End of year giving opportunities for individuals and families

December 1, 2017

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During the holiday season , people tend to think about family, friends, and those they care about. This year, why not also think about the community and the many ways it’s possible to make a difference. No matter a person’s age, there are many ways to get involved and make an impact today and for generations to come.

Below are just a few ideas, programs, and matching gift opportunities the Tidewater Jewish Foundation (TJF) offers that can help make an impact with family and community.

Hanukkah (commit to at least one family day of giving to others)
Consider incorporating the concept of “Tikkun Olam” (repairing the world) into Hanukkah by taking one night, after lighting the candles and in lieu of presents, to talking with children about making a gift to a favorite charity as a family. Talk with family about what is meaningful and important to each person. To create a family philanthropic fund, read below to learn more about how to incorporate philanthropy with family throughout the year.

Create a Donor Advised Fund
For those who make charitable contributions to one or more organizations on an annual basis, consider establishing a Donor Advised Fund (philanthropic fund) with TJF. For a limited time, when establishing a new Donor Advised Fund (DAF) through TJF with at least $7,500, TJF will match the gift with an additional $2,500 totaling $10,000 or more. A DAF allows the donor to make charitable gifts into the fund at any time and retain the ability to make distribution requests from the fund to charitable organizations of the donor’s choice (Jewish or non-Jewish). Think of it like a charitable parking lot to manage all philanthropy through TJF’s online donor portal, providing 24/7 access, and having the capability to meet with TJF staff as philanthropic advisors. Child(ren) may also be named as successor advisor(s) to a family fund. This type of fund may be established by an individual, a couple, or a family.

B’nai Tzedek Teen Philanthropy (a teen philanthropic fund and program)
Consider establishing a B’nai Tzedek Teen Philanthropy Fund in a teenager’s name. With an initial gift of $250, teens can have a philanthropic fund (a mini Donor Advised Fund). TJF will match a gift (up to $250) simply for establishing the fund. This is a fantastic opportunity to use some bar/bat mitzvah gifts and learn how to become a philanthropist.

Legacy Match Life Insurance program
Life insurance can be used to make a significant philanthropic impact in the community for generations to come. Another great match opportunity is through the gift of life insurance where the Jewish community is the beneficiary. Right now, TJF is offering a 35% match of premiums for specific types of policies. Call to learn more how tax-deductible insurance premium payments can create a fund to benefit one or more Jewish organizations and causes.

Life & Legacy
A year ago, TJF was selected to participate in the Harold Grinspoon Foundation’s Life and Legacy program, which now includes 52 Jewish communities across the country. Life and Legacy is a four-year program that helps communities promote after-lifetime giving to benefit local Jewish day schools, synagogues, social service organizations, and other Jewish entities. TJF was chosen to lead this initiative for Tidewater’s Jewish community. Congregation Beth El, Toras Chaim Day School, Hebrew Academy of Tidewater, Ohef Sholom Temple, Beth Sholom Village, Jewish Family Service of Tidewater, United Jewish Federation of Tidewater/Simon Family JCC, Temple Emanuel, and Chabad of Tidewater are program participants.

One year into the program, Tidewater has secured 165 new promises valued at approximately $5.7 million to ensure the Jewish future. For those who have not yet made a commitment, the holiday season is a perfect time to think about the Jewish organizations that are personally important and how to express a personal legacy.

Charitable IRA Roll Over
The charitable IRA rollover, is a special provision allowing certain donors to exclude from taxable income—and count toward their required minimum distribution (RMD)—certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities. In order for a gift to qualify for the charitable IRA rollover, the gift must be made by a donor age 70 ½ or older and must be transferred from a traditional or Roth IRA directly to a permissible public charity (such as the Tidewater Jewish Foundation for the benefit of one or more Jewish organizations). The gift must be completed during the applicable tax year. An individual taxpayer’s total charitable IRA rollover gifts cannot exceed $100,000 per tax year. For those who have not already taken the required minimum distribution (RMD), a qualifying rollover gift may count toward satisfying this requirement. Consult a professional advisor (tax, legal, financial) to learn how this provision may apply to a specific situation.

Gifting of Appreciated Securities
The end of year is a great time to consider a charitable contribution of long-term appreciated securities (e.g. stocks, bonds, and/or mutual funds that have realized significant appreciation). It is one of the most tax-efficient of all ways to give. Any long-term appreciated securities with unrealized gains (meaning they were purchased over a year ago, and have a current value greater than their original cost), may be donated to a public charity (such as TJF) and a tax deduction taken for the full fair market value of the securities—up to 30% of the donor’s adjusted gross income. Since the securities are donated rather than sold, capital gains taxes from selling the securities are avoided. The more appreciation the securities have, the greater the tax savings will be. Any appreciated securities may be gifted directly to Tidewater Jewish Foundation into a current fund or into a new fund, such as a Donor Advised Fund (see above) to benefit one or more organizations now and in the future. A tax deduction may be received at the time of the gift of the securities and determine at a later date (in 2018 or beyond) which organizations will receive distributions from the fund.

To discuss any of the above programs or options, consider setting up a confidential conversation with Scott Kaplan, TJF’s president & CEO at 757-965-6109 or skaplan@ujft.org, or with Barb Gelb, TJF development associate at 757-965-6105 or bgelb@ujft.org.

- Scott Kaplan

Letter to the Editor