Planned Giving at Project H.O.M.E.
Since 1989, Project H.O.M.E. has been a leader in Philadelphia 's movement to end homelessness and poverty. Project H.O.M.E. is also a prolific developer of special needs housing for homeless and formerly homeless people and an innovator in community and economic development programs designed to address the systemic causes of homelessness and poverty. Due to Project H.O.M.E.'s programs and advocacy efforts, great strides have been made to eradicate homelessness and poverty in Philadelphia. Project H.O.M.E.'s work has made this region a better place for all members of the community to live, work and invest.
But, the need for affordable housing, educational and occupational opportunities for all members of our community, supportive services for people with special needs, and advocacy efforts to lend a voice to often-marginalized members of our community, will not go away in our lifetime. Future generations will continue to need affordable housing, educational and occupational services, and supportive services to prevent homelessness and poverty. Today, you can help by joining Project H.O.M.E.'s 1989 Legacy Society . The 1989 Legacy Society helps to ensure that Project H.O.M.E.'s work continues and ensures that we do not forget that "none of us are home until all of us are home."
The 1989 Legacy Society is Project H.O.M.E.'s program for honoring and recognizing those who share our vision for the future and have arranged a bequest or planned gift to Project H.O.M.E. Anyone who notifies Project H.O.M.E. that the organization is named as the beneficiary of a gift through his or her estate/will, or through a planned gift during his or her lifetime, will be a member of this future-thinking society.
You can:
• Name Project H.O.M.E. as a beneficiary in your will
• Name Project H.O.M.E. as a beneficiary of your 401(k), 403(b), IRA, SEP, or similar beneficiary retirement plan
• Name Project H.O.M.E. as the beneficiary of a bank account, brokerage account, or similar arrangement
• Name Project H.O.M.E. as a beneficiary of a fully paid life insurance policy
• Establish a charitable remainder trust, a charitable lead trust, or a charitable gift annuity through The Philadelphia Foundation to benefit Project H.O.M.E.
• Make a gift through a revocable living trust
• Make a gift of real estate
• Make a stock gift
Your bequest can help ensure that in the future all Philadelphians have a safe, affordable place to call H.O.M.E. It can also offer practical advantages to you and your heirs, because charitable gifts are 100 percent deductible from your taxable estate. In addition, for those who don't feel they have the liquidity right now to provide a major gift to Project H.O.M.E., planning a future gift may be the best option.
Specific and Residuary Bequests
You can shape a specific provision into your bequest, such as restricting the funds to a particular Project H.O.M.E. program or to fund Project H.O.M.E.'s endowments. Project H.O.M.E. has an endowment to provide future support to the Honickman Learning Center and Comcast Technology Labs ("HLCCTL endowment"), and an endowment to provide future support to its homeless and residential services ("Homeless and Residential Reserve"). Project H.O.M.E. prefers a minimum of $50,000 to endowment-restricted donations. A specific bequest directs a dollar amount or particular assets such as securities, real estate, or tangible personal property be given to Project H.O.M.E. You can also specify where the donation should go, but make a residuary bequest. Through a residuary bequest, Project H.O.M.E. receives all or a percentage of the remainder of your estate after specific amounts bequeathed to other beneficiaries have been distributed and estate-related expenses have been paid.
In 2010, Project H.O.M.E. partnered with The Philadelphia Foundation to provide administrative support and technical expertise for planned gifts earmarked for a specially-created Project H.O.M.E. Endowment Fund at the Foundation. Established in 1918, The Philadelphia Foundation is a public charity and a community foundation pool of more than 775 charitable trust funds created to benefit our local region. Contact Project H.O.M.E.'s Development Department to learn how to work with The Philadelphia Foundation to establish the proper planned giving vehicle or language.
Gift to Unrestricted Operating Support
Or, you can make an unrestricted gift that offers Project H.O.M.E. the flexibility to use your funding where it is needed most. Project H.O.M.E. truly relies on unrestricted gifts to operate on a daily basis, as nearly 65% of our operating budget comes from non-governmental funds.
Life insurance needs change regularly, and you may own a life insurance policy that you no longer need for the reason it was originally purchased-if, for example, your children are all grown and financially secure or your mortgage is paid off. One way to make a significant gift in the future to Project H.O.M.E. is to name it as a beneficiary of your life insurance policy. You can retain the ownership of the policy and pay all the premiums. This does not provide tax benefits during your lifetime, but the death benefit is deductible from your estate as a charitable gift. Alternatively, you can transfer ownership of a fully-paid life insurance policy to Project H.O.M.E. and then enjoy an immediate charitable income tax deduction . You can also use money that you may not currently need-such as social security benefits-to purchase a life insurance policy naming Project H.O.M.E. as the beneficiary. This will give you the ability to make a more significant future gift to Project H.O.M.E. than you could make if you simply donated the social security benefits during your lifetime.
A charitable remainder trust can provide income for a family member or friend. The trust can be established with cash, appreciated securities, or real estate. Project H.O.M.E. receives the remainder after a specified number of years or after the trust beneficiary dies.
With a charitable remainder trust , you transfer assets to a trustee. The trustee then provides regular payments, based on a percentage of the trust's principal, to you and/or others for life or a specified period (not to exceed 20 years). Later, Project H.O.M.E. receives what remains-the "charitable remainder"-of the trust assets. The minimum amount to establish a trust is cash or assets worth $100,000.
A charitable remainder annuity trust (CRAT) is similar to a remainder trust, but it offers fixed payments based on the initial trust value. And a charitable remainder unitrust (CRUT) is also similar to a remainder trust, but it offers payments that vary according to investment performance from year to year.
Benefits: You can get a charitable income tax deduction for present value of the estimated remainder that will go to Project H.O.M.E. and avoid capital gains taxes if the trust is established with appreciated assets AND you or your designated beneficiaries receive stable, predictable income for life or a term of years.
A charitable lead trust can be established when you transfer assets of at least $250,000 to a trustee and the trust pays an annual sum to Project H.O.M.E. for a set term, typically 10 to 20 years. When the term ends, trust assets are transferred to your children or grandchildren.
Benefits: Through a charitable lead trust, the payments to Project H.O.M.E. offset gift, estate, and generation-skipping taxes and thus save you money; the longer the trust term and the higher the charitable contributions, the lower the taxes due.
A charitable gift annuity can be established with a minimum of $10,000 and is a way to make a gift to Project H.O.M.E., and still receive an income for yourself or others. Payments from a charitable gift annuity are fixed from the outset. They will neither increase nor decrease, no matter happens to interest rates or the stock market.
In 2010, Project H.O.M.E. partnered with The Philadelphia Foundation to provide administrative support and technical expertise for planned gifts earmarked for a specially-created Project H.O.M.E. Endowment Fund at the Foundation. Contact Project H.O.M.E.'s Development Department to learn how to work with The Philadelphia Foundation to establish the proper planned giving vehicle or language.
Tax ID number: 23-2555950
For a copy of Project H.O.M.E.'s 501(c)(3) determination letter, contact the Development Department at 215-232-7272.
How to Make a Gift of Securities
All donors must complete a Stock Gift Information Sheet and fax to Rita Shafter of Cornerstone Advisors Asset Management, Inc. at 610-867-8614 prior to transfer. To request a Stock Gift Information Sheet, contact the Development Department at 215-232-7272.
The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.
