Establishing a Fund

Contributions to the Tidewater Jewish Foundation can be made today or in the future. Outright donations of cash, stock, insurance or real estate can be used to establish a current, named endowment fund. A deferred gift, from which the donor or any other beneficiary receives income for life, can also be made. A common way to contribute, of course, is through a bequest in a will and we have established the Simon Family Legacy Society to acknowledge those people who have made such provisions for the Foundation.

The purpose of an endowment fund can be broad or specific. Donors can support general community needs, a particular interest or an agency or specific program. One of our various fund types - unrestricted, restricted, philanthropic or a supporting foundation - should meet the charitable goals of every member of our Jewish community.

There are several steps to establishing an Endowment Fund with the Foundation.

• Determine the asset to be donated. 
• Identify the appropriate vehicle for making the gift. 
• Decide the purpose of the gift. 
• Consult with a professional advisor and/or the staff of the Tidewater  Jewish Foundation.

Determine the asset to be donated
The Tidewater Jewish Foundation accepts cash, appreciated stock and shares in a mutual fund, life insurance, Israel Bonds, real estate and personal property such as antiques and jewelry. The Foundation can also be named as a beneficiary of a retirement plan. Some of these assets are more appropriately used for one kind of gift than another.

Gifts of Cash
Establishing your fund within the Tidewater Jewish Foundation using cash is as simple as writing a check... 

Gifts of Stock
Donors enjoy a two-fold advantage in donating long-term appreciated assets: they avoid capital gains tax and receive a charitable tax deduction for the fill fair market value of the asset...

Life Insurance Policy
Using a life insurance policy insures our Jewish future in a unique and meaningful way. This method can be very cost-effective, especially for the younger donor....

Retirement Plans
These can be powerful tools for endowing a charitable legacy to the community while avoiding heavy estate and income taxes. Too often, the estate and income taxes imposed on these plans make them a poor choice for passing on to one's heirs...

Real Estate and Investment Properties
For some donors, gifts of real estate may be the most convenient way to make a meaningful gift as they continue to support the work of the Tidewater Jewish Foundation...

Other Options
There are many other ways to make a gift of almost any size...

Identify the appropriate vehicle for making your gift
Although many donors make endowment gifts using a variety of planned giving techniques, all donors make these gifts so that our Jewish heritage will survive and that the next generation will learn from our example of philanthropy.  Below are some of the methods you can use to establish your legacy for future generations.

Charitable Bequests
A charitable bequest is perhaps the easiest way to establish an endowment...A signed letter of intent to bequest a gift to the community will initiate the donor into the Foundation's new Simon Family Legacy Society...

Charitable Trusts
Charitable Trusts combine the best of both worlds - giving to the community and providing for your family. Through the different types of trusts you can make a gift to the Jewish community while retaining an income stream or preserving an asset for passing onto your heirs...

Ezra Charitable Gift Annuity
Balance your individual/retirement needs with your philanthropic interests. The Ezra Charitable Gift Annuity guarantees you income today and builds our Jewish community tomorrow...

Deferred Payment Gift Annuity
The Deferred Payment Gift Annuity (DPGA) is a variation on the Ezra Charitable Gift Annuity. A charitable gift is made today, giving you an immediate charitable deduction, but payments are deferred until later. A most important benefit of this is that the payout rate increases, in part, based on the length of the deferral period. You can craft the deferred annuity to suit a variety of financial planning needs...

Decide the purpose of your gift
The purpose of an endowment fund can be broad or specific. Donors can support general community needs, a particular interest or a favorite agency. We like to remind donors, however, to remember that endowment gifts remain in perpetuity and no one knows what the future needs of the community may be or what organizations will be operating, and therefore contingent beneficiaries should be considered.

Unrestricted Fund
Unrestricted endowments are the most important endowment funds. Donors setting up these types of funds place "no restrictions" on the use of the gift. These donors understand that the needs of the community change over time and therefore entrust current and future leaders to allocate their gifts wisely.

Unrestricted Funds provide the Foundation with financial reserves that may be used in times of emergency, or for pilot programs and projects that could not otherwise be funded through the Annual Campaign. Decisions on how best to use these funds are left to the discretion of the Foundation's Grants Committee, which regularly reviews proposals from area nonprofit organizations. These endowments are an investment in the well-being and security of the local Jewish community, Israel and throughout the world.

Endow your Annual Campaign Gift
Jewish tradition teaches us that we are one link in a long chain, and we must work to maintain continuity for those who will come after us.  To reinforce our connection to the future and provide a sound financial base upon which our community can build, many Foundation donors are endowing their gift to their Federation's (UJFT and UJCVP) Annual Campaign. This gift can be funded by a variety of methods: bequest, life insurance, trust, or a gift of cash or property.

Every year, in perpetuity, a Perpetual Annual Campaign Endowment (PACE) fund will make a gift in honor/memory of the donor(s) to the Annual Campaign. This is an important vehicle to ensure the stability and growth of our community's Annual Campaign.

The Lion of Judah Endowment (LOJE) program is a joint effort between the Foundation and the Women's Division of the UJFT and UJCVP. Women may establish an endowment fund at a minimum of $100,000, which will perpetuate their Lion of Judah gift to the Annual Campaign beyond their lifetime.

Donor-Advised Philanthropic Funds
A charitably-inclined donor or family can reap major tax advantages, flexibility and personal satisfaction by establishing a donor-advised philanthropic fund, managed by the Tidewater Jewish Foundation. One of the most rewarding aspects of establishing a Philanthropic Fund at TJF is that you can participate in the grant-making process.

Field of Interest Funds
In addition to the broad, collective needs of our community, there are scores of individual programs — charitable causes in themselves — that require dedicated, concentrated support.  You designate a field of interest, such as education or aid for the elderly, to which the income is dedicated, or you may create special programs, projects, scholarships and other resources that reflect your particular interests. Like other endowment gifts, Field of Interest Funds are often established in the name of an individual or family, or to honor a loved one.

Program Endowments
This new endowment initiative gives you an opportunity to contribute specifically to a community program to ensure that it thrives today and continues for tommorrow. You may choose to endow an entire program yourself, or join with a group of contibuting families to fund a program. Either way, you will be giving future generations a valued gift, one that will be remembered for years. For more info on program endowment opportunities click here.

Supporting and Private Foundations
This form of giving may be most suitable where substantial sums are involved. A supporting foundation bears your name, or any other designation requested. Upon establishment, the supporting foundation becomes directly affiliated with TJF, which qualifies is as a public charity even though it is a separate, non-profit entity. This qualification means that a supporting foundation avoids the excise taxes, restrictions and limitations imposed on a private foundation.

Then, consult with a Professional Advisor
At TJF, we are always available to answer questions. We encourage you to consult with a professional advisor before making any planned gift or endowment. If you do not have an advisor, we would be happy to recomend one that is knowledgeable about philanthropic giving methods and who will also protect your interests. “Please call us at (757) 965-6111 or email Randy Parrish, CPA, Chief Financial Officer, at rparrish@ujft.org.”