Endowment Fund - An Ongoing Gift
- Endowment giving is the gift that assures the center of continuing program with special equipment and transportation. Our special appeal goes out to generous communities, churches, and organizations which have made all efforts possible.
- The Lorain County Board of Mental Health, the United Way of Lorain County, and local foundations provide funds, but nearly one-half of the Lucy Idol Center’s budget is possible by gifts.
- The Lucy Idol Center Endowment Fund is a permanent fund that provides steady, secure income to meet operating costs and helps to attract additional major funding by foundations.
- With such a plan, donors know specified contributions are on-going gifts held as investments to provide dividends and interest continuously for many years.
- Bequests and memorial contributions can remain in tact, continuing to serve as attributes.
- The Community Foundation of Greater Lorain County monitors and invests all of the Lucy Idol Center’s Endowment in a specified account.
How Can You Help? Ways of Giving
There are a number of alternative ways you may choose from to make your gift to the Lucy Idol Center Campaign. The amount and manner of your support will depend upon your personal or family circumstances, your financial resources, and your interest in the programs and services of the Lucy Idol Center. However, please be assured that every gift is vital to our goal and received with our deep appreciation.
Gifts of Cash
Most gifts to the campaign are made in the form of a pledge, satisfied by cash contributions over a three year period. Such offerings permit clients to experience various therapies, training, and group programs that might otherwise be denied them.
Securities and Real Estate
A donation of such holdings, especially when appreciated in value, can provide tax advantages for the donor and financial assistance to the center. A donor may realize a substantial tax advantage by giving appreciated securities.
Matching Gifts
Please check to determine if your employer has a matching gifts program. If so, obtain the proper form and include it with your pledge. This is an easy way to increase the value of your gift.
Planned or Deferred Gifts
This category of charitable giving can provide a donor with ways to give much higher levels of support.
Bequests
A stipulation in your will to leave a portion of your estate to the Lucy Idol Center Endowment Fund as an on-going benevolent provision. A bequest can be an extraordinary gift opportunity, and therefore provide the satisfaction. that a predetermined portion of the donor’s estate will support a cause of significant interest and concern. The donor’s attorney needs to work out the details of how the donors’ wishes are best carried out and provide for that through preparing a will or adding a codicil to an existing will.
Life Insurance
Life insurance is an effective way to make a deferred gift to the endowment at a much higher level than possible with a current cash gift. Policies may be ‘signed over” to the Lucy Idol Center and the donor may claim the cash surrender value of the policy as the charitable deduction.
Trusts
The Charitable Lead Trust and Charitable Remainder Trust are both giving options that may provide significant benefits to both the donor and the Lucy Idol Center under certain circumstances. These options should be discussed by a donor with their tax advisor first. If you are interested in exploring any of these alternative Ways of Giving, please contact the Lucy Idol Center office, at 1-440-967-6724. In all cases, a donor should work with their tax advisor or attorney before entering into a deferred gift. Contributions are tax deductible to the full extent provided by the law.
