Frequently Asked Questions
About Giving
Here are several of the most frequently asked questions about giving
to the Foundation or the Home. Have another question not covered here?
Just pick up the phone and call us, toll-free, at 1-800-277-4643. We
welcome your questions..we're happy to help!!!!
Why
should I make a gift to the Foundation?
How may I make a gift to the Foundation?
What are the "charitable giving vehicles"?
May I restrict a gift to a particular program or purpose?
How do I determine the charitable contribution
amount for a gift of appreciated stock?
How can I deliver the stock to you?
What date controls for valuing a gift of stock?
I am considering making a rather sizeable gift of appreciated
stock. May I utilize all of the charitable deductions this year?
Can I contribute stock in a closely held corporation?
Can I contribute stock that has depreciated rather
than appreciated, in value?
I have heard that I can actually increase my income
by making a charitable gift of appreciated stock. How is that possible?
Did you know that the Indiana Masonic Home Foundation...
What is the Indiana Masonic Home Foundation?
What is the responsibility of the Foundation?
What is meant by an 'Endowment" fund?
How can Lodges help with this total effort?
What is the "Gold Card Sponsor" project?
Is my cash gift to the Indiana Masonic Home Foundation,
Inc. deductible for federal tax purposes?
If I am short of cash and want to participate
in the program?
How do I make out a Charitable Bequest to the Foundation?
What is the correct way to name the Foundation in my (our) will(s)?
Can naming the Foundation as beneficiary of an insurance
policy on my life qualify as a gift??
I want to participate in the program, but I am retired
and need the income from my investments to supplement my social security.
Is this possible?
Q. Why
should I make a gift to the Foundation?
A. For a number of reasons;
1. Not only are you performing a Masonic duty in providing for the
relief of worthy, distressed Master Masons and their families, you
are assisting in maintaining a tradition of care, concern and compassion
which has existed in Franklin for nearly 90 years and has served more
than 7,000 adult residents and presently has over 480 residents.
2. Including charitable giving in your estate or other financial
planning may provide significant tax benefits, potentially greatly
reducing your tax liability to the government and still enabling you
to provide for family and friends as well as your charitable interests.
Q. How may I make a gift to the Foundation?
A. Gifts may be made directly to the Foundation
in several ways. Outright gifts may be made by check or credit card
(Visa or MasterCard). An outright gift of appreciated stock or other
assets is also possible, potentially saving the donor capital gains
taxes and possibly offering other tax advantages. As indicated above,
a number of attractive charitable giving vehicles, which also offer
tax advantages, are available to provide a "planned gift" at a later
date. All gifts to the Foundation are tax-deductible to the extent
permitted by law.
Gifts via check may also be made through your lodge Secretary.
Q. What
are the "charitable giving vehicles"?
A. Probably the best known
is the simple bequest provided in a Will which conveys a specific
item, amount or percentage of an estate to the Foundation.
Others include:
Gifts of life insurance, retirement plans
and other assets may also be made.
Each of these plans offers specific tax benefits
which may vary with the donor's circumstances; several offer an income
stream to the donor and/or another individual. All of these "planned
gifts" should be made with the assistance of the donor's financial
and or legal advisor(s). The Foundation staff is pleased to provide
additional information about any or all of these vehicles and stands
ready to be of assistance in the planning of such gifts.
Q. May I restrict a gift to
a particular program or purpose?
A. Yes, you may by specifying it for
the program/purpose of your choice via a notation in the memo field
of the check or in an accompanying letter. The Foundation has a form
available upon request to assist donors in directing their gifts to
a specific destination. As indicated above, a number of programs are
available for your participation or support.
Gifts arriving without any specific target
program or restriction are directed to an endowment fund.
Q.
How do I determine the charitable contribution amount for a gift
of appreciated stock?
A. For stock
regularly traded on a stock exchange, the charitable deduction is
determined by using the average between the high and the low price
on the date of the gift. For over-the-counter stock, use the average
between the closing bid and asked prices on the date of the gift.
Q. How can
I deliver the stock to you?
A.There are three commonly
used methods:
(1) by hand
(2) by mail
(3) through a broker.
1 When you deliver stock by hand, you can
either endorse the back of the stock certificate (s) in our presence
or sign a separate stock assignment form, which is often called
a stock power. If you cannot or do not wish to deliver the stock
to use by hand at our offices, we may be able to arrange a meeting
with you at your home.
2 If you are delivering stock by mail, we
recommend that you send the stock certificate (s) and the signed
stock power (s) in separate envelopes. We further recommend that
the stock certificate (s) be sent by registered or certified mail,
return receipt requested. Please enclose a cover letter providing
your name, address, and telephone number along with any designated
purpose for which the gift is being made. We will need a separate
stock power form for each certificate of stock; be sure to sign
the stock powers (s) exactly as the name reads on the stock certificate.
Do not fill in our name on the stock power. Stock power forms are
available from us or from your banker or broker.
3 If you are delivering stock to use through
a broker, instruct your broker to hold the stock for our account;
do not instruct your broker to sell the stock, either in your name
or in our name. Your broker should immediately give us a call for
further instructions. If you have a questions about any of these three
methods, please do not hesitate to give us a call.
Q. What
date controls for valuing a gift of stock?
A.If depends
upon the method of delivery.
(1) If the stock is delivered
by hand, the date of physical delivery to us controls.
(2) If the stock is mailed, the postmark date controls, assuming
the stock certificate (s) and stock power (s) are received in
due course.
(3) If the stock is delivered through a broker, the date the broker
transfers the stock into an account in our name is generally the
date that controls.
Q. I am
considering making a rather sizeable gift of appreciated stock. May
I utilize all of the charitable deductions this year?
A. Charitable deductions
for gifts of stock and other appreciated property may be utilized
up to 30% of your adjusted gross income in the year of the gift.
If you make a sizeable gift, you may have to carry over part of
your deduction to succeeding years. To the extent necessary, you
can use your adjusted gross income for the year is $100,000, up
10 $30,000 of long-term appreciated stock given to charitable institutions
and organizations is deductible this year; any amount over $30,000
may be carried forward for up to five additional years.
Q. Can
I contribute stock in a closely held corporation?
A. Yes and there can be
significant tax advantages for making such a gift. We will assist
you in the proper procedures to follow.
Q. Can
I contribute stock that has depreciated rather than appreciated, in
value?
A.It would be more tax advantageous
to sell the depreciated stock, thereby establishing a capital loss,
and then contribute the cash proceeds to us.
Q. I
have heard that I can actually increase my income by making a charitable
gift of appreciated stock How is that possible?
A. If you own stock which
currently provides you with a low annual yield, maybe 2%-3% or less,
a “life income” gift may be appropriate. You could transfer
the stock to us and establish a trust that would provide you with
a 5% or greater annual return. This income would be paid to you
and/or a loved one for life, after which the assets would be distributed
outright to us. Through such an arrangement, you would be increasing
your income and making a meaningful (and tax-deductible) contribution
to us at the same time.
Q . Did
you know that the Indiana Masonic Home Foundation...
A.
-
Was founded in 1936 solely to provide financial
assistance for the Indiana Masonic Home
-
Is a 501 © (3) not-for-profit corporation
separate from the Indiana Masonic Home.
-
Is an endowment fund that provides a targeted
distribution directly to the Indiana Masonic Home.
-
Has Provided the Indiana Masonic Home with
over $30,000,000 since 1980.
-
Accepts both cash gifts and deferred gifts.
-
Has a Gold Card Sponsorship Program for
donations of $100+
-
Donations are tax deductible up to 50% of
your adjusted gross income.
-
Is honored if we are designated as a beneficiary
in your will.
-
Can also be named as a beneficiary to an
insurance policy.
-
Has contributor clubs at levels of $500,
$1000, $2,500 & $5,000+
-
Has several life income plans, e.g., Charitable
Gift Annuities and Charitable Remainder Trusts.
-
Accepts gives of Real Estate and Marketable
Securities.
-
• Representatives can visit your home
to discuss various forms of giving.
-
Programs are presented regularly at local
lodges.
-
Can be reached by calling 1-800-277-4643
for more information.
-
Email - IMHFoundation@aol.com " Web page
www.IMHF.org
Q. What is the Indiana Masonic Home Foundation?
A. A not-for-profit corporation founded in 1936
to solely provide financial assistance in support of The Indiana Masonic
Home.
Q. What is the responsibility of the Foundation?
A. To provide maximum support for The Indiana Masonic Home by directing growth activities and investment policy of its endowment fund.
Q. What is meant by an 'Endowment" fund?
A. Gifts given to the Foundation are invested in
our Trust account. Funds given to the Home from the Trust account
come only from the interest or income derived from the principal.
Therefore the gifts are never spent.
Q. How can Lodges help with this total effort?
A. (1) Request a Foundation Program to be put on in your Lodge to explain the Home and Foundation. (this qualifies for part of the Grand Master's Award requirements.)
(2) Appoint a Foundation ambassador
from your Lodge to report to the Lodge updates on the Home and Foundation.
(3) Keep the Grand Secretary promptly informed of all membership changes including address changes.
Q. What is the "Gold Card Sponsor" project?
A. The long-range Benevolent Program is assuring
the future of The Indiana Masonic Home. Your donations will help in
supporting Phase III (1991-2000) of the Masonic Home Benevolent Program.
Your check in the amount of $100 or more, payable to the Indiana Masonic
Home Foundation, Inc., will help reach our Phase III goal of $43,000,000.
Your are invited to mail your donations to:
THE INDIANA MASONIC HOME FOUNDATION, INC.
525 North Illinois Street
PO Box 44210 - Indianapolis, IN 46244-0210
You are requested to show on your check, Gold Card Sponsor, together
with your Lodge or chapter name and number. Your permanent card identifying
you as a Phase III donor "Gold Card Sponsor" will be mailed within
30 days. All donations are IRS tax deductible.
Q. Is my cash gift to the Indiana
Masonic Home Foundatoin, Inc. deductible for federal tax purposes?
A. Yes, if you itemize deductions - to a limited
extent if you do not.
Q. If I am short of cash and
want to participate in the program?
A. The Foundation is happy to accept MasterCard
and Visa donations.
Q. How do I make out a Charitable
Bequest to the Foundation?
A. You may set up a specific bequest based on an
amount or a
percentage, or you may make a residuary bequest providing the
Foundation with a residue of your estate after other bequests have
been fulfilled.
Q. What is the correct way to
name the Foundation in my (our) will(s)?
A. The correct designation is The Indiana Masonic
Home Foundation,
Inc., 525 N. Illinois St., Indianapolis, IN 46204.
Q. Can naming the Foundation as beneficiary of an insurance
policy on my life qualify as a gift?
A. Certainly. The cast value of an existing policy
and all future premiums qualify as charitable deductions.
Q. I want to participate in
the program, but I am retired and need the income from my investments
to supplement my social security. Is this possible?
A. There are plans available which provide income
for life, such as: Charitable Gift Annuities; Pooled Income Funds
and Charitable Remainder Trusts.
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