Have you thought about your Philanthropic Legacy for the community assets you love?
The Red Lodge Area Community Foundation team works hard every day to make our communities strong and vibrant. We do this by working together with people like you – the people who live, work, and play here. We convene groups across sectors to facilitate and build important community assets so that people thrive.
As you explore the best charitable giving options for you, we hope this information will help guide you in the possibilities!
The smart giving options outlined below can help to maximize your impact on the causes you care about while benefiting you personally.
If you’d like to talk about current community needs, your vision for charitable giving, or have questions about any of this information, please connect with:
- Tracy Timmons, Executive Director, at tracy@rlacf.org or 406.425.0292
- Abby Edwards, Development Director, at abby@rlacf.org or 314.605.7388
Cash Gifts
Gifts of cash provide you with an immediate tax deduction for the full value of the donation. Cash gifts are a simple transaction that delivers instant benefits to the charity you love. Return to the Donate page to choose where to allocate a cash gift.
Non-cash Gifts
When you donate securities, like stocks, bonds, and mutual funds, that you have held for more than a year, you not only avoid paying capital gains taxes but you unlock the ability to give more than you might through a cash gift. On top of that, you may be eligible for a charitable deduction for the full fair market value, creating meaningful tax advantages. This allows you to support the charities you care about while maximizing the impact of your philanthropy. For questions about donating securities, please contact Tracy Timmons at tracy@rlacf.org.
If you are 70½ years or older, you may be eligible to make a Qualified Charitable Distribution (QCD) from your Individual Retirement Account (IRA). A QCD allows you to donate up to $108,000 directly from your IRA to a qualified charity without having to report the distribution as taxable income. This can be particularly beneficial, as it may help you meet your required minimum distribution (RMD) while also benefiting your community.
If you have a Donor Advised Fund (DAF), you have already received an immediate tax deduction, tax-free growth of donated assets, flexibility in choosing charities, and streamlined administration. We can help you facilitate a donation by providing you with a comprehensive list of charities, their impacts, and current projects in our community. We will also protect your anonymity, if desired.
Giving to an Endowment is a way to make a permanent investment in a community asset you care about. Endowments create a sustainable funding source for nonprofits and provide an immediate tax deduction for you.
This is one of the simplest forms of gift planning (plan now, give later). A nonprofit can be named in your will or living trust at any time by designating a specific amount or a share of the residual. This is a meaningful way to make a significant impact on a charity you love without incurring any costs during your lifetime. Additionally, charities can be designated as a beneficiary of IRAs and retirement plans, life insurance policies, commercial annuities, and holdings in brokerage accounts.
A charitable gift annuity is a way to support a charity you love and provide lifetime payments to yourself or someone you designate. As the donor, you make a gift to a charity and, in return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life.
You can gift your home to a charity you love without significantly impacting your lifestyle. You retain the right to live in and use the property for life. You receive an immediate charitable tax deduction and avoid capital gains taxes while the charity receives the property outright after your lifetime.
Donations of real estate, land, automobiles, and other personal assets can be made and provide an immediate tax deduction to you and immediate benefits to a charity you love. This is a simple donation if you own property that is not mortgaged, has appreciated in value, and is no longer of use. Utilizing this giving strategy removes taxable assets from your estate and allows you to avoid capital gains tax.
We recognize that charitable giving is unique and personal to each individual and family. We are here to partner, listen, and help. Additionally, we encourage you to talk with your financial advisor to determine the strategies that best align with your personal financial and charitable giving goals. This information is meant to be a guide and not individual tax advice.
Volunteering
Sharing your time is a meaningful way to support the causes you care about and make a difference in your community. If you are interested in learning more about volunteer opportunities, please contact Abby, abby@rlacf.org, 314.605.7388.
“When you get to a certain age, you really start thinking about what you want your legacy to be and how you can make a lasting impact in the communities you love. We have talked about philanthropy and agree that we want to give to charities in our home communities that have touched our personal lives in some way over the years. Our partnership with the Foundation began through the Fun Run and has deepened over the last 12 years as we’ve become passionate about the Roosevelt Center project, Open-Mic Night, various youth programs, CART, and so much more. We feel connected to the Red Lodge community partly because of our deep connection to the Foundation. It is because of this connection we call Red Lodge home. Making a QCD gift made sense for us because we needed to take a required distribution from our IRA but didn’t need the distribution to cover day-to-day expenses at this time. Tracy has shared with us how our donation is being used, and it feels really good knowing the impact it is creating.”
David and Cheryl Whitcomb (pictured below with their family)
