Tuesday, July 22, 2014
   
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Ways to Give

Bequests

Bequests are gifts made through a will or living trust. They are especially popular for people who want to make a gift of significant size but cannot give up income or capital during their lifetime. The future gift is revocable, and you retain control of the assets to meet future needs. Bequests of all sizes benefit Spirit Catholic Radio. You can make the gift in the following way:
  • A percentage of your total estate: In using this approach, your gift adjusts with changes in the size of your estate.
  • The residue or a percentage of the residue of your estate: After your specific gifts to loved ones have been made, you may designate that the entire residue or percentage of the remainder shall go to one or more charitable organizations. With this approach as well, your gift adjusts with changes in the size of your estate.
  • A gift of a specific amount: You may specify a dollar amount to be given to one or more charitable organizations. With this kind of gift, it is especially important to keep your will or trust up to date.
  • Contingent bequest: You specify that Spirit Catholic Radio is to receive a gift only in the event of the death or other beneficiaries.
The following is sample bequest language you may take to your attorney: I give, devise, and bequeath [insert amount of gift, percentage of estate or residuary of estate here] to VSS Catholic Communications, Inc., located at 13326 A Street, Omaha, NE 68144. 

Cash and Check

Simplicity and ease of delivery make cash (or check) the convenient way to donate. For tax purposes, gifts of cash are considered to be complete on the date they are personally delivered or postmarked if mailed. You may deduct gifts of cash from your income taxes for up to 50 percent of your adjusted gross income. Any excess can be claimed on tax returns for up to five years in the future. Cash gifts include donations of maturing bonds and certificates of deposit, money market accounts and savings accounts. Always consult your tax advisor for your particular situation.

Cash gifts will have an immediate impact upon the program for which the funds are allocated. Checks should be made to Spirit Catholic Radio and mailed or personally delivered to 13326 A Street, Omaha, NE 68144.

Credit Card

Another immediate way for donors to contribute is through a credit card or debit card gift. These gifts can be made by completing an online gift form or by contacting Spirit Catholic Radio at (402) 571-0200 x 27. Spirit Catholic Radio accepts American Express, Discover, Master Card and Visa. In addition to helping the station, you may also benefit from any credit card program you belong to.

Corporate Matching Gifts

Maximize your gift! Many employers sponsor a matching gift program that can maximize the impact of charitable contributions by employees and retirees. Specific details about your matching gift program can be obtained through the Human Resources office at your workplace. 

Spirit Catholic Radio is grateful for gifts from matching gift companies and the many donors who submit matching gift forms. Many businesses and corporations have supported Spirit Catholic Radio through their matching gift programs in recent years.

Click here to see if your company matches gifts to Spirit Catholic Radio!

Electronic Transfer

An increasingly popular and easy way to make a gift is through electronic means. It is a simple and convenient way to make monthly, quarterly, semi-annual and annual payments on a pledge. The transfer is set up through your checking or savings account. Call (402) 571-0200 x 27 for more information.

In-Kind Gifts

Donations of technology, equipment, furniture and other items relevant to the needs of the station and in good condition are welcome. The donor, through appraisal or record of purchase, determines the gift value. Click here for the current "Wish List."

It is important that you transfer the ownership of these assets to Spirit Catholic Radio instead of selling them and donating the proceeds of the sale. If you sell the asset and then gift the proceeds, you will be responsible for capital gains taxes. Transferring ownership eliminates the capital gains tax. You may wish to consult a tax advisor for your particular situation.

Life Income Gifts

Spirit Catholic Radio offers two types of life income arrangements: the charitable gift annuity and the charitable remainder trust.
  • Charitable gift annuity: The charitable gift annuity pays a donor a rate of return for one or two lives. For example, a husband and wife, ages 81 and 77, could get an annual rate of 7.0 percent for their lifetimes, with quarterly payments. The rate is based on the age of the donor. The more advanced in age the donor, the higher the payment rate, up to a current high of 11.5 percent per year. This is a relatively simple transaction.
  • Charitable remainder trust: Under a charitable remainder trust, you make a gift to the foundation in a trust, reserving the income to yourself and/or another person, either for life or a set number of years. At the end of the trust, the remaining assets are distributed to Spirit Catholic Radio. Charitable remainder trusts are complex legal instruments. Consequently, the use of an attorney and professional trustee, such as a bank trust department, is usually advisable.

Life Insurance

Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, you may want to consider naming Spirit Catholic Radio as the beneficiary and assigning us ownership of the policy. In doing so, you will receive a charitable deduction; and in removing the life insurance policy from your estate, you may also reduce your estate taxes. You may wish to consult a tax advisor or attorney for more information.

Memorial/Honorial Donations

Another way to support Spirit Catholic Radio is through memorial/honorial giving. It allows you to honor family or friends, living or deceased, while helping to support the station. Gifts can be made in celebration of a special occasion, such as an anniversary, birthday, retirement or other special reason. The person being honored or remembered is prayed for at our Chapel of the Word Incarnate and entered into the station's Book of Remembrance.

Immediate responses are sent to the donor, and if requested, notification is made to the family of the individuals being honored. Memorial/Honorial cards are also available at the station.

Real Estate

Gifts of land or other real estate can offer many advantages to a donor and Spirit Catholic Radio. Such a gift can represent the elimination of an asset, which has become too burdensome to manage, at the same time that it provides a valuable charitable contribution. Like gifts of securities, the appreciation portion of a real estate gift for Spirit Catholic Radio will escape capital gains tax and generate a current tax deduction based on the full market value of the property. This deduction is limited to 30 percent of your adjusted gross income, but any amount that exceeds this limitation can be carried forward for use in as many as five years. Always consult your tax advisor for your particular situation.

Retirement Plans

Retirement plans are excellent assets to leave to Spirit Catholic Radio. IRAs and qualified retirement plans, such as 401(k)s, when passed on to heirs, can incur as much as 70 percent in taxes because this asset faces double taxation. Not only is the plan benefit reduced by estate taxes, but the recipient must also pay income taxes on the plan. (Estate taxes at gradually reduced rates continue until at least 2010 under the 2011 tax revisions.)

If you plan to make a Legacy Gift to Spirit Catholic Radio, you may want to consider naming Spirit Catholic Radio to the beneficiary of your pension, 401(k) or other retirement plan, and leaving other assets to your family. Naming us the primary beneficiary avoids all income and estate taxes on the retirement plan. Of course, you can also name Spirit Catholic Radio for a portion of the assets, or as a contingent beneficiary, with the gift to be effective only after the death of a spouse or other family member.

Moreover, in 2001, the IRS issued favorable, simplified new rules for calculating minimum annual payments for IRAs and other retirement accounts, such as 401(k)s. These new rules make it easier for your to accumulate more savings - tax deferred - in your account. Now you can name Spirit Catholic Radio as a beneficiary without increasing the minimum amounts you must withdraw each year. By taking advantage of these new rules, you can keep more tax-deferred savings in your account during your life and designate an important future gift to Spirit Catholic Radio.

To designate Spirit Catholic Radio, simply contact your plan manager, ask for a change of beneficiary form and name VSS Catholic Communications, Inc. as beneficiary.

Stock or Securities

In giving securities to Spirit Catholic Radio that have increased in value since you bought them, you can take the current market price as a tax deduction and owe no income tax or capital gains tax on the increase. This is an excellent time to take advantage of large increases in your securities holdings. Some donors have stocks that have appreciated over time and would rather donate these than cash. These gifts are unique in that the donor can take a federal tax deduction for the full, fair market value of the stock, regardless of how much the donor paid for the stock. No capital gains taxes apply.

It is important that you transfer the ownership of these assets to Spirit Catholic Radio instead of selling them and donating the proceeds of the sale. If you sell the asset and then gift the proceeds, you will be responsible for capital gains taxes. Transferring ownership eliminates the capital gains tax.

You can also use these assets to fund a charitable gift annuity. This does not eliminate the entire capital gains tax, but it does spread it out over the life of the annuity. We can provide you with an illustration to show you how you can use stock to fund a charitable gift annuity and receive an income for the rest of your life.

For more information, please call Development Director Bernie Schaefer at (402) 571-0200 x 15. Donors that give appreciated stocks or mutual fund shares provide immediate support to Spirit Catholic Radio and may realize substantial tax savings by transferring appreciated stock or securities to the station prior to the sale. Capital gains on the amount of appreciation may be avoided, and the donors may receive a tax deduction based on the fair market value of the stock or property at the time of the gift.

 

How to make a gift of appreciated stock to Spirit Catholic Radio:
Please call Charlie Narmi, Vice President, The Narmi Group at Robert W. Baird & Co. 
Toll free 1-800-866-1010 or by e-mail at cnarmi@rwbaird.com.

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