In an effort to ensure that our council can continue to offer the outstanding program it now has and grow to meet the needs of youth and our community, the Greater Tampa Bay Area Council created an endowment fund. The fund will ensure the successful delivery of the Scouting program for years to come. Estate planning is a great way to make a lasting contribution to Scouting while taking advantage of favorable federal and state tax laws.
Through proper estate planning you may be able to:
- Reduce income taxes, including capital gains
- Create a steady income stream for yourself and others for life
- Reduce the transfer tax, including gift and estate taxes
WAYS TO GIVE
Outright Gift - An outright gift allows you to give to Scouting while qualifying for income tax and charitable deductions, including possible avoidance of captial gains taxes. Gifts can include cash, appreciated securities, personal property and appreciated real estate.
Bequests - A will makes a statement about 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 and to qualify you must be 50 or older. You'll receive a guaranteed fixed income for life, income tax charitable deduction and no capital gain tax on 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. You must be 30 or older to fund it. You'll receive an income tax charitable deduction and avoid capital gains tax on 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 or older to establish this trust. You still receive an income tax charitable deduction, no capital gain tax on 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 or older to establish this trust. You'll receive an income tax charitable deduction, no capital gain tax on 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 amount of contributions and earnings of the fund. You must be 50 or older to establish this fund and it is best for individuals looking for income growth over time. You'll receive a variable incoe for life (initially a low, but increasing over time), income tax charitable deduction and avoid all capital gain tax on 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 benificial for those seeking to pass on assets at 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 gain 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 gain tax on transfer and maintain the right to live there for life or agreed upon number of years.
How will the Council benifit from my gift? In an effort to ensure that our council can continue to offer the outstanding program it has today and grow to meet the needs of the youth of tomorrow, the West Central Florida Council created an endowment fund. This fund will ensure the successful delivery of the Scouting program for years to come. Most of these gifts will go to our endowment, unless specified otherwise by the donor.
James E. West Fellowship - James E. West was the first Chief Scout Executive of the Boy Scouts of America. In his memory, the James E. West Fellowship continues to grow. This award is available for those who contribute $1,000 or more in cash or marketable securities to the endowment fund. This gift is in addition to support given to the Friends of Scouting campaign. Recognition includes a uniform knot and pin, as well as a national certificate and personal invitation to select national events. Many individuals and corporations make these gifts either on behalf of someone else ? such as in honor of an Eagle Scout, Silver Beaver recipient, a retirement, a special accomplishment or anniversary ? or in memory of a special individual.
Heritage Society - Members of the Heritage Society have given cash or a deferred gift of $5,000 or more to the endowment fund. Each year, new members are inducted into the Heritage Society at the annual Heritage Society Dinner in November.
1910 Society - The Boy Scouts of America was founded in 1910. We honor that special date by presenting the 1910 Society award to donors who make gifts of $25,000 or more to the endowment fund. These gifts can be in the form of cash, securities or land, all payable within 5 years. Recognition includes a leather bound, personalized Scout Handbook, national certificate and personal invitation to select national events. Recognition is presented at the Heritage Society Dinner.
Founders Circle - The Founder Circle is intended to recognize deferred gifts of $100,000 or more designated for the council endowment fund. Examples of these types of gifts include a will or bequest, charitable trust, gift annuity and life insurance designation. Recognition includes a personalized leather bound handbook, national certificate and personal invitation to select national events. Recognition is presented at the Heritage Society Dinner.
Many people wish to honor their friends and loved ones with a gift to Scouting. Memorial gifts of any amount are put into our endowment fund. Proper thanks are sent to the donor and gift notification cards are sent to a known living relative.
The Greater Tampa Bay Area Council would like to recongnize those giving to the endowment at the annual Heritage Society Dinner in the fall of each year. Appropriate recognition is given to those who give generously to our endowment.
For more information please contact Bill Davis, Scout Executive, at 727-391-3800 Ext. 205.
- Information provided is for educational purposes only and not intended to serve as tax or legal advise. Legal councel should be cousulted in all estate planning.