What is Planned Giving?
Planned giving is a method of supporting the CLA that enables you, the donor, to make larger gifts than typically could be made from your annual disposable income. The benefits of funding a planned gift can make charitable giving very attractive to a donor and CLA by maximizing the gift and helping to minimize its impact on the donor’s estate. A planned gift is any major gift, made in lifetime or at death as part of a donor’s overall financial and/or estate planning.
The CLA currently holds three existing endowment funds actively managed by a Registered Investment Advisor along with another fund which benefits the CLA that is held by the Community Foundation. A donor can designate a gift to any one of the named endowment funds. If a gift is received by CLA and doesn’t indicate a specific fund, then the gift will be used to support the Chautauqua Lake Management Fund:
Chautauqua Lake Management Fund
Designed to provide unrestricted support for annual lake maintenance services and off season preventive maintenance while upholding the Mission of the CLA.
Summer Employment Fund
Designed to support the training and employment of young adults working on summer crews.
Scientific & Public Education Fund
Designed to support required annual scientific monitoring in addition to supporting public outreach programs.
Westrom Fund (CRCF)
Designed to support operations and the upkeep and replacement of equipment.
Donations made to the Westrom Fund should be mailed directly to CRCF/Westrom Fund (Click Here for More Information)
Gift Planning
Your support makes a difference to the economic development of our area. It provides funding for the summer help, maintenance & upgrade of equipment essential to our lake maintenance program and promotes scientific studies essential to the future of Chautauqua Lake. Your meaningful gift provides the CLA with future support to maintain our mission to be stewards of the lake well into the future for generations to enjoy.
Ways to Make Your Gift to the CLA
- Bequest Intentions: Your charitable bequest of an asset or percentage of your estate could provide your estate with valuable tax savings. See below.
- Retirement or Life Insurance: Include the CLA as a beneficiary. See below.
- Outright Gifts: Make a one-time donation or annual gift by clicking here.
1. Bequest Intentions – Gifts That Cost You Nothing Now
Once your family and loved ones are provided for, consider giving a gift to the Chautauqua Lake Association in your will or trust or by beneficiary designation. These gifts cost you nothing now. You can change your beneficiaries at any time. Even better, your love for the lake will be your lasting legacy. Please let us know if you’ve included a gift for the CLA in your will or trust or by beneficiary designation. Providing us with documentation is the best way to ensure that your wishes are honored.
A gift designated in your will: Designating a gift to the Chautauqua Lake Association in your will is very simple. Here are some popular ways it can be done.
A general gift in your will: donor provides a gift of a stated sum of money in their will or living trust, typically personal property or assets which is paid directly to the CLA upon their death.
A residual gift in will: donor provides a percentage of the remainder of their estate after other bequests, debts and taxes have been fulfilled which is paid directly to the CLA upon the estate being settled
A specific gift in will: Donor provides a specific dollar amount or stated percentage of their estate or a specified gift in kind (collections, art, books, jewelry, and so on) which is paid directly to the CLA upon their death.
2. Retirement/Life Insurance Planning – Gifts That May Reduce Your Taxes
There are a variety of ways to continue your support for the CLA that may help reduce income taxes, estate taxes and capital gains taxes.
Beneficiary Designation: A gift by beneficiary designation is one of the easiest gifts to give. It costs you nothing now. It doesn’t require an estate plan or a lawyer. And you can change your beneficiaries at any time. You can name the CLA as a beneficiary of your retirement account, life insurance plan, bank account, or other assets. It’s as simple as requesting a change of beneficiary form from your plan administrator and adding Chautauqua Lake Association as a full or partial beneficiary. Forms are often available online.
Retirement Plan: Retirement plan gifts are a popular gift option for many supporters because retirement plans are taxed differently than most assets, they may actually become a tax liability. Naming the Chautauqua Lake Association as a beneficiary of your retirement account can be an attractive option for leaving a legacy, reducing income and possibly estate taxes for your loved ones.
Income taxes to your beneficiaries on retirement assets can be as high as 35%. This means, for example, that a $100,000 IRA will be worth only $65,000 when it gets to your loved ones.
Naming the CLA as a beneficiary of your retirement assets generates no income taxes. The Chautauqua Lake Association is tax exempt and eligible to receive the full amount, bypassing any income taxes. This means, for example, that a $100,000 IRA given to the CLA will be worth the full $100,000.
Contact your plan’s administrator to specify The Chautauqua Lake Association as a beneficiary. Our Federal Tax ID Number is 16-0772742.
Life Insurance Plan: A gift of life insurance is an affordable way to secure tax savings during your lifetime while continuing your support for the CLA.
- You can give a significant gift from disposable income at a fraction of the value.
- Tax savings can be immediately realized.
- Your donation could reduce final taxes of your estate.
- Insurance gifts pass outside of the estate.
Gifts of Real Estate: When you transfer ownership of real estate to the CLA, you can reduce your taxes by deducting the appraised value of the property from your income tax liability and by avoiding capital gains tax liability. This kind of gift also removes the property from your estate and relieves you of any future management worries.
Gifts of Stock: By giving stock, bonds, and mutual funds that have appreciated in value, you may receive a charitable income tax deduction for the full market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in the value of the stock.
CDs, Bank Accounts, and Brokerage Accounts: Naming the CLA as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to care for and protect Chautauqua Lake for years to come.
Consulting estate-planning professionals will help ensure that your wishes to make a lasting impact will be fulfilled. For more information on any planned giving opportunities, please contact CLA Executive Director Doug Conroe at 716-763-8602 or email doug@chautauqualakeassociation.org