There are many ways to contribute to Scouting. Each method is designed to meet the different needs or wishes of a donor. Many have a significant impact on your tax situation, so it is important to discuss this with a qualified tax advisor. Please note that while the council may be able to help provide information on different products and avenues, our staff cannot give investment advice.
Some examples of the ways you can contribute are listed below. If you have any questions or require any additional information, we look forward to the opportunity to discuss them with you. Please contact Ben Blumenberg at 309 673-6136, ext 127, or by email: ben.blumenberg@scouting.org
Outright Gift – An outright gift allows you to give to Scouting while qualifying for income tax and charitable deductions, including possible avoidance of capital gains taxes. Gifts can include cash, appreciated securities, personal property, and appreciated real estate.
Bequests – A will states what matters most in your life. By making a will, you ensure that your intentions are clearly expressed and will be followed by those administering your estate. That gives you the flexibility to provide for family, friends, and charities such as Scouting. Gifts can be for a stated amount, a percentage of your estate or specific property.
Charitable Gift Annuity – This form of giving allows you to make a gift to Scouting while receiving a fixed income for life. It usually works best for people 65 plus years of age. To qualify, you must be age 50 or older. You’ll receive a guaranteed fixed income for life, income tax charitable deduction, and no capital gains tax on the transfer of assets.
Deferred Gift Annuity – This type of gift allows you to make a gift and receive a fixed income for life, payable at 50 plus years of age. You must be 30 or older to fund a deferred gift. You’ll receive an income tax charitable deduction and avoid capital gains tax on the transfer of assets.
Charitable Remainder Annuity Trust – This vehicle allows you to make a gift and receive fixed income for life or a designated period of years. You must be 50 years of age or older to establish this trust. You still receive an income tax charitable deduction, no capital gains tax on the transfer of assets, possible estate tax savings, and fixed income for life.
Charitable Remainder Unitrust – Allows you to make a contribution and receive a fixed percentage for life or a designated term of years. You must be 50 years of age or older to establish this trust. You’ll receive an income tax charitable deduction, no capital gains tax on the transfer of assets and it provides flexibility to meet your needs with a variable income for a set period of time.
Growth & Income Fund – You can give a gift where the rate of your income for life is determined by your contribution amount and earnings of the fund. You must be 50 years of age or older to establish this fund, and it is best for individuals looking for income growth over time. You’ll receive a variable income for life (initially low, but increasing over time), income tax charitable deduction, and avoid all capital gains tax on the transfer of assets.
Charitable Lead Trust – This is an individual trust with income coming to the Boy Scouts for the duration of the trust. It is beneficial for those seeking to pass on assets at the reduced estate and those who do not depend on current income. The income goes to the Boy Scouts and you may receive estate, gift, and income tax deductions and avoid capital gains tax on the transfer of assets.
Retained Life Estate Gift – This is a gift of real estate that allows you to remain on and live on the property for life. It is a useful vehicle for those who wish to give real estate and receive the tax deduction now. It removes the real estate from your taxable estate, you’ll receive an income tax charitable deduction, avoid all capital gains tax on the transfer and maintain the right to live there for life or an agreed-upon number of years.
Life Insurance/retirement plan designations – These tools designate partially to a number of or a sole beneficiary for payouts.