Ways to Give

There are many types of assets that can be used to fund a charitable gift to the Bureau County History Center (BCHC), the following information is provided as an overview of the commonly used means of gifting. For more information on any of these vehicles, or to make a gift, contact Lex Poppens, Executive Director, BCHC

When considering a planned gift or bequest it is recommended that you work with your financial and legal advisor as each donor’s situation is unique. We welcome the opportunity to work with your advisor as appropriate. They may contact the History Center any time for further information or assistance on a confidential basis.

Cash
The majority of gifts to the Bureau County History Center come in the form of cash. For instructions on how to make a gift by check or credit card, please visit the online giving portal: https://bureauhistory.org/donate/ or contact the museum staff at (815) 875-2184.

Appreciated Securities
Giving appreciated securities is a tax-wise way to support the Bureau County History Center. For securities held longer than one year, you can deduct their full fair market value, regardless of what you originally paid for them. You also avoid paying capital gains tax.

To make a gift of appreciated securities to Bureau County History Center the following information will be needed:

• Securities donated – name and number of shares.
• Delivery method – electronic delivery from a bank or broker or delivery of physical stock certificates.
• Agent information – name and phone number of agent bank or broker.
• Purpose – Where shall we direct your gift? Is this an unrestricted gift or do you want to direct this gift to a specific program or project at the Bureau County History Center.

Call 815.875.2184 for stock transfer instructions.

Real Estate
By making a gift of real estate, you can leverage a significant asset for your benefit and Bureau County History Center. While supporting the History Center’s mission, you can save on taxes, increase your income, and/or reduce the burden of maintaining or selling your property. Gifts can be made with residential, commercial, or undeveloped real estate.

Types of Gifts
You can make an outright gift of either a percentage interest or an entire property. By funding a trust or annuity with your gift, you can receive a well-managed income stream for life for you, your spouse, or other beneficiaries. You also receive an income tax deduction for a portion of your gift, avoid capital gains tax, and save on gift and estate taxes. In the future, your gift will benefit the Bureau County History Center according to terms you determine in conjunction with the History Center.

Through a retained life estate arrangement, you can donate your home to the Bureau County History Center and continue to live there for your lifetime. You are entitled to an immediate income tax deduction for a portion of the appraised value. Moreover, the property is removed from your estate for tax purposes. Should you decide to move out of your home, you and the History Center can sell the property together and divide the proceeds proportionately.

Alternatively, you may be able to transfer your remaining life interest to the Bureau County History Center in exchange for an annuity.

Personal Property
Gifts of tangible property can be an effective way to provide meaningful support for the Bureau County History Center. Depending on the asset given, the structure of your gift, and the purpose of your gift, there are various tax and financial benefits.

There are several Ways to Make your Gift:

• Make an immediate transfer of the property
• Establish charitable trust or gift annuity
• Provide for a bequest of the property through your estate plan

The Tax Benefits Can Include:

• Charitable income tax deduction and avoidance of capital gains tax based on fair market value of a gift of tangible property.
• Capital gains tax avoidance for a gift of tangible property to be sold by the Bureau County History Center to fund another purpose (e.g., operational or program support)
• Gift and estate tax saving

IRAs/Retirement Plans
You can designate the Bureau County History Center as a beneficiary of part or all the remainder of your IRA or retirement plan.

Distributions from retirement plans at the death of the survivor of the accountholder can be subject to both income and estate taxes. In a large estate, these taxes can leave less than 30 cents on the dollar of the plan’s balance for your children or other heirs.

By naming the Bureau County History Center as the beneficiary of the remainder of your retirement plan, 100 percent of the plan’s balance is available for the History Center’s use since the distribution avoids both income and estate taxes.

To Make This Gift:

• You must notify your plan’s administrator
• A change of beneficiary form will be required

Sample Beneficiary Designation Language for a Spouse and the Bureau County History Center:

The beneficiary is my spouse as long as he/she survives me. The beneficiary of any amount(s) remaining in the plan after the death of my spouse, or of the entire amount in the plan upon my death if my spouse does not survive me, or of any portion thereof that my spouse may disclaim, is the Bureau County History Center, for its general charitable purposes.

Life Insurance
If you have more insurance coverage than you need, you may consider giving the Bureau County History Center a paid-up policy. By transferring the ownership of your policy to the History Center, you receive a charitable income tax deduction equal to the policy’s cash surrender value or cost basis, whichever is less. Donor-Advised Fund A donor-advised fund (DAF) is like a charitable investment account that is set up for the sole purpose of supporting charities. Individuals can contribute cash, stocks, or other assets into the DAF and receive an immediate tax deduction. Those funds are invested for tax-free growth and the individual can recommend donations to charities of their choice over time. Donor-advised funds are the fastest-growing charitable giving vehicle because they are the easiest, and most tax-savvy way to give to charities like the Bureau County History Center.

How does a donor-advised fund work?

To establish the fund, an individual makes an irrevocable tax-deductible contribution (cash, stock, real estate, etc.) to a sponsoring organization, community foundation or financial institution.  Individuals receive a tax receipt and tax benefits when funds are deposited into their DAF. The DAF sponsoring organization oversees those funds as they grow tax free.

The assets within the fund now legally belong to the sponsoring organization but the DAF account holder retains advisory privileges over disbursements made from the DAF in addition to the investment strategy.

DAF account holders can recommend single or recurring donations to charitable organizations. Funds in a DAF can only be used to support organizations that are tax-exempt 501(c)(3) and classified as public charities under 509(a).

Once the DAF sponsoring organization approves, the recommended donation is made to the qualified charitable organization, such as the Bureau County History Center.

What are the benefits of giving through a donor-advised fund?

• Support a charity you believe in through strategic giving, over time.
• Maintain family involvement in charitable decisions.
• Create a lasting legacy.
• Take advantage of immediate tax benefits with the ability to distribute funds later.
• Consolidate all your charitable giving.
• Ensure that you meet and/or exceed standard deductions by combining donations of stock to a DAF.