Current & Planned Giving
Support the ongoing Mission of Mystic Whaler
Current Gifts
The following gift arrangements serve to support the Mission of Mystic Whaler today.
Cash
Gifts are designated as restricted or unrestricted. Unrestricted gifts enable Mystic Whaler to respond flexibly and quickly to immediate needs and new opportunities. Restricted gifts support specific and designated projects.
Securities
Gifts of appreciated securities provide immediate benefit to Mystic Whaler and, in many cases, tax deductions for the donor. Capital gains taxes can be avoided, and often, the full market value of appreciated securities can be deducted if they have been held longer than twelve months.
Real Estate & Other Personal Property
Real property is simply real estate—a home, farm, or other land. Your home, whether a single family home or condominium, has probably appreciated in value over the years so that its sale would result in a sizeable capital gains tax. By making a gift of property to Mystic Whaler/CCOAF you may be able to avoid capital gains taxes altogether. Gifts of tangible personal property such as art, antiques, rare books or coins, stamps, jewelry, or other objects offer another way of giving.
Planned Gifts
Bequests
Gifts by will may be for a specific dollar amount, a percentage of the total estate, or the residuum remaining after all debts, tax expenses, and other bequests have been paid. Specific bequests of property, such as real estate, may also be made.
Tax-Deferred Retirement Plan
You may also name Central Coast Ocean Adventures Foundation as a beneficiary in a tax-deferred retirement plan such as an IRA or 401(k) plan. The distribution from any of these plans would take place after your death and may be very tax-wise for you and your family.
Life Insurance
Policies that are no longer needed for family protection or business purposes make excellent charitable gifts, regardless of whether or not all of the premiums have been paid. When ownership of the policy is irrevocably assigned to Central Coast Ocean Adventures Foundation, the cash value of the policy is a tax-deductible gift, as are all future premium payments. By establishing new life insurance policies, specifically for Central Coast Ocean Adventures Foundation, a donor is able to make a substantial gift for a relatively modest annual outlay.
IRA Qualified Charitable Donations (QCD)
Are you 70 ½ with an IRA?
Lower your Tax Burden and help support the Mission of Central Coast Ocean Adventures Foundation!
Although the tax laws have changed to affect income and deductibles, there is still a way to benefit you and help CCOAF.
The IRA Qualified Charitable Donation (QCD) offers you a great opportunity – the functional equivalent of an income tax charitable deduction even if you don’t itemize. Because the direct distribution to charity is not included in your income, it is not subject to tax. And the IRA charitable rollover gift counts toward your annual required minimum distribution.
Keep in mind:
You must be at least 70 ½ years old at the time of the distribution.
Your IRA custodian must distribute it directly to Central Coast Ocean Adventures Foundation, a 501(c) 3 corporation. EIN 87-3405758
It cannot exceed $105,000 per year/per individual plan and no goods or services can be received.
Please note: The material presented here is intended as general information and should not be interpreted as legal, financial, or tax advice. Please consult with your attorney, tax advisor, and/or financial planner to discuss your individual situation.