Many of our supporters find it helpful to achieve their philanthropic goals by giving to TurnAround through non-cash assets. The following is not intended as legal or financial advice. We encourage you to consult with your financial advisor, tax professional, and/or attorney to understand how these strategies might apply to your situation.
To learn more, please contact Jean Henningsen at TurnAround (410-377-8111 or jhenningsen@turnaroundinc.org.
Grant from a Donor Advised Fund (DAF)
A Donor Advised Fund allows you to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time. You can contribute to the fund as frequently as you like, and then recommend how to grant the funds to TurnAround. DAFs provide a flexible approach to giving and may help you simplify your charitable giving and tax reporting.
Learn more at https://www.givechariot.com/.
Qualified Charitable Distributions (QCDs)
If you’re 70½ years old or older, you can make a QCD, which is a direct transfer of funds from your IRA custodian to a qualified charity, such as TurnAround. QCDs can count toward satisfying your required minimum distributions (RMDs) for the year, up to $105,000. They’re excluded from your taxable income. This lowers your income tax, even if you don’t itemize.
Appreciated Stocks
Donating stocks that have increased in value has several benefits. You can claim a deduction for the full market value while avoiding capital gains tax (currently up to 20 percent) that you would owe if you sold them first and donated the proceeds. If you want to keep these stocks in your portfolio, donate the shares and buy new shares in the same company. This gives you a new step-up in basis and removes future capital gains! Transactions generally take a few days to complete. Please contact Craig Martin at TurnAround (410-377-8111 or info@turnaroundinc.org) to share the name of the stock, the number of shares, and approximate value. Provide the following information to your brokerage:
TurnAround’s Truist Account: WA7-188809
DTC Number: 0226
Planned Gifts
Gift in a Will or Living Trust
A gift in your will or living trust (also known as a bequest) allows you to arrange a future gift for TurnAround without giving away assets today. You can also adjust your plans in the future if your needs change. The following language may be helpful as you create your plans:
“I give, devise, and bequeath to TurnAround, Inc. (tax identification number 52- 1159135), a charitable corporation organized under Maryland law in 1980, now maintaining its headquarters at 8503 LaSalle Rd., 2nd Floor, Towson, MD 21286- 5926, [a dollar amount, or all or ___% of the rest and residue of my estate].”
Beneficiary Designation of Retirement, Life Insurance, or Other Financial Accounts
Did you know that retirement plans, investment accounts, life insurance policies, and bank accounts aren’t covered under the terms of your will or living trust? Instead, separate beneficiary forms name who will receive them. Also, 401(k) accounts and IRAs face high taxes if someone other than your spouse inherits them. Donating these accounts to TurnAround and leaving other assets for your loved ones can result in larger inheritances for them.
Include the following information on the beneficiary designation form available through your financial institution or insurance provider:
Legal name: TurnAround, Inc.
Address: 8503 LaSalle Rd., 2nd Floor, Towson, MD 21286-5926
Tax ID: 52-1159135
Date established: 1980
Phone: 410-377-8111
(Companies that govern these accounts don’t have to notify us when you’ve passed. So, please let us know if you’ve made such an arrangement.)
Matching Gifts
Does your employer match charitable donations? Many companies offer matching gift programs, effectively doubling or even tripling your contribution at no extra cost to you. Check with your HR department or company intranet to see if your employer participates in such a program. If they do, be sure to submit the necessary paperwork after making your donation. It’s an easy way to maximize your gift’s impact.
Pantry Items
To donate food, clothing, toiletries, or other items to our pantry for survivors, please contact donations@turnaroundinc.org or 410-377-8111 to learn more about what we do and do not accept, and to schedule a drop-off time and location. (We accept donations Monday-Thursday from 9 am to 5 pm and Fridays from 9 am to 4 pm.) Most-needed items include:
- Non-perishable food.
- Clothing and new underwear (all genders, ages, sizes).
- Infant formula.
- Diapers.
- Menstrual hygiene products.
- Toiletries.
Interested in becoming a Corporate Sponsor?
Contact: jhenningsen@turnaroundinc.org!
