Your Legacy,
Their Future

There are many ways to give!

Great schools make great communities. When you give to the Schools Fund, you’re making a gift to students, teachers and the future of your community.  Community members— parents, business owners, alumni and grandparents— support us in a variety of ways. You can give once a year or monthly, through stock gifts or retirement assets, at the Spring Luncheon and with employer matching gifts. Contact us if you have any questions. Make a contribution today!

Stock Gifts

Gifts of Stock

Gifts of stock or other appreciated property offer two-fold tax savings: donors pay no capital gains on increased value of the appreciated property, and they receive an income tax deduction for the full market value at the time of the gift. Transferring securities is easy. Just give your broker the following information:

BROKERAGE: Charles Schwab & Co.
ACCOUNT NAME: Berkeley Public Schools Fund
ACCOUNT NUMBER: 9324-6127
DTC NUMBER: 0164
CODE: 40

Please notify us if you are making a stock gift. This ensures that we can acknowledge your gift and send you a tax receipt.

 

 

Employer Matching

Many employers offer a Matching Gifts Program that can double or even triple your personal gift to the Berkeley Public Schools Fund. Please check with your Human Resources Department for details.

If you have questions about matching gifts, please contact us.

Donating Retirement Assets

Donating during your lifetime: In order to donate retirement plan assets during your lifetime you would need to take a distribution from the retirement account, include the distribution in your income for that year, account for any taxes associated with the distribution, and then contribute cash to the charity—with one exception. People who are age 70 ½ or older can contribute up to $100,000 from their IRA directly to a charity and avoid paying income taxes on the distribution. This is known as a qualified charitable distribution. It is limited to IRAs, and there are other exclusions and considerations as well.

As part of an estate plan: By contrast, there can be significant tax advantages to donating retirement assets to charity as part of an estate plan. When done properly, charitable donations of retirement assets can minimize the amount of income taxes imposed on both your individual heirs and your estate.

Retirement plan benefits are only payable to the employee or account holder who earned them, with a few exceptions for spouses or survivors. With the exception of a qualified charitable distribution as described above, distributions from non-Roth retirement plans are taxable as ordinary income to the person who receives them.

This is true whether the recipient is the original account holder or a beneficiary of the account holder. Unlike other inheritances that can be passed to heirs free of income tax, distributions from inherited retirement plans are taxable as ordinary income to the person who receives them.

When you name a charity as a beneficiary to receive your IRA or other retirement assets upon your death, rather than donating retirement assets during your lifetime, the benefits multiply:

  • Neither you and your heirs nor your estate will pay income taxes on the distribution of the assets.
  • Your estate will need to include the value of the assets as part of the gross estate but will receive a tax deduction for the charitable contribution, which can be used to offset the estate taxes.
  • Because charities do not pay income tax, the full amount of your retirement account will directly benefit the charity of your choice.
  • It’s possible to divide your retirement assets between charities and heirs according to any percentages you choose.
  • You have the opportunity to support a cause you care about as part of your legacy.

When you’re ready, making a charity the beneficiary of your IRA or other retirement assets is typically straightforward: Fill out a designated beneficiary form through your employer or your plan administrator. Most banks and financial services firms also have beneficiary forms, or they can provide you with suggested language for naming beneficiaries to these accounts. Once the designated beneficiary forms are in place, the retirement assets will generally pass directly to your beneficiaries (including charities) without going through probate.

If you are married, ask the plan administrator whether your spouse is required to consent. If required but not done, this could result in a disqualification of the charity as your beneficiary.

Be clear about your wishes with your spouse, lawyer and any financial advisors, giving a copy of the completed beneficiary forms as necessary.

Please contact your lawyer or financial advisor about the options that would work best for you and your family.

 

Bequests

An excellent way for you to support The Berkeley Public Schools Fund’s mission is to leave a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.

A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Charitable bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

Types of Bequests

There are a number of ways you can make a bequest to The Berkeley Public Schools Fund.

Specific Bequest

A specific bequest involves making a gift of a specific asset such as a car, boat or other property or a gift for a specific dollar amount. For example, you may wish to leave $10,000 to The Berkeley Public Schools Fund.

Percentage Bequest

Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 5% of your estate to The Berkeley Public Schools Fund.

Residual Bequest

A residual bequest is made from the balance of an estate after the will or trust has distrubted each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to The Berkeley Public Schools Fund.

Contingent Bequest

A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a car, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the car will go to The Berkeley Public Schools Fund.

Bequest Language

If you are considering making a specific bequest to The Berkeley Public Schools Fund, we recommend the following language:

Bequest of a Specific Dollar Amount

I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to The Berkeley Public Schools Fund, a nonprofit organization located at 2020 Bonar Street, Berkeley, CA 94702, Federal Tax ID #94-2918219, for The Berkeley Public Schools Fund’s general use and purpose.

Percentage Bequest

If you are considering making a bequest of a percentage of your estate to The Berkeley Public Schools Fund, we recommend the following language:

I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to The Berkeley Public Schools Fund, a nonprofit organization located at 2020 Bonar Street, Berkeley, CA 94702, Federal Tax ID #94-2918219, for The Berkeley Public Schools Fund’s general use and purpose.

Residual Bequest

I hereby give, devise and bequeath to The Berkeley Public Schools Fund, a nonprofit organization located at 2020 Bonar Street, Berkeley, CA 94702, Federal Tax ID #94-2918219, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for The Berkeley Public Schools Fund’s general use and purpose.

Contingent Bequest

If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to The Berkeley Public Schools Fund, a nonprofit organization located at 2020 Bonar Street, Berkeley, CA 94702, Federal Tax ID #94-2918219, DESCRIPTION OF PROPERTY to be used for The Berkeley Public Schools Fund’s general use and purpose.

Please contact your lawyer or financial advisor about the options that would work best for you and your family.

Thank you for your support!

Berkeley Public Schools Fund
PO Box 2066
Berkeley, CA 94702
510.644.6244
schoolsfund@berkeley.net

Tax ID

Tax ID #94-2918219