Contribute to a Good Cause
There are many different ways to donate. We're here to help you determine the best plan for you and your generous gifts.
Disaster Relief
The Credit Union Foundation MD|DC helps with disaster relief by facilitating contributions to affected credit unions following disasters. Please visit the National Credit Union Foundation’s website for more information or to donate.
Planned Giving
The U.S. Government recognizes the value of charitable donations. They provide opportunities for donors to structure their gifts to maximize the benefit to both the donor and the recipient not-for-profit organization.
Bequests
Leaving a charitable gift through a properly structured will is the most common means of making a planned gift. Bequests of tax-deferred assets, such as remainder values in IRAs or other tax-deferred instruments, can also help you avoid huge estate taxes on those earnings.
Securities
Many well-intentioned donors have cashed appreciated stocks and donated the proceeds to their favorite charity. The unforeseen consequence? Paying capital gains on the sale. Had the donor instead transferred the shares of stock to a qualified charity, a tax deduction for the current market value would have been realized, and capital gains taxes would have been avoided.
Trusts
The IRS allows the establishment of trusts that enable the donor or designee to enjoy lifetime receipt of the generated income and transfer the remaining amount to a charity upon their death (a charitable remainder trust). Trusts can also be structured to allow a charity to enjoy the earnings during the lifetime of the donor, and transfer the trust to another individual (or individuals) upon their death (a lead trust).
Knowing your charitable options and discussing them with the charity of your choosing and your financial advisors can help you accomplish more with your charitable gift. And that’s the purpose behind planned gifts.
Contact Leigh Philibosian, Director, at (443) 325-0768 for more information on planned giving.
Skip-A-Pay
“Skip-A-Pay” promotions are a popular and growing member service. The concept is as simple as it sounds: eligible members with qualifying loan balances can elect to skip a payment at a frequency set by their credit union’s policies; usually once or twice a year.
Skipped payments are added to the end of the loan term, interest accrues during the skipped period, and a “skip fee” set by the credit union is assessed. Members find this service helpful when faced with unexpected expenses and around the holidays.
Money One FCU saw its “Skip-A-Pay” program as a way to help both its members and Foundation programs.
“It’s a simple concept,” said Beverly Zook, CEO of Money One FCU. “At the end of the year, we calculate the number of times members elected to skip-a-pay, multiply that by $2, and donate the resulting funds to support Foundation programs.
“We then promote the donation program to our members when discussing ‘Skip-A-Pay,’ so they know they’re helping to generate support for a great cause,” she added.
If your credit union offers a “Skip-A-Pay” program, consider sharing a portion of the program’s fee income with the Foundation. Your gift will be used to strengthen financial literacy offerings, training grants, scholarships, and other programs.