Legacy Donor Program
Rotary Club of Tulsa Foundation
The Rotary of Club of Tulsa Foundation ("Club Foundation") was formed in 1972 by then Rotary Club of Tulsa President Allan J. Edwards, Jr. and the Club's Board of Directors as a 501(c)(3) organization to help local charitable causes and organizations. Since then, the Club Foundation has contributed over $1 million in grants to about 100 non-profit organizations in the Tulsa area.
With the expansion of our Club's International Projects, including the Nicaragua Water Well Project, the Club Foundation recently changed its name from the Tulsa Rotary Community Fund, Inc. to the Rotary of Club of Tulsa Foundation, Inc. to reflect its mission of supporting both local and international causes and charitable organizations. As of April, 2010, the Club Foundation has grown to exceed $2.5 million thanks to generous donations by Club members, other donors and from the Club's major annual fundraiser, the Henry P. Iba Citizen Athlete Awards.
The Club Foundation Development Committee has recently established the following Planned Giving Program, similar to the program used by The Rotary Foundation for its members and supporters to make gifts to its Permanent Fund.
Club Foundation Planned Giving Program
Under the Club Foundation Planned Giving Program, there are many ways you can contribute to the Foundation and these are summarized as follows: 1) Outright, Memorial and Tribute Contributions, 2) Gifts of Stocks and Mutual Funds, 3) Gifts of Real Estate, 4) Legacy Gifts (similar to The Rotary Foundation's Benefactor Gifts, 5) Gifts of Life Insurance, 6) Planned Giving, and 7) Donor Advised Fund.
Outright, Memorial and Tribute Gifts
There are several ways to make outright, memorial and tribute gifts to the Club Foundation:
Check
Make your check payable to the "Rotary Club of Tulsa Foundation" and send it to our office address below:
Rotary of Club of Tulsa Foundation
616 South Boston Ave Suite 410
Tulsa, OK 74119-1208
Credit Card
To make a contribution with your credit card, please call the Rotary Club of Tulsa Office at 918-584-7642.
- Online contributions (this will be set up soon whereby you can make gifts by bank account or credit card securely on this website).
- Outright, memorial and tribute gifts using our online contribution form (this will be set up soon whereby you can download our contribution form and mail it to our office).
- The Rotary of Club of Tulsa Foundation tax identification number is 23-7225396.
Tangible Personal Property
Gifts of tangible personal property, such as jewelry or artwork, are given careful consideration on a case-by-case basis. Club Foundation general guidelines specify that gifts of jewelry be worth at least $5,000 and gifts of artwork be valued at a minimum of $10,000. Gifts must also be accompanied by a written proposal, which must include a qualified appraisal, photograph, and supporting materials, such as authentication papers.
If you are interested in making a gift of tangible personal property, contact the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
Stocks and Mutual Funds
Contributing appreciated securities to the Club Foundation may benefit you in two (2) ways:
- You may avoid paying capital gains taxes
- You may receive a charitable tax deduction
Stocks and mutual funds may be transferred either electronically or by mail. If you are interested in donating U.S. stock or U.S. mutual funds or for additional information on making a gift of stock, or if you are interested in contributing mutual funds, bonds, or closely held securities, contact the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
Club Foundation-Direct Electronic Fund Transfer
Donors can automatically transfer funds from their checking, savings, or credit card accounts to the Rotary Club of Tulsa Foundation through electronic fund transfers.
To enroll in this program, donors must either complete an ACH authorization form (obtain from the Rotary office) and send it to the Rotary office or set up the electronic fund transfer with their financial institution. Donors who wish to contribute from a checking or savings account should include a voided check from the checking account or a deposit slip from the savings account.
Real Estate
Making a gift of real estate to the Club Foundation may afford you financial benefits. Consult your financial adviser about your personal circumstances.
To initiate the process, you must obtain an independent qualified appraisal of the property. The property's value should be at least $50,000 (or $25,000 for undeveloped land) if you wish to make an outright gift to the Rotary Club of Tulsa Foundation. If you are interested in funding a charitable remainder trust, the property should be worth at least $100,000.
If you believe that a gift of real estate could benefit you and the Foundation, contact the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
Legacy Donor Program--Charitable Bequests
Rotarians and friends may participate in our Legacy Donor Program by designating a portion of their assets in their estate plans to benefit the Rotary Club of Tulsa Foundation. Charitable Bequests made through living trusts or wills play an important role in securing the future of the Foundation's programs by building the Foundation. These commitments also enable individuals to make gifts that may not have been possible during their lifetimes. Bequest commitments of $25,000 or more qualify you for membership in the Allan Edwards Society. Additional information on the Allan Edwards Society can be obtained by contacting the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
Charitable Bequests can take several forms:
- Specific bequest - Gives the Foundation a specific piece of property: "I give 500 shares of stock to the Rotary Club fo Tulsa Foundation."
- Residual bequest - Designates all or a portion of whatever remains after all debts, taxes, and expenses have been paid: "I give ten percent (10%) of the next residue and remainder of my estate to the Rotary Club of Tulsa Foundation."
- Contingent bequest - Takes effect only under certain conditions: "In the event that my spouse does not survive me, I give to the Rotary Club of Tulsa Foundation, an Oklahoma not-for-profit corporation, the amount of $___________."
The Club Foundation cannot provide legal or financial advice. We urge you to meet with your legal representative or financial adviser to determine the appropriate way to give and the best language to use when making a bequest.
Once your gift is finalized, please allow the Club Foundation to thank you by completing a "Legacy Program Donor Form" (pdf).
Life Insurance
By making a gift of life insurance to the Club Foundation, you help secure the future of the Club Foundation programs. Donors who irrevocably assign ownership and beneficial interest to the Foundation in a policy may also qualify for a charitable tax deductions.
For more information about Life Insurance Gifts, contact the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
Planned Giving
The Rotary Club of Tulsa Foundation offers many ways for you to help further its mission. Here are some of the available planned giving options:
- Life income agreements
- Charitable bequests
- Life insurance
Life Income Agreements
Have you ever thought about making a contribution to the Rotary Club of Tulsa Foundation during your lifetime but were concerned about outliving your resources, meeting family obligations, or preparing for retirement? With careful planning, it's possible to enjoy the advantages of a life income gift and turn appreciated assets into an income for yourself or others. Life income agreements are one way to make a significant charitable contribution during your lifetime while furthering your financial plans and security.
Benefits
- Annual payments for you or another beneficiary
- Immediate federal income tax deduction
- Potential estate tax savings
- Increased income from low-yield assets
- Avoidance or reduction of capital gains taxes on gifts of appreciated assets
- Opportunity to be recognized as a Legacy Donor to the Rotary Club of Tulsa Foundation
- Satisfaction in knowing that your contribution will make a difference in many lives
Types of Life Income Agreements
1) Charitable Gift Annuities
In exchange for your gift of cash or marketable securities to the Rotary Club of Tulsa Foundation, you (and another beneficiary or survivor) receive guaranteed fixed payments for life. Under the terms of a charitable gift annuity agreement, you make a gift of cash or publicly traded securities and, in return, collect regular payments for life that never change in size or frequency, regardless of changes in the economy. Payments to you (and another beneficiary, if you wish) are backed by the Club Foundation's available assets.
The number of annuitants and their ages determine the payout rate. See the gift annuity rates table for examples. The Club Foundation receives the charitable portion of the gift upon the death of the last annuitant. Donors interested in the stability of fixed payments tend to favor this type of life income agreement.
2) Deferred Charitable Gift Annuities
Like the charitable gift annuity, the deferred charitable gift annuity is a simple agreement with regular payments that never change in size or frequency, regardless of changes in the economy. However, with a deferred charitable gift annuity, these payments are postponed for a specified time (at least one year after the date of the gift).
The size of the payment you receive each year depends on the amount transferred, your age now, and your age when the payments begin. You receive a charitable income tax deduction in the year of the gift. Because you identify the date to begin payments, this life income agreement is a helpful retirement and tax planning tool.
3) Charitable Remainder Trusts
A charitable remainder trust is a trust into which you irrevocably place assets in exchange for an income, either for life or a certain number of years. These trusts allow you to reduce capital gains taxes on gifts of appreciated property and are a great strategy for incorporating charity into your estate plans.
A charitable remainder trust can be funded with cash, real estate, publicly traded stock, closely held stock, bonds (including tax-exempt bonds), and certain other assets. You will receive income at a rate agreed upon by you and the Foundation, with a minimum of five percent (5%) of the initial trust principal. There are two (2) types of charitable remainder trusts:
- Unitrust - Income fluctuates annually with the trust's fair market value
- Annuity trust - Income payments are fixed and determined when the gift is made
More Information
For more information on Life Income Agreements, contact the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
Donor Advised Funds
In association with the Tulsa Community Foundation (www.tulsacf.org), setting up a donor advised fund for the benefit of the Club Foundation is a convenient way to simplify your charitable giving and take advantage of tax savings at the same time. A donor advised fund account is similar to an investment account earmarked exclusively for charitable giving. It allows you to make contributions and grant recommendations to the Club Foundation and other preferred charities at your convenience. In many ways, it is like having your own Foundation to support your favorite causes, but without the hassles and paperwork.
The Tulsa Community Foundation is a tax-exempt, public charity organized in 1998 to be the recognized, community-owned organization that initiates, teaches and encourages personal and corporate charitable giving today to ensure that the philanthropic needs of Oklahomans can be met for all generations. Tulsa Community Foundation is the largest community foundation in America. You can contact TCF at 7030 South Yale Avenue, Suite 600, Tulsa, OK 74136, 918-494-8823, Phil Lakin, Jr., CFRE, Chief Executive Officer, PLakin@tulsacf.org.
Benefits
Donor advised fund accounts offer these benefits:
- Support to the Club Foundation and other preferred charities
- Immediate tax benefits
- Professional asset management
- Flexibility to make grant recommendations suited to your timetable
- Easy record-keeping and tax reporting
- No start-up fees
More Information
For more information about Donor Advised Funds, contact Rotarian Phil Lakin, Jr. by email at PLakin@tulsacf.org or the Club Foundation Development Committee Chairperson by email at plannedgiving@tulsarotary.com.
