Advantages of Giving Through The Geneseo Foundation
CONVENIENCE –When you gift or contribute to the Geneseo Foundation, there are no establishment fees.
COSTS - As more funds are added to the Geneseo Foundation, the effective cost continues to decline. Total costs including administration, investment management, income tax, legal and accounting fees are approximately three tenths of one percent annually. With other foundations, investment management alone may cost over one percent in addition to administrative costs assessed.
CONTROL - Contributors may select qualified beneficiaries for their funds or direct the Foundation Board of Managers to identify community needs.
If the contributor chooses, the Geneseo Foundation Board of Managers is responsible for identifying community needs as they change throughout the years.
PROFESSIONAL INVESTMENT MANAGEMENT - The Geneseo Foundation is managed by the Central Bank Illinois Trust Department. The Trust Department is held to fiduciary standards, the highest level of integrity within the investment management industry. From its inception on June 20, 1961, the Geneseo Foundation value has grown from Mr. Dedrick’s $1 million dollar gift, to nearly $8 million dollars today.
TAX ADVANTAGES - Contributions to the Geneseo Foundation may reduce both income and estate taxes for the contributor. Consult your tax advisor.
How to Give Now
There are a variety of assets you can select to contribute to the Geneseo Foundation today.
•Cash
•Publicly traded securities and mutual fund shares
•Real estate
•Other, In Kind
Cash - Usually in the form of a check, is a convenient way for you to support worthy causes in the community. Gifts of cash also enable you to claim a current tax deduction.
Publicly traded securities and mutual fund shares - A contribution of appreciated securities or mutual fund shares may produce significant tax savings, while allowing you to be more philanthropic than you thought possible. That’s because you receive a double benefit: An immediate charitable deduction for the full fair market value of the donated assets; and an exemption to any capital gains tax on the appreciation.
Real Estate - Gifts of real estate can include a house, apartment building, farm, vacation home, commercial buildings and income-producing and/or non income-producing land. You may make an outright gift of real property now or through your estate. A gift of real estate that you have owned for more than a year entitles you to a tax deduction for the full fair market value of the property while allowing you to avoid paying capital gains tax. Gifts of real estate typically require certain procedural steps including a site visit to the property, a qualified appraisal, a preliminary title report and an environment assessment. Consult your tax advisor.
Other, In Kind - Appreciated assets on an in kind basis.
How To Give Later
While there are many types of assets that may be contributed, you may also make plans to leave a significant contribution to your community in the future. One of the greatest opportunities for philanthropic giving occurs when you are making other major business, personal and financial decisions. Some of these special circumstances include writing or revising your will, contemplating the sale of a business or other major asset, planning for retirement, or upon receiving a financial windfall.
The Geneseo Foundation can assist you with the following for giving in the future:
•Will or Living Trust
•Retirement Plan Assets
•When you are the Executor of a person’s Will or Living Trust
Will or Living Trust - One of the easiest ways to support your philanthropic interest. A bequest through your will or living trust allows you to support your community while retaining complete control over your assets during your lifetime.
Bequests can be a specific dollar amount, a percentage of your estate or what remains after other bequests are satisfied, such as those to family members. The savings in estate taxes resulting from a gift to the Geneseo Foundation can be dramatic, since bequests to the foundation earn a full charitable deduction on estate taxes. You can give in the form of cash, real estate, appreciated stocks, or other assets.
You may choose a specific qualified group or organization to benefit from your bequest to the foundation. Or, put your trust in the Geneseo Foundation Board of Managers to use your gift to address the most pressing needs of the community as they change from year to year, and decade to decade.
Retirement Plan Assets - If you are like a growing number of Americans, an Individual Retirement Account may be your largest single asset. Naming the Geneseo Foundation as a beneficiary of your IRA may avoid both estate and income taxes and create a permanent legacy in your honor.
When you are the Executor of a Person’s Will or Living Trust - As
an administrator of a person’s estate, you have been directed to allocate a certain portion of the estate to charity yet maybe the organizations are not named, or you simply find the task of carrying out the charitable provision burdensome. The estate might also contemplate the creation of a private foundation, but the amount involved may be simply too small to justify the extra work.
