The Whitefish Community Foundation is a 501(c)(3) nonprofit corporation able to accept donations through a variety of means. Donations are tax deductible under state and federal tax laws and may be made over the phone by calling 406-863-1781; mailed to P.O. Box 1060, Whitefish, MT 59937 or online on our secure donations page.
By Cash or Check:
This is often the most simple and easy way to make a charitable contribution. Cash gifts are 100 percent tax deductible. This gift, like others, may also reduce your taxable estate. You can designate your gift to one of several funds benefiting our community: Greatest Needs, Permanent Endowment, Community Grants, Great Fish Challenge Fund or any of the advised funds.
Start a new tradition. Send a Holiday Giving Card – an alternative gift idea that honors your family, friends, and clients. Your gift will make a lasting difference in our community throughout the year. LEARN MORE
Publicly Traded Securities:
A contribution of appreciated securities can produce significant tax savings to you. You receive a double benefit: an immediate charitable deduction for the fair market value of the securities you contribute, and you are not subject to any capital gains tax on the appreciation. Using securities to open a donor-advised fund provides the added benefit of one transaction yet the gift can be applied to several nonprofits through your grant recommendations. LEARN MORE.
By Will or Living Trust:
You have taken care of your loved ones and would like to leave something behind for your community. A charitable bequest is one of the easiest ways to make a gift that will make a lasting difference in the lives of others. The savings in estate taxes resulting from your gift to the community foundation can be dramatic. Bequests can take a variety of forms. You can leave the community foundation a specific sum of money, a percentage of your estate or a specific piece of property. For specific language to incorporate into a bequest to the Whitefish Community Foundation visit our page on Learn about Wills and Bequests.
Gifts of Real Estate:
Gifts of real estate can include a house, apartment building, farm, vacation home, commercial building, and land. You can make an outright gift of real property now or leave it as a bequest to the Community Foundation.
You can benefit today from a future gift of your principal residence or vacation home. You and your spouse can continue to live in your residence for life while obtaining a current income tax deduction. A qualified appraisal and title report are required.
Life Insurance Policies:
Many people find that the protection offered by their policies is no longer needed later in life. A life insurance policy can be an ideal tool for charitable giving. This gift may also give you both a current and future income tax deduction or your could use it to take advantage of the Montana Endowment Tax Credit.
Charitable Remainder Trust:
With a Charitable Remainder Trust (CRT), you can support your community while gaining an immediate income tax deduction, reducing estate taxes, potentially eliminating capital gains taxes, increasing income from your assets, and providing for yourself, your spouse, and your heirs. This very flexible planned giving strategy is best suited for gifts of over $100,000. A CRT is created when a donor makes a gift of an asset to the Foundation in an irrevocable trust in which income from the trust is distributed to the donor/beneficiary during his or her lifetime or a fixed term not exceeding 20 years. When the beneficiary dies, the assets of the trust belong to the Foundation. The IRS states that the CRT must distribute at least five per cent of the net fair market value of its assets annually.
Individuals 70 1/2 are now able to make their minimum IRA distribution directly to charity and not count it as income.
The process is easy: Once you are 70 1/2 (the six months is important) you are required to take your minimum distribution from your IRA. But, if you do not need the income and you do not want the income which could push you into a higher tax bracket, you can roll it over to charity. Have your financial advisor or the bank holding your IRA make the distribution check out to the Whitefish Community Foundation. Then, contact the Whitefish Community Foundation to arrange the designation on this gift. You can put it to work in any of the Foundation’s charitable funds (Endowment, Community Grants, Great Fish Challenge, Greatest Needs) or, you can designate it to the charities of your choice either directly, or through the Great Fish Challenge. The Community Foundation will make sure you receive the appropriate tax substantiation letter to provide to your accountant. LEARN MORE
Income taxes and estate taxes could take up to 80 percent of your IRA or qualified retirement plan. A good solution: create a Charitable IRA by naming the Whitefish Community Foundation as the beneficiary of your IRA or qualified retirement plan. You’ll completely avoid the double tax bite of estate and income taxes and create a permanent charitable legacy.
Charitable Gift Annuity:
Charitable gift annuities allow you to make a significant gift to benefit the community while receiving fixed payments for life, regardless of the economic climate. A charitable gift annuity is a simple contract between you and the Community Foundation. In exchange for your contribution, the Community Foundation agrees to make fixed payments for the life of one or two beneficiaries. The payments are based on the age of the beneficiary(ies) and are insured. A portion of the initial gift may be tax-deductible and a portion of the fixed payments may be tax free. When the contract ends, the remainder is used to support the work of the Community Foundation and the charitable causes and organizations that are important to you. A planned gift through a charitable gift annuity may also enable you to take advantage of the Montana Qualified Endowment Tax Credit.
Open a Donor Advised Fund with the Whitefish Community Foundation and we will help you manage your giving and ensure that your gift makes the most impact in your community. Visit the Charitable Funds page for more information.
For more information, answers to your questions, or a free consultation, please contact the Whitefish Community Foundation through our contact us page or at 406-863-1781. We will be pleased to work with you, your family, and tax advisor to carry out your philanthropic goals.