The FRANKLIN & GROVE CITY YMCAs rely on YOUR generosity to serve our communities. Please consider donating today! Click here.
There are a variety of gift plans that are being employed by friends of the YMCA to meet personal and family tax; estate, and charitable planning objectives. This effort is the main funding source for capital needs and development for the respected branches. A promising future is promised by individual supporters securing our heritage.
The Franklin Foundation is a independent board committed to managing the FRANKLIN YMCAs endowed finances. We would like to thank the Foundations Board of Trustees for their dedication to the future of the FRANKLIN YMCA.
President Bill Cisek, Treasurer John Malarkey, Andy Restauri, Roger Virgile, Bob Miller, Beverly Lake, Wendy Thompson.
The Grove City Endowment and planned giving is managed by David Cashdollar of Cashdollar & Associates, Walnut Street Securities. In 2007, the GROVE CITY YMCA Endowment total reached $162,656 with respect to 46 individual donors. We would like to formally thank and recognize David Cashdollar for his passion and commitment to the YMCA as well as thank our individual endowment supporters of past and present:
Carbis Walker, LLP, Cunningham Funeral Home, Inc., In Memory of Larry McCandless, Forta Corp. Roger B. Lindh, First National Bank, Kathleen & David Cashdollar, Grove City Foundation, Megan & Bruce Smith, McGill, Power, Bell & Ass. LLP, Pine Grove Golf Course, Citizens Bank, Lyla Montgomery, Missy Montgomery Memorial, Debra Montgomery Memorial, Brandi C. Montgomery Memorial, Steve & Mindy Steigerwald, Beth & Phil Gasiewicz, National City Bank, Pine Instument Co., Nealy Cashdollar & Associates, Dan & Valarie Phillips, Bob & Peggy Pirc, Helga & George Johnstone, McEwen Law Firm, Jeanne & Jack Behringer, Ryan & Sheila Bell, Bashline Industries, Inc., Sky Bank Foundation, George J. Howe Co., Renick Brothers Mechanical Contractors, In Memory of Daniel B. Gallagher MD, Pine Township, McBride * McBride, PC., Thomas Construction Incorporated, Timothy M. Schell, Davevic Benefit Consultants-The Gordan Family, Becky & Ernie May Family, Grove City College, Grove City Kiwanis Club, Jeff & Georgie Hodge Family, First National Bank of Slippery Rock, Paul & Pamela Grisnik, James C. & Betty Myford, June Coulter in Memory of Clyde Coulter, Pat & Bill Walters.
Cash and Cash Equivalents
Perhaps the most common gifts that YMCAs receive come in the form of cash, checks, drafts, or money orders. Unrestricted gifts allow the Y to use the funds where they are needed most. Gifts may also be designated for the program or need that matters most to the contributor. An outright gift of cash is tax deductible for all taxpayers who itemize deductions.
Marketable securities also are often given to help the Y meet community needs. Long-term appreciated securities also are often given to help the Y meet community needs. Long-term appreciated securities are those which have been owned for more than a year and have increased in value since the time they were acquired.
A donor can contribute securities through his or her broker or by providing the stock certificated directly the Y. He or she can also contribute units owned in a mutual fund. These gifts will help the Y respond to changing needs in the years to come.
A personal residence, a farm, or commercial property that is debt free may be given to further the YMCA. In most cases, the Y will sell the property at fair market value. In some cases, it may retain the property as an investment.
At one Y, a man who no longer had use for some land he owned in a remote location contributed it to the YMCA. For eight years, the Y held on to the on to the land and used it for a hiking program. During that time, the value grew from $18,000 to $52,000. The YMCA then sold the land and added the cash to its endowment fund.
Tangible Personal Property
Art, furniture, equipment, collections, and personal mementos that have appreciated in value may be donated to the Y. The fair market value of gifts can be deducted by the donor if the property can be used by the YMCA in carrying out its purposes and functions. Furniture for a office, athletic equipment, or toys for a child care center are examples of such a related use.
A bargain sale is selling of appreciated property to the Y at the price less than its current fair market value. This is a way to contribute to the Y's work while recovering the costs of the item. The difference between the fair market value and the sale price is eligible for tax deduction.