Please feel free to visit our Contact page for any further information or advice in regards to your Planned Giving considerations.
- What is “Planned Giving”? Planned Giving refers to the act of charitable giving in a thought out planned manner, that considers the interests and desires of the donor as well as the needs of the charity organization.
- What type of funds can be established? The B’Nai Israel Foundation has established three (3) funding needs for our community at this time. A brief description of these funds can be found in the previous section entitled “Our Various Funds”. Other funds can be established as requested and identified by donors.
- How will the funds be used? All funds received are added to the Foundation’s established investment portfolio in an effort to maximize the overall growth of the monies invested. On an annual basis, the Foundation is required to donate at least 3.5% of the total amount invested, which is currently donated to the operations of our Congregation. Funds can also be segregated and set aside for specific purposes as identified and desired by donors.
- How can I maximize my tax savings through donations to the Foundation? The tax saving calculations will depend on the type of donation made and the structure of the fund. As an example, the purchase of a Life Insurance policy that names the Foundation as the owner and beneficiary, can be set up so that the donor receives an annual tax receipt for the annual premiums of the policy or a donation receipt for the face value of the policy at the time of death of the donor.
- When will I receive a tax receipt for my donation? For donations of cash, a donation receipt is usually mailed out within a few days after receipt of the gift. For other forms of non-cash items, such as bonds or marketable securities, a receipt will be mailed out shortly after the funds have been converted into cash. For donations of life insurance policies, where the donor requests a receipot for the annual premiums paid, the donation receipt is usually sent annually, as soon as the Foundation receives a copy of the insurance premiums paid by the donor. For other donations, the mailing of receipts will depend on the nature and recognition of the benefit by the Foundation.
- What is the minimum amount I can contribute? While the Foundation does not want to discourage would-be donors from making any amount of contribution, the Foundation does not want to discourage or redirect any efforts made to donate directly to the various programs of the B’nai Israel Congregation, as described in the section “Ways of Giving”. Therefore, we recommend a minimum donation of $100 be considered for the Foundation.
- Who can I speak with to get some financial or planned giving advice? Many financial institutions have individuals who are well qualified to assist donors with establishing a Planned Giving program, estate planning, tax planning and various other financial planning tools. The Foundation has retained the expertise of TD Waterhouse who would be pleased to discuss your specific questions and desires. Also, most Accounting firms have professional individuals who can provide you with the appropriate tax and financial planning opportunities.
It is recommended that donors consult with their personal tax advisors to receive appropriate advice as to the various tax saving measures that can be considered by the donor. When properly established, the donor’s estate will be no worse off having made a donation to the Foundation and thereby eliminating the tax liability that otherwise would have been incurred.