Montauk Playhouse Community Center Foundation, Inc. (MPCCF) offers a variety of individually tailored gift options that provide donors with maximum convenience and flexibility. Contributors may find that the resulting tax advantages enable them to make a significantly larger gift than they had thought possible.While outright gifts are most immediately helpful to MPCCF, donors may make a contribution in a variety of ways. Many of these offer substantial tax, estate planning, and other financial benefits. As a result, donors may enhance financial security for themselves and their families, while also making a substantial commitment to strengthening the future of the Montauk Playhouse Community Center.
Montauk Playhouse Community Center Foundation welcomes the opportunity to meet with you and your advisors to discuss how you can include us in your charitable plans. All discussions will be held in the strictest of confidence.
Gifts of Cash
Writing a check to MPCCF is a simple and direct way to contribute. Cash contributions entitle you to a tax deduction for the amount of the gift. You may choose to make a donation in memory or in honor of a loved one or a particular life event.
Pledges
Rather than making an outright cash gift, you may prefer to spread your payments over a period of up to five years on a schedule convenient to you. A pledge may allow you to contribute more significantly to MPCCF than might otherwise be possible, while extending tax advantages over a period of several years. You can make a pledge by contacting our administrative office.
Appreciated Securities
Gifts of appreciated securities can be particularly beneficial to both you and MPCCF. Long-term securities (those held more than a year) earn a deduction on their fair market value on the day of the gift. In addition, neither MPCCF nor the donor is subject to capital gains tax on those securities. Short-term securities earn a deduction on their original cost to you. Gifts of readily marketable securities will be credited at fair market value at the average of the high and low quoted selling price on the date the donor relinquishes control of the asset. We ask that donors making a gift of stock contact us before the transfer is made, so that we may credit the donor properly.
Matching Gifts
A company or foundation that matches gifts can often double or triple contributions to MPCCF. Contact your personnel office for details or call us for more assistance.
Please contact us before proceeding with the following gifts.
Other Appreciated Property
Valuable personal property – books, works of art, antiques – often appreciate over time, presenting additional opportunities to contribute to MPCCF. Such gifts may reduce your estate tax liability and lower your taxable income in the year of the donation.
Real Estate
For many donors, the most advantageous way to support MPCCF is through gifts of real estate. You may deed property outright to MPCCF, transfer ownership of some or all of the property to MPCCF while retaining residency rights, or include real estate in a bequest to MPCCF. All gifts of real estate are subject to advance approval.
Estate Planning Vehicles
Bequests and charitable trusts are popular vehicles through which you can provide charitable support to MPCCF. They can also provide significant financial benefits for you and your loved ones. All planned giving donors will become members of MPCCF’s planned giving recognition society. We suggest that you seek advice from your financial and legal advisors when considering these options.
Bequests
Bequests are exempt from federal and state inheritance taxes, and subject to an unlimited deduction, you may find that a commitment through your will – combined with an outright pledge – may allow you to contribute more significantly to MPCCF than you thought possible.”I give and bequeath to the Montauk Playhouse Community Center Foundation, Inc. the sum of $_______, or ________ face value bonds, or ________% of my estate.”
Charitable Lead Trusts
If you are seeking ways to pass assets on to your heirs – and if your current income exceeds your personal financial requirements – a Charitable Lead Trust may provide income and estate tax benefits. A Charitable Lead Trust is created by placing assets in trust for a period of years, with a specific amount being paid to MPCCF in each of those years. At the end of that time period, the assets are passed on to your beneficiaries.
Charitable Remainder Trusts
If you would like to make a significant gift to MPCCF but are concerned about giving up a portion of your income, you may find the Charitable Remainder Trust particularly advantageous. The principal of the gift is released to us for spending purposes upon the death of the beneficiary (the individual receiving the income).
Life Insurance
Life insurance is an often-overlooked vehicle for contributing to MPCCF. When you name MPCCF as both owner and beneficiary of a policy, we gain invaluable financial support, while you receive a substantial charitable deduction. The value of a fully paid policy is its cash surrender value. If we pay premiums, these payments will be considered operating expenses and will not increase the cash surrender value of the gift.
Retirement Plan Gifts
You may choose to name MPCCF as a beneficiary, or a contingent beneficiary, of your 401K, IRA, pension fund, profit sharing plan, or other retirement plan. Naming a charitable organization as a partial or full beneficiary of your retirement plan may result in income and estate tax savings. Persons are advised to check with their accountants and/or financial advisors for individual tax benefits.
For more information, contact us at 631-668-1124.Montauk Playhouse Community Center Foundation (MPCCF) is a 501(c)(3) tax-exempt organization.
IRA Charitable Rollover Gift Provision Restored
Federal legislation passed can significantly enhance a donor’s ability to make charitable gifts from a qualified IRA. The Pension Protection Act of 2006, originally passed in August 2006, includes an IRA Charitable Rollover provision that makes it a lot easier to make a gift to eligible charities from your IRA. The Emergency Economic Stabilization Act of 2008, the main feature of which is the bailout package, also extends certain portions of the Pension Protection Act of 2006 that expired on December 31, 2007.
The IRA Charitable Rollover provision has now been extended through December 31, 2009. To take advantage of this opportunity, you should act quickly. People 70½ and older can exclude up to $100,000 from their gross income for a taxable year when they make a direct gift from a traditional or Roth IRA to a qualified charity.Here’s How the IRA Charitable Rollover Provision Works
You must be 70½ at the time of transfer. Your gift should be made on or after you turn 70½ to ensure favorable tax treatment for that tax year.
The transfer must pass directly from your IRA custodian to the eligible charity. Make sure you give your IRA custodian adequate lead time to complete the transfer by year end.
The gift amount is limited to $100,000 per tax year. That means you could give $100,000 before December 31, 2008, and make a second gift in 2009.
Your gift is not subject to the 50% limit of adjusted gross income (AGI).
The charitable gift counts toward minimum required distributions.
The transfer cannot be made to a donor advised fund or a supporting organization.
The transfer cannot be used to fund a charitable gift annuity or a charitable remainder trust.
The IRA charitable rollover provision applies to traditional, rollover, and Roth IRAs, but does not include plans such as 401(k), 457, 403(b), etc. However, funds from the other types of retirement plans may be rolled into a traditional IRA in order to make your gift. As always, you should consult your attorney and tax advisors when considering such matters. This information is not intended as specific legal or tax advice.