Grow Your Fund

Cash gifts may be deducted up to 50 percent of adjusted gross income for income tax purposes. Contributions over that limit can be carried over for up to five years. You can donate online or by sending a check to Hampton Roads Community Foundation, 101 W. Main Street, Suite 4500, Norfolk, VA 23510.

You receive a double benefit if your stock has appreciated. First, you get an immediate charitable deduction for the entire fair market value of the securities donated, regardless of what you originally paid for the stock. Second, you pay no capital gains tax on the appreciation in the stock's value since you first bought it. The fair market value of contributed securities can be deducted up to 30 percent of the donor's adjusted gross income. Contributions over that limit can be carried over for up to five years.

See how we make transferring stock easy.

Like gifts of publicly traded securities, gifts of mutual fund shares are deductible up to full fair market value. Some mutual fund companies have special procedures for gifts of mutual funds. The effective date of the gift and possibly the year for which the deduction is available is determined by the date the transfer of mutual funds is completed.

The contributed value per share must be discounted from the value per share for a controlling interest, as determined by a qualified independent appraisal. There can be no agreement restricting or requiring the resale of the stock by the charitable recipient. If the company offers to redeem the shares, however, the charity can take the proceeds or reinvest them for a better return. The company does not reissue the shares; all shares outstanding increase in value.

An alternative outcome to redemption by the corporation is the voluntary purchase of shares from the charity by younger family members or key non-family employees.

You may find you no longer need the financial protection offered by one or more of your life insurance policies. The policy can become an ideal tool for charitable giving.

You start by irrevocably assigning your insurance policy to the Hampton Roads Community Foundation and naming us (and your fund) as the sole beneficiary. You continue to pay the policy's annual premium, but that is now tax deductible.

Or, if the policy is paid up, you will receive an immediate tax deduction equal to the policy's cash surrender value.

Gifts of real estate can include a house, apartment building, farm, vacation home, commercial buildings and land.

A gift of real estate typically requires certain procedural steps prior to acceptance, including a site visit to the property, a qualified appraisal, a preliminary title report and an environmental assessment.

You may wish to donate an automobile, antiques or jewelry. We will accept these types of gifts, under certain circumstances. Any item valued at $5,000 or more is subject to Internal Revenue Service guidelines and must be appraised by an impartial party.

If you are 70-1/2 or older, you have a special option for charitable giving – donating Individual Retirement Account assets directly to charity. You can transfer any amount up to $100,000 a year without the distribution counting as taxable income.

You can use the IRA assets to start a new charitable fund or add to an existing one.

Instructions for transferring IRA assets to the community foundation