The best assets to donate

Most of us think of writing a check or going online to make a donation. While giving cash is a good option, sometimes there are better choices.

Take stock. Let's say you bought a share of stock for $10 two decades ago, and today the stock is worth $100. If you sold that share, you would have to pay capital gains tax on $90 ($100 minus the original buying price). But if you donate the share of stock, not only are you free of capital gains taxes, you get a charitable deduction based on the entire $100.

The community foundation can accept any of the following assets. Some may be more advantageous to you than others. When making a gift of considerable size, we recommend you speak to a professional advisor.

  • Cash. This is the easiest gift to make. Simply write a check to the Hampton Roads Community Foundation and bring or mail it to 101 W. Main Street, Suite 4500, Norfolk, VA 23510. You can also donate online by credit card using our secure website. To use a wire transfer, please contact us at (757) 622-7951.
  • Securities. A donation of securities (stocks, bonds or mutual funds) offers you advantages and significant tax savings. If your securities have appreciated and you have held them for at least 12 months, you can deduct the full fair market value and not pay capital gains taxes. We make it easy to make a securities transfer
  • Real Estate. We accept gifts of real estate on a case-by-case basis. Your gift should result in a charitable fund of at least $100,000. If you have owned the property for more than 12 months, you may qualify for a tax deduction based on its fair market value.
  • IRAs. You can employ your IRA two ways for charitable purposes, and both should bring you tax benefits. Arrange for all or some of your IRA assets to go to the community foundation as part of your estate planning. Or, if you are 70-1/2 or older donate up to $100,000 this year (and any other year) without incurring capital gains tax on the charitable distribution. Click here for step-by-step details on transferring IRA assets to build your charitable legacy. 
  • Other assets. Please contact us if you are considering donating limited partnerships, closely-held stock or other assets.

The Versatile Rollover IRA

Start a fund, add to one, or give to something special,
and avoid those pesky capital gains taxes

If you are 70-1/2 or older, you have a very special option for giving. The IRA Rollover Act, made permanent in 2015, allows you to donate up to $100,000 of your IRA assets without incurring any capital gains taxes.

You have three choices working through the Hampton Roads Community Foundation:

  1. Start your own fund
  2. Add to your existing fund
  3. Give to something special.

Instructions for transferring IRA assets to the community foundation