In an effort to ensure that our council can continue to offer the outstanding program it now has and grow to meet the needs of youth and our community, the Greater Tampa Bay Area Council created an endowment fund. The fund will ensure the successful delivery of the Scouting program for years to come. Estate planning is a great way to make a lasting contribution to Scouting while taking advantage of favorable federal and state tax laws.
Through proper estate planning you may be able to:
- Reduce income taxes, including capital gains
- Create a steady income stream for yourself and others for life
- Reduce the transfer tax, including gift and estate taxes
WAYS TO GIVE
Outright Gift – An outright gift allows you to give to Scouting while qualifying for income tax and charitable deductions, including possible avoidance of captial gains taxes. Gifts can include cash, appreciated securities, personal property and appreciated real estate.
Bequests – A will makes a statement about what matters most in your life. By making a will you ensure that your intentions are clearly expressed and will be followed by those administering your estate. That gives you the flexibility to provide for family, friends and charities such as Scouting. Gifts can be for a stated amount, a percentage of your estate or specific property.
Charitable Gift Annuity – This form of giving allows you to make a gift to Scouting while receiving a fixed income for life. It usually works best for people 65 plus years of age. To qualify, you must be age 50 or older. You’ll receive a guaranteed fixed income for life, income tax charitable deduction and no capital gains tax on transfer of assets.
Deferred Gift Annuity – This type of gift allows you to make a gift and receive a fixed income for life, payable at 50 plus years of age. You must be 30 or older to fund a deferred gift. You’ll receive an income tax charitable deduction and avoid capital gains tax on transfer of assets.
Charitable Remainder Annuity Trust – This vehicle allows you to make a gift and receive fixed income for life or a designated period of years. You must be 50 years of age or older to establish this trust. You still receive an income tax charitable deduction, no capital gains tax on transfer of assets, possible estate tax savings and fixed income for life.
Charitable Remainder Unitrust – Allows you to make a contribution and receive a fixed percentage for life or a designated term of years. You must be 50 years of age or older to establish this trust. You’ll receive an income tax charitable deduction, no capital gains tax on transfer of assets and it provides flexibility to meet your needs with a variable income for a set period of time.
Growth & Income Fund – You can give a gift where the rate of your income for life is determined by amount of contributions and earnings of the fund. You must be 50 years of age or older to establish this fund, and it is best for individuals looking for income growth over time. You’ll receive a variable income for life (initially low, but increasing over time), income tax charitable deduction and avoid all capital gains tax on transfer of assets.
Charitable Lead Trust – This is an individual trust with income coming to the Boy Scouts for the duration of the trust. It is benificial for those seeking to pass on assets at reduced estate and those who do not depend on current income. The income goes to the Boy Scouts and you may receive estate, gift and income tax deductions and avoid capital gains tax on the transfer of assets.
Retained Life Estate Gift – This is a gift of real estate that allows you to remain on and live on the property for life. It is a useful vehicle for those who wish to give real estate and receive the tax deduction now. It removes the real estate from your taxable estate, you’ll receive an income tax charitable deduction, avoid all capital gains tax on transfer and maintain the right to live there for life or an agreed upon number of years.
Most of these gifts will go to our endowment fund, unless specified otherwise by the donor.
James E. West Fellowship
James E. West served this movement as it’s first Chief Scout Executive. His name is included in the circle of founders who shaped our organization along with Baden Powell, Ernest Thompson Seton and Daniel Carter Beard. West was always looking to the future, and preparing young men to be productive citizens. It’s fitting that an award which bears his name would be given to others who are also forward thinkers.
The James E. West Fellowship Honor is presented to those who have made a gift of $1,000 or more to the council’s endowment fund. Only the interest generated from the gift can be used to further Scouting’s mission. This is a perpetual gift that will generate Scouting dollars forever. There is something quite noble about making an investment today in future generations of Scouts that we’ll never meet.
To download the James E. West application please click here. If you would like more information on how to make a gift to our Endowment Fund, please contact Bill Davis, Scout Executive at the Council Service Center (727) 391-3800 Ext. 205.
Members of the Heritage Society have given cash or a deferred gift of $5,000 or more to the endowment fund. Each year, new members are inducted into the Heritage Society at the annual Heritage Society Dinner in November.
The 1910 Society—For Gifts to Operating, Capital and/or Endowment Funds.
Founded in 1910, the Boy Scouts of America has grown into something larger and more significant than anyone anticipated. We honor that special year by presenting the 1910 Society award to donors who make gifts of $25,000 or more to their council.
These gifts can be in the form of cash, securities, land, five-year pledges, or other property suitable for a council endowment fund or easily converted to cash. Recognition in the 1910 Society honors four very special individuals who shaped modern-day Scouting:
1. Ernest Thompson Seton, nationally known artist and naturalist, author of the first official American Scout handbook and many other books important to Scouting;
$25,000 minimum gift
2. Daniel Carter Beard, first chairman of the National Court of Honor, national Scout commissioner, and author of many well-known books and stories for youth;
$100,000 minimum gift
3. Theodore Roosevelt, first Chief Scout Citizen, first vice president of the BSA, and U.S. president;
$500,000 minimum gift
4. Waite Phillips, one of the BSA’s first benefactors, and donor to the BSA of almost 130,000 acres of land in New Mexico which became Philmont Scout Ranch;
$1,000,000 minimum gift
Phillips Silver Level:
$5,000,000 minimum gift
Phillips Gold Level:
$10,000,000 minimum gift
The Founders Circle—For Gifts to Operating, Capital, and/or Endowment Funds
The Founders Circle is intended to recognize deferred gifts designated for council operating, capital, or endowment funds or unrestricted gifts to the council operating fund. With deferred giving (also called planned giving) so widely and effectively used by so many donors, the BSA wants to recognize the importance of such major gifts. Donors are recognized for gift commitments of $100,000 or more. Unlike the other major gift recognition awards, a donor may qualify for membership with gifts made through:
• Charitable bequests in a will or codicil
• Charitable trusts, such as unitrusts, annuity trusts, and lead trusts
• BSA Gift Annuities or BSA Pooled Income Fund gifts
• Life insurance/retirement plan designations
• Other deferred gifts approved by the local council
There are four levels of membership within the Founders Circle:
• Bronze $100,000 minimum gift commitment
• Silver $250,000 minimum gift commitment
• Gold $500,000 minimum gift commitment
• Platinum $1,000,000 minimum gift commitment
The early founders of the BSA had the vision and commitment to make Scouting the No. 1 youth organization in the world. In that spirit, we honor the modern-day visionaries who qualify for the Founders Circle by their commitment to perpetuate the visions and beliefs of those founders.
Many people wish to honor their friends and loved ones with a gift to Scouting. Memorial gifts of any amount are put into our endowment fund. Proper thanks are sent to the donor and gift notification cards are sent to a known living relative.
The Greater Tampa Bay Area Council would like to recognize those giving to the endowment at the annual Heritage Society Dinner in the fall of each year. Appropriate recognition is given to those who give generously to our endowment.
For more information please contact Bill Davis, Scout Executive, at 727-391-3800 Ext. 205.
– Information provided is for educational purposes only and is not intended to serve as tax or legal advice. Legal counsel should be consulted in all estate planning.
|A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE WITHIN THE STATE (800-435-7352) OR VISITING WWW.FLORIDACONSUMERHELP.COM. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE.|