The beginning of a new year is a perfect time to reflect on your habits in giving to charities.

Doug Miller, president of the board for the Bulldog Foundation, is hoping that local residents will consider this organization that supports Rossford Schools.

“Planned gifts to the Bulldog Foundation can be an advantageous way to create a legacy for our community, while also meeting your own financial and personal goals,” he noted.

The Bulldog Foundation is an independent, non-profit, tax-exempt 501(c)(3) organization.

It creates opportunities to enhance academic excellence for students attending Rossford Schools.

Currently, the foundation provides scholarships and classroom grants and is looking forward to “unlimited future possibilities,” Mr. Miller said.

Also serving on the Bulldog Foundation board are Rachel Linkous, Joseph Minarcin, Neil MacKinnon III, Rex Huffman, Joseph Schaller, Tim Yenrick, Jon Grimm and Kent Murphree.

Ed Reiter serves as an honorary board member and board advisor.

“They are dedicated to honoring tradition, reinforcing Bulldog pride and fostering potential,” Mr. Miller added.

The foundation board is eager to work with donors to accomplish good work in the community.

“Please let us know your plans,” he said. “We would like the opportunity to welcome you as a contributor and convey our appreciation.”

“We are currently working on an annual giving campaign, which will be launched soon.”

The proceeds of any gift can be unrestricted, allowing the foundation to meet the needs of Rossford Schools as they arise.

Or gifts can be restricted, providing a way for a donor to support a program or area in which they are particularly interested.

“As the economy improves and confidence grows, charitable giving is making a comeback,” Mr. Miller said. “Now is a great time for each of us to evaluate our own giving and consider new ways to support the causes we care about.”

Types of Planned Giving

Matt Skotynsky, financial advisor and RHS graduate, explained there are a variety of methods for charitable giving.

“Charitable gifts can play an important role in many estate plans,” he said.

“Philanthropy gives you great personal satisfaction, along with opportunities for a current income tax deduction, to avoid capital gains tax and to reduce the amount of taxes your estate may owe when you die.”

Making an outright gift - An outright donation is one that benefits the charity immediately and exclusively. It also can allow the donor to receive an immediate income and gift tax deduction.

“Participating in the new annual giving campaign will be perfect fit for this,” Mr. Skotynsky added.

Charitable bequest in a will - Your will is a written testimonial of your concern for family and loved ones.

“It also shows others what you value above all in life, especially being generous with the people and organizations that matter the most,” Mr. Skotynsky noted.

The simplest way to include the Bulldog Foundation in a will is to write: “I give the Bulldog Foundation the sum of ($ dollar amount or percentage) of the residue of my estate to be used at the discretion of its governing board.”

The foundation will receive the donation at the time of death, and the estate also can take the income and estate tax deductions.

Appreciated assets - Gifts of appreciated assets, such as stock or real estate, may be a good choice for those who want to make a contribution and optimize tax benefits.

A donation of an appreciated stock gives the donor a tax deduction equal to the value of the stock on the date it is donated.

Charitable trust - By creating a charitable trust, a donor can name the Bulldog Foundation as the sole beneficiary or split it with a non-charitable beneficiary as well.

Using a charitable lead trust pays income to the charity for a certain period of years, and then the trust principal passes back to the donor, family members or other heirs.

“This trust is known as a charitable lead trust because the charity gets the first, or lead, interest,” Mr. Skotynsky explained.

The tax savings from a charitable lead trust may allow the donor to provide significant support for the Bulldog Foundation at little or no cost to heirs, he added.

Another version of a trust– the charitable remainder trust– works in the opposite way.

Under this method, trust income is payable to the donor, family members of other heirs for a period of years, and then the principal goes to the foundation.

Retirement plans - Qualified retirement plans (Keough, IRA, 401k, 403b or annuity) are not transferred through a will, provided a beneficiary is named for a plan.

Often, a retirement plan is a pre-tax asset and, when transferred to a named beneficiary upon the owner’s death, may trigger a large tax obligation for heirs.

“Naming the foundation as the beneficiary of your qualified retirement plan may be advantageous, as donating retirement accounts can reduce or eliminate these taxes,” Mr. Skotynsky said.

Life insurance - Another option would be to name the foundation as a primary or contingent beneficiary of a life insurance policy.

“If the foundation is named as the sole owner and beneficiary of a paid-in-full policy, you may receive an immediate charitable deduction for the lesser of the policy’s fair market value or the net premiums paid,” he explained.

Also, additional premiums that the policy holder pays may be tax deductible.

Required minimum distributions -  If you are age 70 1/2 or

older, IRS rules require you to take required minimum distributions (RMDs) each year from tax-deferred retirement accounts.

“This additional taxable income may push you into a higher tax bracket and may also reduce your eligibility for certain tax credits and deductions,” Mr. Skotynsky explained.

“To eliminate or reduce the impact of RMD income, charitably inclined investors may want to consider making a qualified charitable distribution (QCD).”

A QCD is a direct transfer of funds from an IRA custodian, payable to a qualified charity like the Bulldog Foundation.

Your taxable income helps determine the amount of Social Security benefits that are subject to taxes. Keeping your taxable income level lower also may reduce potential exposure to the Medicare surtax.

Mr. Skotynsky advises donors to consult their attorney, accountant or financial advisor before making any decisions on charitable giving.

For more information, visit the Bulldog Foundation website at thebulldogfoundation.org or call Mr. Miller at 419-321-1479.