 |
Memorial FundsMemorial funds may fall into any of the categories described on the Donors’ page, depending upon the purpose the donor assigns to them. A named memorial fund ($10,000 or more), or a memorial tribute (any amount) is an excellent way to have someone honoured and remembered. Grants in perpetuity from a named fund, and annual mention of memorial tributes mean that the remembered person will have their interest in the Shuswap preserved forever.
Stock Transfers InformationThe most expedient way to transfer stock is via book based transfer (BBS). The donor should NOT get the share certificates re-registered for gifting purposes, i.e. the shares should be retained in book base form with their financial institution. Once it has been determined which stock is to be transferred, including the number of shares, the broker should immediately notify, by fax, the following:
The donor’s financial advisor (if not the broker), and the Shuswap Foundation. The charitable receipt will be issued immediately for the value of the shares at the time of transfer.
Gifts of life insurance policies
This option may appeal to a donor who has a paid-up life insurance policy that no longer forms an important part of the donor’s estate plan. The donor realizes a tax saving in the current year without any cash outlay.
A donation of a life insurance policy is an ideal way to make a significant future gift to your community at a relatively low cost. If you do not have adequate information about this form of planned giving, please contact the foundation president.
Gifts by will
The following are examples of clauses for bequests to Shuswap Community Foundation. They are included for your consideration in preparing a will for your client.
Fixed Amount
"I give the sum of $XXX to Shuswap Community Foundation, the said sum to be held as part of the Foundation’s permanent capital fund and invested, and the net income therefrom to be paid to or used for such charitable purposes as the directors of the Foundation may determine."
Specific Bequest
"I give to Shuswap Community Foundation whatever shares in the XYZ Company (publicly traded securities) that I may own at the time of my death. I direct that the Foundation may hold the shares or convert them to cash as the directors of the Foundation may determine appropriate. The shares or the proceeds therefrom shall be held as part of the Foundation’s permanent capital fund and invested, and the net income therefrom shall be paid to or used for such charitable purposes as the directors of the Foundation may determine."
Residual Bequest
"I give to Shuswap Community Foundation the residue of my estate, to be held as part of the Foundation’s permanent capital fund and invested, and the net income therefrom to be paid to or used for such charitable purposes as the directors of the Foundation may determine."
Bequests for Endowments
Whether the gift is made as a fixed amount, a specific bequest or a residual bequest, the donor may specify that the bequest be for a field of interest fund or designated fund.
A donor may wish to add to an existing field of interest fund or designated fund:
"I give to Shuswap Community Foundation the sum of $XXX to be held as part of the capital of the ________ Fund [e.g. Seniors Project Fund/Youth Endowment Fund, etc.] within the Foundation. It is to be invested and the net income therefrom to be paid to or used in accordance with the parameters established for the said Fund."
A donor may wish to establish his or her own field of interest fund or a designated fund. Please contact us to discuss your client’s intentions. There are a number of considerations in creating a new fund within the Foundation. We would be pleased to explore these with you and/or your client.
|
|
