“A typical annual gift to a nonprofit? What’s your guess? The answer is $150. A typical legacy gift or planned gift to a nonprofit? $70,000!”
That’s how Julie Loncharte from the Kalamazoo Community Foundation and Sabrina Pritchett-Evans from State Farm started their presentation at the ISAAC Supporters Supper on April 26. The power of legacy giving is amazing!
ISAAC’s new Endowment Fund already has received $16,700 in gifts! When we reach $50,000, ISAAC will begin to receive annual income from the Endowment. You can help either by making a direct gift (write your check to the Kalamazoo Community Foundation, 402 E. Michigan Ave, Kalamazoo 49007, and put “ISAAC Endowment Fund” in the memo space) or by deciding to make a legacy gift.
Congregations and nonprofits all over the country are closing their doors due to lack of planning for legacy gifts of their most loyal donors. We can make sure that doesn’t happen to ISAAC! Sabrina and Julie emphasized three of the ways we can leave a lasting legacy so ISAAC will continue to build the Beloved Community way into the future:
- Life Insurance. You can designate ISAAC as a beneficiary of a life insurance policy you have, or even purchase one especially for ISAAC, based on a premium you can afford. The premium counts as a charitable contribution on your taxes and ISAAC receives your gift within two weeks of your death, without going through any lengthy legal process. “Life insurance costs just cents on the dollar,” said Sabrina.
- This is a document that you write. You determine the dollar amount or the % of your assets that you want to give to ISAAC. No bequest is too small.
- Beneficiary Designation. If you have an IRA (Individual Retirement Account) or a 401K, you can designate ISAAC as a beneficiary of a dollar amount or of a % of its value on your death. Once you’re 70½ years old, you can also reduce your taxes by making a “Charitable Distribution” to ISAAC instead of receiving 100% of the Required Minimum Distributions each year.
The Kalamazoo Community Foundation can also accept complex gifts—stock, property, etc.—so whatever works for you can sustain ISAAC. If we each aim for a legacy gift that’s 20 times our annual gift, then our annual gifts will be replaced for years to come! Sabrina Pritchett-Evans, email@example.com and Julie Loncharte, firstname.lastname@example.org can answer your questions.
Thank you to Julie and Sabrina for their guidance, and a huge thank-you to all of you who have already made a gift to the ISAAC Endowment Fund. With others’ help, we’ll have no trouble reaching the $50,000 needed (by the end of 2020) for ISAAC to receive annual endowment income! Hallelujah!