Mission Statement
Identifying and addressing current and anticipated community needs and
Raising, managing and distributing the funds for charitable purposes.
What is the Community Foundation of Monroe County?
The Community Foundation of Monroe County is a nonprofit organization established to meet the current and future needs of our local community. We offer you all the tax advantages of charitable giving, the long-term benefits of endowment funding, and the ability to establish a legacy fund in the name of your family or a loved one.
Ways to Give
CHARITABLE REMAINDER UNITRUST
The Unitrust is similar to the Remainder Annuity with the following differences:
• The donor can make more than one transfer to the trust.
• The payment amount each year must be a fixed percentage of the reappraised value of the trust (at least 5%).
UNITRUST AND INSURANCE TRUST
This is a combination of the aforementioned vehicles. Income from the Unitrust can be used to pay the premium for the insurance trust. Upon the donor’s death the principal goes to the charity and the insurance proceeds to the family with no estate tax.
HOME BUY-DOWN
Part of the home is placed in a charitable trust and the balance sold for cash. This allows the donor to sell a high-equity property without paying large taxes on the sale.
Benefit the Community
RETIREMENT PLANS
Retirement plan assets can be used to create a fund in the Community Foundation for whatever purposes the donor specifies.
LIFE ESTATE RESERVED
A donation of a home, farm or ranch effective upon the death of the donor means the donor continues to own and be responsible for the property until death but receives a charitable deduction now.
CHARITABLE LEAD TRUST
The Lead Trust is an agreement in which the charity receives the income and the family receives the principal, thus allowing the donor to pass on ownership of major appreciating assets with a minimum, if any, gift tax cost.
CHARITABLE REMAINDER ANNUITY
A one-time donation provides a non-charitable beneficiary (the donor, the donor’s spouse or a third party) with a stream of income (a specified fixed amount at least equal to 5% of the donation) to last for the life of the recipientor a period of years (not exceeding 20). At the termination of the period, the remainder of the property passes to the charity. The donor receives an income tax deduction from the present value of the remainder interest.
Plan for the Future
CASH GIFTS
The simplest method of giving is to send a personal check, which is a deductible contribution.
APPRECIATED SECURITIES
Donation of appreciated securities provides an income tax deduction equal to the market value of the securities. Removes future value from the donor’s estate.
REAL ESTATE
Real property given at appraised value allows the donor to receive a full charitable deduction and avoid capital gains taxes. Removes future value from the donor’s estate.
LIFE INSURANCE
The cash surrender value of a donated life insurance policy or the cost of a replacement policy is deductible as a charitable contribution. If you continue to pay premiums after your gift, these premiums are also deductible.
BEQUESTS
A bequest in the donor’s will of cash, securities, or real property to the Community Foundation reduces the taxes otherwise payable by donor’s estate.