Like most non-
profit organizations, the Gala Pride and Diversity Center receives a large percentage of its support from donations.
When donating, we think of cash or in-
WAYS TO GIVE… HOW YOU CAN SUPPORT THE GALA PRIDE AND DIVERSITY CENTER MISSION AND VISION:
Most Americans vastly under-estimate their total net worth, since we mainly look at the balances in our checking accounts. But most of us have a variety of different assets, and these assets can be used to help support Gala Pride and Diversity Center’s mission. In addition to supporting a very important organization, there are also tax deductions that could save you significant dollars. Let’s look at the ways you can give…
IN-KIND These can be goods or services donated for an event or use at the Gala Pride and Diversity Center. As an example, the Hatler Memorial Library is made up primarily of donated books and videos.
CASH A gift of cash is always a good gift. The gift is deductive up to 5O% of your adjusted gross income (AGI), and any excess deductions can be carried over for an additional five years.
Other types of planned gifts…
There are many types of charitable gifts that will occur in the future and could provide annual income and significant tax benefits. You should always consult a professional tax adviser before considering these types of gifts.
APPRECIATED SECURITIES: Long-tern stocks, bonds or mutual funds that have increase in value make excellent gifts. You can deduct the fair market value in the year you make the gift AND avoid paying any capital gains tax. You can deduct up to 30% of your AGI for this type of gift with a five-year carry over provision as well.
REAL ESTATE: Home and land values on the Central Coast have made significant gains in recent years. A gift of real estate allows the donor to deduct the fair market value of the property, enjoy a 30% tax deduction and avoid paying capital gains tax.
BEQUESTS: Perhaps the easiest way to support Gala Pride and Diversity Center is to make a bequest through your will or trust. Your estate will receive a charitable deduction for the full amount given and avoid any estate tax issues.
CHARITABLE REMAINDER TRUSTS (CRT): This type of gift will provide you with an income for life. You contribute an asset into a trust. This trust pays either an annuity or a fixed percentage on an annual basis. When you or those you name in the trust pass on, what’s left in the trust (the “remainder”) will go to Gala Pride and Diversity Center. There are many advantages: You get an immediate income tax deduction and pay no capital gains tax on any appreciated property placed in the trust. You can even serve as the trustee for the CRT.
CHARITABLE LEAD TRUSTS: Somewhat the opposite of a CRT, where you place an asset in the trust and Gala Pride and Diversity Center would receive an annual payment from the trust as long as you live. When the trust terminates, all the principal is returned to you or your heirs.
LIFE INSURANCE: An un-needed life insurance policy can make an excellent gift. By naming Gala Pride and Diversity Center as the owner and beneficiary of the policy, you get an immediate deduction. You can also deduct future unpaid premiums on the policy. You can also keep ownership and name Gala Pride and Diversity Center as sole or partial beneficiary. Your insurance representative will have a designation form allowing you to name Gala Pride and Diversity Center as a beneficiary.
There are other planned giving techniques such as pooled income funds and gift annuities that might be available to help Gala Pride and Diversity Center.
The bottom line is that there are many creative ways to help Gala Pride and Diversity Center achieve its goals.
The important thing is to determine what you can give, the best method to give, then make the gift.
If you would like to make a monetary donation, please complete the form below. Thank you!
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Most of the work that the Gala Pride and Diversity Center does is performed by volunteers. Without them, we could not function.
We hope you will support us with your time and help us with the essential work we do every day in support of the Gala Pride and Diversity Center vision – to have a healthy gay, lesbian, bisexual, transgender community that is respected, embraced by, and of value to the broader Central Coast community.
Whatever level you choose to volunteer at
YOU ARE APPRECIATED!
Please take a moment to fill out the form below.
Gala Pride and Diversity Center welcomes all individuals regardless of ethnicity, ability, gender identity, sexual orientation and age. Stop by the Center for a cup of tea and a fabulous chat!
1060 Palm Street | San Luis Obispo, CA 93401
Phone: (805) 541-4252