registered in the donor's name, take it to either of
our brokers (Wachovia Securities or Merrill Lynch). Brokerage staff will assist you in
completing the required paperwork and making your gift.
If the certificate is already registered in the name of United Way of
Beaufort County, take it to the Beaufort or Hilton Head United Way office.
United Way staff will deliver the certificate to our broker and complete
the required paperwork.
A receipt will be issued for the amount of the gift
(average of high and low) on the day the stock entered United Way of Beaufort
County's possession.
Gifts from Assets/Planned
Gifts.
Charitable Remainder Trusts
You may place cash, securities or other property in a charitable
trust and keep a specified income, usually for life. When the term of the trust ends, the
remaining assets in the trust pass to United Way of Beaufort County Inc.
Creating a remainder trust frequently enables donors to realize greater
spendable income, save capital gains tax, reduce estate taxes and leave an
important legacy for the Beaufort County community. You are
ensured of professional management of the assets in the trust and a degree of
financial protection.
Bequests
After providing for your loved ones, you may want to consider leaving part of your estate to United Way of Beaufort
County Inc. to support your
charitable interests. A bequest can easily be made when you designate United Way
of Beaufort County Inc. in your will.
A charitable bequest can significantly reduce estate and inheritance taxes
because it allows your estate a charitable deduction. Combined
federal and state taxes can exceed 50 percent of the estate’s value.
Your bequest to United Way creates a permanent legacy that will serve your
community beyond your lifetime.
Life Insurance
Gifts of life insurance allow you to make a future major gift to United Way
of Beaufort County Inc. at a relatively modest cost. For example, a $1,000
deductible annual gift can fund a $100,000 benefit.
Life insurance policies presently in force on the contributor's life can
also be given, with the present cash value of the policy deductible in the year
of the gift.
Contact your financial advisor or life insurance agent to learn about procedures.
Savings Bonds
U.S. Savings bonds, like retirement plans, are not particularly attractive
sources of charitable gifts while the owner is alive. Any attempt to transfer
ownership of the bonds usually triggers all of the accumulated untaxed interest income.
After the owner’s death, however, bonds
become attractive sources for charitable bequests because much of their
value is untaxed interest income, which constitutes income in respect of a
decedent (IRD). Charitable bequests of IRD can provide both estate tax and
income tax charitable deductions.
Memorials
and Tributes
Memorial gifts to United Way of Beaufort County Inc.
enable you to express sympathy and remembrance. Memorial gifts may be sent directly to United Way of Beaufort
County Inc. Families of those you remember receive special
notification of your thoughtfulness. Gifts may also be made to honor
a person or recognize special achievements. Acknowledgements are
sent to the honorees.
Endowments
United Way of Beaufort County Inc. is committed to the development of a
permanent endowment to provide a legacy for the Beaufort County community. You
may choose to direct any type of gift you make to our endowment fund. It will be
added to the fund principal, and interest earned will finance services to our community for generations to come.
United
Way of Beaufort County Mission:
Mobilizing
Resources to Meet Human Needs
|