Many people give generously to charities in their lifetime, but bequeath all their resources in death to their children. If your estate is modest, this make sense. If your estate has grown over the years, consider how you might use some of your resources to advocate social justice by making a social justice organization, like the Virginia Interfaith Center for Public Policy, a beneficiary of one of your funds or listed in your will.
List VICPP as a Beneficiary
If you have an IRA, a bank account, a pension, deferred compensation plan or life insurance, you have had to designate who your beneficiaries are. It is easy to change your beneficiaries. Simply ask the institution for the form and put in the change. For example, you might designate 50 percent to your children and 10 percent each to five different charities.
Put VICPP in Your Will
Another way to support charities is to designate the charity in your will. You can either designate an amount ($5,000 to the Virginia Interfaith Center for Public Policy) or a percentage (5 percent). Remember that the beneficiary designations are likely to override the information in your will if they are not in agreement.
Let VICPP Know of Your Plans
VICPP would love to know if you have included the organization in your estate plans. If you would like your information kept anonymous, VICPP will respect that. On the other hand, you can help encourage others by having your name listed as having included VICPP in your estate plans.
Some Who Have Included VICPP
The following are some of the people VICPP has been told have included the organization in their estate plans:
Ms. Kim Bobo
The Late Reverend Canon John Fletcher Lowe, Jr.
Mr. Scott Christian
Rev. James Payne
Rev. Charles Swadley
Ms. Julie and Mr. Bruce Swanson
Ms. Roberta Oster
Host a House Party
A house party is a fun social gathering of friends, family (both yours and VICPP’s) and neighbors who are committed to racial and economic justice or are interested in learning more about the issues facing low-income families in Virginia, and what they can do to help. Basically, anyone who wants to have a good time while learning something new is welcome!
The event includes time for people to visit informally with Kim Bobo, Executive Director and one another. When possible, we’d also like to have a special guest, such as an elected leader or prominent religious leader. As a supporter of VICPP, it is also a great opportunity for you, our gracious host, to share your own story and encourage others to join you in your commitment to racial and economic justice. All that, while helping raise awareness about and support for VICPP’s programs and campaigns.
There are a few things we ask of our gracious hosts:
* Provide names of friends and neighbors to invite.
*Call or email friends to strengthen the invitation.
*Recruit a volunteer to help with sign-ins.
*Set up early so you can welcome guests.
*Provide refreshments, food and drink, and all paper supplies. We recommend you keep it simple.
*Provide a basket for contributions.
*Debrief with Kim to improve future parties.
There’s no minimum and, most definitely, no maximum fundraising requirement. Although raising money is important, the biggest value that a house party brings to VICPP is the opportunity to make new friends and allies in the struggle for justice in Virginia.
Proceeds from house parties go into VICPP’s General Fund, which supports all our educational and organizing work. All house party expenses will be counted as an in-kind donation.
You or your company may choose to support the Virginia Interfaith Center for Public Policy in ways beyond gifts of time and money. These in-kind gifts can make a huge difference, as your contribution will keep day-to-day costs down so we can ensure other funds are used to help us help the poor and disadvantaged citizens of Virginia. And since the Center is a 501(c)(3) organization, all your gifts are fully tax deductible.
Here are some of the things we could use:
* Office supplies (paper, name tags, file folders, presentation folders)
* Computer monitors
* Volunteer services for the office and network
* Serve as an Assembly or Senate District Coordinator
* Be a witness in the state legislature (mid-January through March)
* Research and write on issue priorities
* Help with property management. (Our office is located in an old building, which always needs repairs)
If you are at least 70 ½ years old and have an IRA (or a Roth IRA), you can make a direct gift from the IRA to the Virginia Interfaith Center for Public Policy and potentially get a significant tax savings. Gifts can be up to $100,000 per individual, but it must come out of your own IRA or an inherited IRA on which you are the beneficiary. The contributions cannot come from a SEP or SIMPLE IRA (if they are still active and receiving employer contributions), nor from employer retirement plans.
There are significant tax benefits for most donors of this age with giving a gift from your IRA, because the required distribution amount that you would normally have to take and pay taxes on does not count as income if you give it to a charity like the Virginia Interfaith Center for Public Policy. The check from the IRA must be made directly to the charity and cannot be paid to you and then to the charity or you will have to pay taxes on it. Although you can also give from a Roth IRA, there are no tax benefits because you will not pay taxes on your Roth IRA distributions.
Talk with your tax advisor or manager of your IRA to learn more about using this approach to save on taxes and support the Virginia Interfaith Center for Public Policy.
Donating stock is a great way to support the organization, avoid paying capital gains taxes and get a tax deduction (to the extent allowed by law). For VICPP to receive securities, the person donating the stock should contact his or her firm and do a transfer form or letter of instruction on what shares to donate to the Virginia Interfaith Center. You will need VICPP’s brokerage account information. Please contact Keisha Walker-Williams (Keisha@virginiainterfaithcenter.org) to get the information. You can also call our office at 804-643-2474.
If you have additional questions, please contact Keisha Walker-Williams (Keisha@virginiainterfaithcenter.org) at 804-643-2474.