The Camp DeWolfe Legacy Society – “The Lord is faithful in all his words, and gracious in all his deeds.” – Psalm 145:13
AN INTRODUCTION: The Legacy Society recognizes the unique history and strength of Camp DeWolfe. It celebrates the inspired generosity and vision of the Bishops, donors, staff and volunteers who came before us, and appreciates and supports the dedication of today’s Diocesan and Camp DeWolfe leadership.
The Legacy Society welcomes those who, like their forebears, know in their hearts that they have a mission to leave something behind – something that will live long after them, as testimony to the faith and vision of these times. The Legacy Society’s purpose is to establish a legacy of strengthening the faith and spiritual future of generations yet to come, graced by the Gospel and the spirit of Jesus Christ.
As you thank God for your many blessings, please consider remembering Camp DeWolfe in your estate plans. All gifts to the The Camp DeWolfe Legacy Society go directly to the camp’s endowment fund – no fees or other expenses are involved. The sole financial objective of the Legacy Society is to strengthen Camp DeWolfe by strengthening our endowment.
MAKING A PLANNED GIFT
Gift planning is sometimes called the “How” of giving. It naturally follows the “Why” – your motivation or reason for giving in the first place.
As Episcopalians we each have our own reasons for wanting to make a planned gift to support our church and the ministries that are meaningful to us. The information on this web page describes the different ways you can accomplish this through immediate or deferred gifts. It is provided to give you a basic understanding of the planned giving options, not as a complete reference for all the options available.
While we strongly urge you to consult with an attorney before making a final decision on any planned giving option, please feel free to call us for more detailed information about giving choices as you consider your options…
Gifts of cash are routinely used to pay pledges and make special (capital) gifts.
Procedure: Make a check payable to: Camp DeWolfe.
The date of the gift is the date of the U.S. Postal Service postmark on the envelope in which you sent the check. If another carrier is used, it is the date on which the church or agency received the package.
Many donors use stocks, bonds, or mutual funds to make gifts. If they have increased in value since you obtained them, there can be significant tax advantages:
-a. Your income tax deduction is usually based on the full market value of the securities on the date of the transfer;
-b. You can usually avoid paying capital gains taxes that would have been due if the securities had been sold. If you wish to donate securities that have diminished in value since you obtained them, it is wiser to sell the stock, claim the capital loss as a tax deduction, and donate the resulting cash.
Procedures: If the securities are in “street name,” that is, held in an account at a financial institution but accounted for as belonging to you, instruct your broker by letter to transfer ____ shares of __________ stock to an account in the name of Camp DeWolfe. Camp staff members can give you the details.
The date of a gift of securities is the date on which the transfer of ownership took place.
If you have the actual certificate for the stock, bond, or mutual fund, mail it to the camp in one envelope. To assure security, do not sign the stock certificate. In a separate envelope, enclose a signed stock power guaranteed by a bank officer. Once again, for security in shipment, do not complete the description of the securities. The date of the gift is the date of the postmark on the envelope containing the stock power. If another carrier is used, it is the date on which the camp received the package.
Valuation: The IRS calculates the value of the gift as the average of the highest and lowest selling prices of the securities on the gift date.
The assets described here may be used to fund both immediate gifts and life income gifts. The procedures refer only to immediate gifts.
You may have a second or even a third home. Your primary residence may no longer be practical. Giving real estate to the church or its ministries is a time-honored way of making a substantial gift with an asset, usually highly appreciated, that might otherwise be underutilized.
Procedures: To make a gift of real estate, whether or not it includes a dwelling or other buildings, the property should be free of financial encumbrances such as mortgages or liens. It should be readily marketable, and you should be aware that the camp may sell the property after it is given. The camp will want to conduct an environmental assessment to insure that there are no hazardous waste conditions at the site that could become a liability to the new owner. The donor usually pays for a property survey, appraisal, the environmental assessment, and the preparation of the deed transferring the property. The gift date is the day of the closing.
You may donate assets such as jewelry, automobiles, paintings, and antiques as immediate gifts, or they can be used to fund life income gifts. As with real estate, you will need to pay for a bona fide appraisal of the item by a qualified appraiser.
Procedures: Your lawyer creates a deed of gift, and a closing takes place at which the item is delivered and the documents are executed. The gift date is the date on which this closing takes place.
Valuation: For your tax deduction to be based on the appraised market value of the item, the item must have a particular usefulness to the church or its ministries. That is, the item must be related to the church’s purposes. For instance, the value of a classical painting donated to an art museum is appropriate to the museum’s mission. It would be deductible at fair market value. But it would be farfetched to declare that the same painting is compatible with the mission of a symphony orchestra. The tax deduction for a gift of personal property that is not related to the charity’s mission is deductible at cost basis only. You should consult with your tax advisors for the appropriate evaluation and reporting requirements.
A bargain sale is an arrangement by which a donor sells a portion and gives a portion of personal property or real estate to a charity.
Procedure: After a fair market value is determined based on a bona fide appraisal by a qualified appraiser, the property is deeded to the charity. You may take a tax deduction for a contribution of any portion of the value of the property for which the charity does not compensate you. For example, you make a bargain sale of your $100,000 house to Camp DeWolfe for $50,000. The camp pays you $50,000. You may take a tax deduction for the $50,000 donated portion. The gift date is the date the property changes hands.
Retirement funds are an increasingly valuable asset to many people B an asset often overlooked as a source of charitable gifts. Giving from an IRA, a 401K, or 403B plan can provide you with important tax advantages. Since the money that has accumulated in these plans has never been taxed, the IRS levies heavy taxes on any distribution, unless that distribution is to a charity. After you die, your retirement fund could be subject to this income tax, plus estate taxes, considerably diminishing its value before being passed on to heirs. By naming a charity as beneficiary of the remaining retirement fund assets, you can avoid this pitfall. Give other assets to family members and other heirs. Legislation is pending that will allow people to avoid retirement fund taxes almost completely if they use them to fund charitable gifts.
GIFTS OF LIFE INSURANCE
You may find that you have some life insurance that you no longer need. “Whole” or “universal” life insurance has cash value and can be donated to church ministries. You would receive a tax deduction for the replacement cost of the paid up policy at the time of your donation, not the face value of the life insurance. If the policy requires continuing premium payments, you can continue paying those premiums and get a tax deduction for each one if it is done in the following way: the policy must be “owned” by Camp DeWolfe, and it must pay the premiums on it. You make a contribution to the camp each year in an amount that approximates the premium, and the camp pays the premium.
WILLS AND BEQUESTS
Camp DeWolfe and the Episcopal Church have affected many lives. You probably grew, developed, and were nurtured in your faith by the church’s witness and work, and may even have participated in Camp DeWolfe’s programs. It is only natural that you would want to help continue its work by providing a gift through your estate planning. A bequest through a will is the simplest and most common planned gift. It can be an outright monetary bequest, a percentage of your estate, a percentage of the “rest, residue, and remainder” of your estate after a number of other bequests have been fulfilled, or a specific asset such as personal or real property. It could also be a contingent bequest, to be exercised only if some other intention is unable to be fulfilled (such as a named heir predeceasing you). You can have charitable bequests given for general purposes or to support specific programs at Camp DeWolfe. Examples of bequest language are:
“I give, devise, and bequeath to the board and leadership of Camp DeWolfe, whose address is Camp DeWolfe, Camp DeWolfe, P.O. Box 487, Wading River, New York 11792, the sum of $________, to be used for its general purposes.” “I give, devise, and bequeath 10% of the rest, residue, and remainder of my estate to Camp DeWolfe, whose address is Camp DeWolfe, P.O. Box 487, Wading River, New York 11792, to be used for its summer camp program.”
Procedures: You should always make your estate plan with the assistance of an attorney. The money spent is minimal compared to the savings in taxes and the reduction in complications and confusion.
You can also make charitable gifts through the use of a codicil to your will, or refer to an instruction letter in the will itself. The instruction letter can be changed from time to time without the trouble and expense of rewriting the will.
WE’RE HERE TO HELP
Our staff at Camp DeWolfe will be happy to provide information to you and your tax advisors about tax savings through charitable gifts, in confidence and of course without obligation.
For a confidential consultation, or if you have any questions or need more information about whether, why and how to make your gift to Camp DeWolfe, just call us at (631) 929-4325, or drop us a line by e-mail at firstname.lastname@example.org.
You may also click here to use this online form to send us a message or to request more information.