As you can imagine, Rick Mappin, our VP for grantmaking, gets a lot of phone calls from people who are interested in receiving a grant for their organization or cause. Sometimes we have a charitable fund that matches their needs, but most times we do not. That means that there are a lot of great programs, critical community issues, and worthy nonprofits that could benefit from funding, if only more people knew about their need.

One of the services we provide is sharing that information with people who may want to do something charitable. We know, for instance, that one of the local school districts has a violin program for kindergarteners that is connecting kids to music in a fantastic way, but can’t continue without additional outside funding. We know, for instance, that a youth baseball league in downtown Reading could use new uniforms and some funding to help run their program.

There are programs to help homeless mothers and children, programs to preserve historic sites, programs that are aimed at educating the public about the environment or the best ways to care for animals. There are many, many needs in our community. We can connect your charitably-inclined clients to those needs, and help them develop ideas of their own to address whatever issue is most important to them.

Feel free to call me if you think we might be able to help connect one of your clients with a charitable need in the community. We’re here to help.

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The Community Foundation accepts donations of real estate when the proceeds from the sale of the real estate will be used to start or add to a fund at the Community Foundation or if the proceeds will be passed on to another charity.

People donate real estate to charity for a variety of reasons, including:

• A house or land that has a high level of appreciation
• A rental property they no longer wish to keep
• A desire to eliminate the hassle of selling the property
• To get the Fair Market Value deduction on their taxes
• To eliminate capital gain

If you have a client who is considering donating a piece of real estate to the Community Foundation, you can expect the transaction to follow these steps:

1. The property is legally transferred to the Community Foundation
2. The Community Foundation puts the property up for sale and maintains it until the sale is final
3. The net proceeds from the sale, minus a small administrative fee, are deposited into a charitable fund at the Community Foundation or transferred to a charity of your client’s choice

To learn more, call me at the Community Foundation at 610-685-2223.

Franki

This blog is written for professional advisors to help them as they work with their clients on a charitable goal. If you are not a professional advisor, you should seek the council of a qualified estate planner, attorney, financial planner or other professional advisor.

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Through Berks County Community Foundation, your clients can support their community and their lifestyle by establishing a charitable annuity. Charitable annuities are designed to add a source of income for retirement and provide a permanent benefit to the community.

When your client creates a charitable annuity, he or she will receive a guaranteed income for life, an immediate tax deduction and leave an everlasting philanthropic legacy for a cause they care about.

How it Works
Your client makes a gift to Berks County Community Foundation and designates that gift to benefit the organization of his or her choice.  In return, the Community Foundation will pay your client a fixed income for life, and if they choose, the lifetime of a second beneficiary. The amount of that income is based on a formula driven by your client’s current age. The obligation to make these payments is backed by all the assets of the Community Foundation. 

What is the Next Step
Establishing a charitable annuity is neither lengthy nor complicated.  Normally the agreement is one-to-two pages and simply sets forth the obligation of Berks County Community Foundation to pay an income over the period of one or two lifetimes. 

Annuity rates range from 4.8% to as high as 9.5%, depending on your client’s age. For a free analysis showing your client’s annuity rate and tax deduction information, please contact me at the Community Foundation.

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