Establish a Fund

There are many options to choose from when considering a philanthropic gift through the Community Foundation for Brevard. Start making a difference with an outright gift today or leave a lasting legacy of caring for our community and beyond with a planned gift. Or do both!

Give Now (Outright Gifts)

Giving during your lifetime creates a ripple effect, as the generosity of a single person can expand to make a community-wide impact.

Gifts of cash or check are an easy and convenient way of making a charitable contribution and can be used to establish or add to a charitable fund. Cash gifts entitle you to a tax deduction, up to 50% of your adjusted gross income (AGI), with an opportunity to carry-over any excess deduction for five years.

Gifts of appreciated securities (including stock in closely held companies) may also be used to establish a fund or add to an existing fund. Such gifts often provide important tax advantages. Their full fair market value is deductible as a charitable contribution up to 30 percent of your adjusted gross income. As with gifts of cash, deduction amounts exceeding this limit may be carried forward for up to five additional years. The added benefit of giving appreciated securities is the avoidance of the capital gains tax on the appreciated portion of the gift. Gifts of closely held stock enjoy the same tax benefits as with publicly traded stock.

Life insurance policies can also be used as charitable gifts. If the Community Foundation is named as the owner and beneficiary of an existing or new life insurance policy, the donor receives an immediate tax deduction which usually approximates the cash surrender value of the policy. All premium payments thereafter made by the donor will also be deductible as a charitable contribution.

A gift of real estate held more than a year can provide the same federal tax advantages as those described for gifts of securities. Because the Community Foundation’s ability to accept gifts of real estate depends upon a number of factors, such gifts are considered on a case-by-case basis.

Donors who are 70½ years old or older, can make a gift of up to $100,000 by transferring IRA assets to the Community Foundation. For more details, download the Foundation’s IRA/RMD fact sheet.

You are a trustee of a private foundation and some of the fun has gone out of the job. The government lays down more and more rules about what you can and can’t do. They even tax part of the income and require detailed reports. You are concerned about personal liability and none of the trustees are getting any younger. Sooner or later a better setup has to be worked out.

Give Later (Deferred Gifts)

Legacy philanthropy offers valuable estate planning advantages and allows you to create a lasting legacy for the public good. Our expert team is a valuable resource to advisors and partners in exploring the most impactful and tax-wise giving channels. Future gift planning is a powerful way to create a lasting legacy.

Donors can provide for a specific charitable organization or purpose in their will through a bequest to the Community Foundation. View sample bequest language.

If a donor is going to make a charitable bequest, the best assets to transfer to a charity will normally be assets in a retirement/pension plan because they produce taxable income. While most assets an heir inherits are free from income tax, an heir will pay income tax on amounts received from a decedents’ retirement plan (profit sharing plan, Section 401(k) plan, IRA, etc.) because the distributions are considered “income in respect of a decedent.”

Naming the Community Foundation as a beneficiary of your insurance policy enables you to create a charitable legacy without invading cash and other assets designated for your heirs. The donor retains ownership of the policy and has access to the cash value as well as the right to change the beneficiary. Since the donor retains ownership of the policy, there is no charitable deduction for the value of the policy upon designation of the charitable organization as beneficiary or for subsequent insurance premiums. Any proceeds payable to the Community Foundation at the donor’s death, however, will not be subject to federal estate tax.

Charitable Gift Annuities, Charitable Remainder Trusts and Charitable Lead Trusts can provide income to donors and/or other named beneficiaries.

Contact us

Is your asset not listed here? Contact info@cfbrevard.org or (321) 752-5505 to learn if we can help.

We recommend you consult with your attorney, CPA, or financial advisor to identify the optimum asset for your personal situation. Please contact CFB prior to initiating your gift so we can be prepared to assist you the moment you are ready to open or add to your fund.