Stocks IRAs and Rollovers
Thank you for your interest in making a gift of securities to the Heart of Virginia Council. Your investment in our youth makes an impact in the 24 counties and 4 cities in central Virginia.
Benefits of Making Stock Gifts
Gifts to the Heart of Virginia Council of appreciated securities that have been held for more than one year have significant advantages over gifts, including:
- Avoidance of all capital gains taxes on the appreciated portion of the stock
- A tax deduction equal to the full fair market value of the stock, regardless of its original cost basis (but only to the extent of 30% of adjusted gross income, although the excess may be carried over for five years)
- The ability to make a larger gift than might be possible using available cash.
Interested in contributing a gift of stock? Please contact |
|
| Issac Otero Special Event Executive issac.otero@scouting.org (804) 944-4740 (cell) |
Amy McLeod Fundraising Assistant amy.mcleod@scouting.org (804) 355-4306 (office) |
Electronic Transfer
| Notify your broker that you would like to make a gift of stock to the Heart of Virginia Council and have your broker contact the Council broker:
Davenport & Company Your broker will need our Account Heart of Virginia Council The date of the gift is the date the shares are received into the Council’s account. |
Mutual Funds
Mutual Funds cannot be electronically transferred. Please contact the Heart of Virginia Council Office to help support you with this gift.
Stock Certificates
Mail via registered mail or hand-deliver unendorsed certificates directly to the Heart of Virginia Council office, along with a cover letter signed by all donors listed on the certificate.
In a separate envelope, include a signed stock power form, which can be obtained from your bank or from the Heart of Virginia Council, BSA office.
The date of the gift is the postmark date on the certificates.
Valuation
The value of the gift is the average of the high and low on the date the stock is transferred.
Tax-free distributions to a charity from your Individual Retirement Arrangement (IRA) held by someone age 70 ½ or older of up to $100,000 per taxpayer each year.
IRA Rollovers are described as a “qualified charitable distribution,” or money that individuals may direct from their traditional IRA to eligible charitable organizations such as the Heart of Virginia Council, Boy Scouts of America. Individuals may exclude the amount distributed directly to a charity from their gross income during that tax year, thereby avoiding income taxes.
Your IRA Charitable Rollover must be made directly from your Individual Retirement Arrangement (IRA) to the Heart of Virginia Council in order to qualify as a tax-free transaction.
Gifts through an IRA can be credited to the following:
Operations
Gifts to this area will be used to support the day-to-day operations of the Heart of Virginia Council. Items such as maintenance and operational expenses for our facilities, support for our “at risk” program participants, insurance costs and program supplies would be included.
Capital Fund
Gifts to this area would support one of our capital improvement projects at Camp or the Council Service Center. Contact us to find out about the details of a specific project. You can also make an undesignated capital gift. See the list of capital projects and naming opportunities available.
Gifts to this area will support the future needs of the Heart of Virginia Council. Both restricted and unrestricted gifts can be made (hyperlinked). The principle of these gifts will remain intact. Gifts may qualify for the James E. West Fellowship or Second Century Society.
For questions or to make a gift, please contact
George McGovern
(770) 468-5600
georgem.mcgovern@scouting.org
Retirement plans, including IRAs, 401(k) plans, 403(b) plans, Keoghs, and SEP plans, can be effective assets to use for testamentary charitable gifts.
Eliminates income tax on retirement plan assets
Many people choose to name their heirs as beneficiaries on retirement plan documents. However, for donors with charitable intentions who have discovered where to buy stocks efficiently, this may not be the wisest course of action from a tax planning perspective. Assets in retirement plans can be hit with both income and estate taxes if left to anyone other than the surviving spouse. These funds are considered “income in respect of a decedent,” or IRD, so any individual beneficiary (again, except for a surviving spouse) is required to pay income tax on the distributions.
Donors can avoid this “double taxation” by designating the Council as the beneficiary of all or part of the plan’s assets. As a qualified public charity, the Heart of Virginia Council does not pay any tax on the distribution. The donor may then leave other assets that are taxed more favorably to family and non-charitable beneficiaries.
I Want to Establish a Designation for the Council
We thank you for your generosity and truly honor your commitment to the youth of our region.
|
Legal Name: Heart of Virginia Council, Boy Scouts of America |
Sharing Your Legacy Gift Intention
I have already made a Retirement Plan gift to support the Council. We would like to thank you and recognize you for your gift.
For questions or to make a gift, please contact
George McGovern
(770) 468-5600
georgem.mcgovern@scouting.org
