Did you know there are multiple ways you can give to CVHS and help animals?
Donating by cash, check or credit card are the most common ways donors can give to CVHS. Here are a few different ways that you can support us, with many of these options providing you with great tax breaks! Any questions contact Laurie at 802-476-3811 x 102.
Our Tax ID (EIN) is 03-0217066
Life Insurance
Often an effective and convenient asset to give to a charity of your choice, there are various methods for making life insurance donations, and each has unique advantages:
-Charitable Giving Riders – These riders are just one type of rider that is available in a modern life insurance policy. They pay a specific percentage of the policy’s face value to a qualified charity of the policyholder’s choice, however, in some cases there are limitations placed on the maximum allowable gift amount. Typically, these riders come at no additional cost and often do not reduce the cash value or the death benefit of the policy.
-Gifting a Life Insurance Policy – Policy donations often provide a greater benefit to the donor and the charity. Gifting a life insurance policy can greatly reduce the donor’s taxable estate, which can save thousands of dollars in estate taxes for upper-income taxpayers. Above all, the charity will receive the entire face amount of the policy upon the death of the insured. This is usually significantly more than they would receive from any rider.
-Naming a Charity as Beneficiary – This is considered the simplest way to provide a charity with the death benefit proceeds from a policy, however is does not offer the income tax advantages that come with gifting a policy, but it still can reduce the donor’s estate by the amount of the death benefit. By naming a charity as a beneficiary, it ensures the privacy of the transaction, which can be important for some donors who wish to keep their gifting intensions private.
Talk with your insurance policy carrier today about your options!
Stock
Donating stock is known as one of the most tax-savvy ways to give, and with today’s online platforms, it’s an incredibly easy and secure process. There are 4 types of securities you can donate to nonprofits:
- Publicly-traded stocks
- Privately-held stocks (which will require independent appraisals beforehand)
- Shares of mutual funds and ETFs
- Bonds
No matter which type of appreciated stock you donate, your gift goes much further than if you sold it and donated the cash proceeds. That’s because, by donating appreciated stock, it allows you save on your taxes by avoiding capital gains tax on the appreciated value and you can also claim a tax deduction on the value of the shares you donated.
Talk with your broker today on how you can gift your stock(s) to your favorite charity!
IRA and other Retirement Assets
Yet another tax-smart estate planning strategy,
-Charitable IRA Rollover – Also known as a qualified charitable distribution (QCD), allows donors aged 70 ½ and older can make a gift from $100 to $105,000, without the distribution counting as taxable income, while satisfying IRA required minimum distributions.
-Designate a charity as the beneficiary of an IRA, 401(k), or Estate Plan – When you name a charity as a beneficiary to receive your IRA or other retirement assets upon your death, rather than donating retirement assets during your lifetime, there are a myriad of benefits:
- Neither you and your heirs nor your estate will pay income taxes on the distribution of the assets.
- Your estate will need to include the value of the assets as part of the gross estate but will receive a tax deduction for the charitable contribution, which can be used to offset the estate taxes.
- Because charities do not pay income tax, the full amount of your retirement account will directly benefit the charity of your choice.
- You have the opportunity to support a cause you care about as part of your legacy.
Talk with your employer or plan administrator about your designated beneficiary form today!
Cryptocurrency
By donating crypto, you avoid paying capital gains taxes and by using Crypto for Charity, you will not be charged any fees. Go to https://www.cryptoforcharity.io/crypto/donate and type in “Central Vermont Humane Society” in the “Choose a nonprofit or cause” and follow the rest of the instructions. Your donation will be automatically converted to USD and 100% of the net proceeds come to CVHS. You will receive a tax receipt from Crypto for Charity, and if you agree to send us your information we will send you a thank you note as well.
For more information, go to https://support.cryptoforcharity.io/article/132-making-a-crypto-donation.
Create a Facebook Fundraiser
Facebook has made it easy to raise funds for our animals and Facebook charges no fees. This is a wonderful thing to do for birthdays! Go to our page on Facebook and look for the “Create Fundraiser” button underneath our cover photo. Follow the quick and easy directions and viola! You are raising funds for animals!