A legacy gift to the Unitarian Universalist Fellowship of Corvallis (UUFC) is a way to use resources you have accumulated during your lifetime, whatever their level, to ensure that meaningful things happen at the UUFC now and in the future. UUFC legacy gift fund earnings support social justice activities, member crisis support, building improvements, religious education, and an array of other activities. Through a current gift or through estate planning, you will have the satisfaction of knowing that your gifts will support your personal values. Planned giving is not just for the wealthy. It can allow supporters at all income levels to make a meaningful gift that will have a lasting impact on our UUFC community.
Many UUFC members have given legacy gifts, had gifts given in their name, or have included the UUFC in their estate plans. Below is the current “to the best of our knowledge list” of legacy donors. Donations have ranged from $50 to $200,000. All gifts are encouraged and welcomed. Those shown below with an “X” behind their name gave several gifts, often times one “current” and another estate.
Oliver & Helyn Worthington – 2X
Charlie and Elise Ross – 3X
Jane and David Loomis – 2X
Jim & Leona Deardorff
Suzanne & Bill Dannenbring
Russ and Marla Karow
Prue (Polly) Kaye
Claudia Keith and Marilyn Walker
Legacy giving can be smart investing. When you invest in the Fellowship through a gift to the legacy fund, you may realize a considerable reduction of income and estate taxes and can even obtain a current income flow, if creating a charitable annuity or trust. The purpose of this page is to stimulate your thinking. Unless yours is a simple cash donation or cash bequest that can be written into a template will, you will want to consult a financial advisor and/or lawyer to explore the best options for your individual situation.
Thank you for thinking about the UUFC as you consider your legacy. UUFC staff and Finance Council members will be happy to assist you at any time with information about gifts and bequests to the UUFC. Contact the main office at (541) 752-5218 if you would like assistance. We cannot provide financial, tax, or legal advice but we can talk with you about your ideas and then put you in touch with people who provide professional advice and assistance. A pamphlet on planned giving is available here – UUFC Planned Giving.
Lifetime Legacy Giving
UUFC members have given legacy gifts during their lifetime. They inherited funds or had extra funds when a business venture or activity had gone well. They established retirement accounts and were at the stage in life where the government was requiring them to withdraw funds from those accounts and were in the fortunate position of not needing these funds to meet daily living needs.
Gifts can be made to the UUFC legacy fund in the form of cash, equity, securities, real estate, vehicles, works of art, books, coin collections, or other tangible property. These gifts are exempt from capital gains tax and can qualify for federal and state charitable tax deductions to the allowed limits for your tax situation.
TYPES OF GIFTS
Cash – cash can be dropped off at the UUFC office during regular business hours, can be deposited in the collection plate on Sundays, or can be placed in the collection boxes outside the Fellowship Hall. If you want credit for the donations made in the collection plate or box, be sure to use an envelope with your name on it.
Checks – Checks can be made out to the UUFC. Please note on the memo line of the check what the donation is for – pledge, minister’s discretionary fund, social service project, etc. As with cash, checks can be placed in the collection plate or in the wall-mounted wooden box outside the sanctuary. They can be handed to office staff or mailed to the office at: UUFC, 2945 NW Circle Blvd, Corvallis OR 97330
ACH Payment – ACH payments are transfers from one of your bank accounts to a Fellowship account. The Fellowship can set up an automatic payment for you. To have this done, contact the UUFC Business Manager – firstname.lastname@example.org You can also make a one-time transfer or on-going transfers through our online payment account available here.
Credit Card – If you want to pay by credit card, if at all possible, please add 3% to your pledge amount to cover the fees we pay for those transactions. To pay by credit card, click here.
RMD Distribution – for those with retirement accounts (401K, IRA and some others) who are 72 or older, you may be required to make a required minimum distribution (RMD) from your accounts. Requirements have changed frequently in recent years. Check with your tax advisor on the current situation. If you are required to make a RMD, the advantage of this for you is that you then do not have to pay tax on these monies. You could use an RMD to pay an annual pledge or make a legacy contribution to the UUFC. Contact your retirement fund advisor or tax advisor for details. Checks can be mailed to the UUFC (2945 NW Circle Blvd, Corvallis OR 97330) or your broker can contact the Business Manager (email@example.com; 541-752-5218) for the information needed to make an electronic transfer.
Stock Transfers – The UUFC is able to accept donations of stock and other equities. For information on how to make a transfer, contact the UUFC Business Manager firstname.lastname@example.org or 541-752- 5218. Once we know that an equity is in our account, we will instruct our broker to liquidate that equity. After the sale, we will know its specific value. That value will be shown in your semi-annual UUFC donation report or if needed, a separate donation letter can be prepared. If you have additional questions, please contact the UUFC Business Manager.
Real Estate can provide an income tax deduction for the full value of the real estate and will avoid the capital gains tax on investment property. It is possible to make a gift of your home or vacation home that includes use of it during your lifetime under a life estate arrangement. Please talk with your tax and/or legal advisor about such gifts.
All Other Donations – While the UUFC has rarely dealt with gifts of vehicles, works of art, books, coin collections, or other tangible property, we are more than willing to consider such. The process would be for you to either obtain a professional value appraisal of the item before donation or to accept the cash value obtained at sale as your donation value. Please contact the UUFC Business Manager – email@example.com – if you are considering a donation of this type. The UUFC Board of Directors reserves the right to review the acceptance of restricted gifts and to refuse such gifts if they do not seem to fit the mission of the UUFC.
Legacy Giving at Death
There are several ways by which you can provide a legacy gift to the UUFC at your death. The most common options are listed below”
Bequests are gifts specified in your will. By specifying the UUFC as a beneficiary in your will, you can make a charitable commitment while retaining full use of your assets during your lifetime. Simple bequests can be made by including sentences like these in your will:
For cash: “I give, devise, and bequeath to the Unitarian Universalist Fellowship of Corvallis, Oregon, a nonprofit organization, the sum of ____ dollars ($____).”
For a specific percentage: “I give, devise, and bequeath to the Universalist Fellowship of Corvallis, Oregon, a nonprofit organization, an amount equal to _____________ percent (_______%) of the value of my estate at the time of my death.”
For a residual bequest: “I give, devise, and bequeath all of the residue of my estate, both real and personal, to the Unitarian Universalist Fellowship of Corvallis, Oregon, a nonprofit organization.”
For real estate: “I give, devise, and bequeath to the Unitarian Universalist Fellowship of Corvallis, Oregon, a nonprofit organization, the following described real property: (give address or physical location).”
For equities: “I give and devise to the Unitarian Universalist Fellowship of Corvallis, Oregon, a nonprofit organization, all (or some percentage or specific number) of my shares in XYZ company.” Charitable Gift Funds are available at Vanguard Investments and Fidelity Investments to enable you to split a large donation of securities among several organizations. If you need guidance in this regard, the national Unitarian Universalist Association (UUA) Stewardship and Development staff can assist https://www.uua.org/offices/staff/stewardship development
Charitable Annuities can provide a significant donation and at the same time provide an income cash flow for you and/or your other beneficiaries. The UUA Stewardship and Development staff can again assist you with a charitable annuity to benefit one or several UU organizations. See this for more information http://plannedgiving.uua.org/charitable-gift-annuities
Retirement Plans offer an easy way to benefit the UUFC by naming us the residual beneficiary of your IRA, 401(k) or other retirement plan. Such a gift avoids the income tax that is otherwise due on the distribution of the remaining value of the funds. Contact your fund advisor for the paperwork need to name the UUFC as a beneficiary.
Real Estate can provide an income tax deduction for the full value of the real estate and will avoid the capital gains tax on investment property. It is possible to make a gift of your home or vacation home that includes use of it during your lifetime under a life estate arrangement. Contact your financial/legal
advisor about options. You can also contact the national Unitarian Universalist Association (UUA) for advice – http://plannedgiving.uua.org
Life Insurance can be given to the Fellowship in several ways. A gift of an active policy is immediately deductible as a charitable donation. If you assign a policy to the Fellowship while you continue to pay premiums, the premiums will be deductible contributions. Or you may name the Fellowship as the beneficiary on your policy. Contact your life insurance provider about the paperwork needed to include the UUFC as beneficiary.
A Living Revocable Trust is a common instrument in which you establish a will, power of attorney, and other estate planning elements. Cash, real estate or residuary gifts to the UUFC and other groups can be set up in a trust. You will need to consult an attorney to create a trust, but the peace of mind and estate planning that can be obtained through a comprehensive trust is significant.
LIMITATIONS ON GIFTS
Because the needs of the UUFC are constantly changing, and it is difficult to look ahead and see exactly what activities of the Fellowship will need assistance at any particular time, it is hoped that donors will not place limitations on gifts. However, if you wish to limit the use of a gift to a special purpose (adult education, a building program, youth activities, etc.), such limitations can be imposed. The simple way to create such a limitation is to add to the terms of the gift: “to be used exclusively for the purpose(s) of XX.” Use of the gift would then be limited to the purpose(s) specified. The UUFC Board of Directors reserves the right to review the acceptance of restricted gifts and to refuse such gifts if they do not seem to fit the mission of the UUFC.