If you plan on making a gift to us in your will or living trust:
Please contact Robert Zindell, Stewardship Coordinator, at firstname.lastname@example.org for additional information on bequests or to chat more about the different options for including Covenant House Pennsylvania in your will or estate plan.
Always seek the advice of your financial or legal advisor.
If you include Covenant House Pennsylvania in your plans, please use our legal name and federal tax ID.
Legal Name: CH Pennsylvania Under-21
Address: 31 East Armat Street, Philadelphia, PA 19144
Federal Tax ID Number: 23-3003176
Notify Robert Zindell at email@example.com if you have already given a gift to Covenant House Pennsylvania, so we can thank you for your generosity.
One of the easiest and most common ways for you to support Covenant House Pennsylvania is with a gift of cash. Cash can be used to support our work in the form of:
An outright gift. By making a cash gift by check, credit card, or money order today, you enable us to meet our most urgent needs helping people and communities on a daily basis. You will have the opportunity to see your generosity in action and will also receive an immediate federal income tax charitable deduction, when you itemize.
A payable on death (POD) account. A POD bank account or certificate of deposit names one or more persons or Covenant House Pennsylvania as the beneficiary of all funds once you, the account owner, pass away.
There are several other ways to make cash donations as part of the gift types below.
Make a gift and receive income for life. With a charitable gift annuity, you can provide income for yourself and your family and support Covenant House Pennsylvania's efforts to protect and support homeless youth throughout Pennsylvania.
This type of donation can provide you with regular payments and serve as a practical way to make a lasting impact. You can also receive a variety of tax benefits, including a federal income tax charitable deduction.
If you have built a sizeable estate and also are looking for ways to receive reliable payments, consider a charitable remainder trust.
These types of gifts do offer you tax benefits and the option for income. There are two ways to receive payments and each has its own benefits:
The annuity trust pays you, each year, the same dollar amount you choose at the start. Your payments stay the same, regardless of fluctuations in trust investments.
The unitrust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. The amount of your payments is redetermined annually. If the value of the trust increases, so do your payments. If the value decreases, however, so will your payments.
Support the important causes in your life by harnessing the giving power of a private foundation.
A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to Covenant House Pennsylvania and other charities.
You transfer cash or other assets to a tax-exempt sponsoring organization such as a public foundation. You can then recommend-but not direct-how much and how often money is granted. In addition, you avoid the cost and complexities of managing a private foundation.
In return, you receive an immediate federal income tax charitable deduction at the time you contribute to the account. This also allows for a centralized giving and record-keeping system in one location.
Create a lasting tribute and honor someone special with a future gift in their name.
If you have a loved one who has been impacted by the mission of Covenant House Pennsylvania, establishing a memorial or tribute gift is a meaningful way to honor your loved one or celebrate a special occasion while supporting our ongoing work. Your gift will be a lasting tribute to your loved one and make a difference for the young people that we serve.
Create a legacy of love and opportunity for transformation in the lives of homeless youth and ensure Covenant House Pennsylvania's work for future generations.
An endowment gift to Covenant House Pennsylvania today provides funding for our important work. When you make a donation to our endowment, you give a gift with both immediate and long-term benefits.
Endowment funds are invested in accordance with Covenant House Pennsylvania's socially responsible investment policy. Each year, the income from the endowment is used to support Covenant House Pennsylvania's important work. Gifts to the endowment provide a stable financial base for Covenant House Pennsylvania, ensuring that the organization will have the time and flexibility to make the very best decisions for the long term.
You can use securities and mutual funds as donations and receive a tax deduction for using these as gifts.
Securities and mutual funds that have increased in value and been held for more than one year are one of the most popular assets to use when making a gift to the Covenant House Pennsylvania. Making a gift of securities or mutual funds to us offers you the chance to support our youth while receiving important benefits for yourself.
When you donate appreciated securities or mutual funds you have held more than one year to us in support of our work to build peace in communities worldwide, you can reduce or even eliminate federal capital gains taxes on the transfer. You are also entitled to a federal income tax charitable deduction based on the fair market value of the securities at the time of the transfer.
Securities are most often used to support our work in the form of:
An outright gift. When you donate securities to Covenant House Pennsylvania, you receive the same income tax savings that you would if you wrote us a check, but with the added benefit of eliminating capital gains taxes on the transfer, which can be as high as 20 percent.
A transfer on death (TOD) account.* By placing a TOD designation on your brokerage or investment account, that account will be paid over to one or more persons or Covenant House Pennsylvania after your lifetime.
If you are 70½ years old or older, you can take advantage of a simple way to benefit Covenant House Pennsylvania and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.
This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.
Why consider this gift?
Your gift will be put to use today, allowing you to see the difference your donation is making.
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
Frequently asked questions
Q. I've already named Covenant House Pennsylvania as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
A. By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
Q. I'm turning age 70½ in a few months. Can I make this gift now?
A. No. The legislation requires you to reach age 70½ by the date you make the gift.
Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Covenant House Pennsylvania. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Q. Can my gift be used as my required minimum distribution under the law?
A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
Q. My spouse and I would like to give more than $100,000. How can we do that?
A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.
It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law. Please feel free to contact Robert Zindell at 215-951-5411 or firstname.lastname@example.org with any questions you may have.
Use life insurance to change lives of homeless youth.
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to ensure that Covenant House Pennsylvania's programs remain strong for future generations. There are three ways to give life insurance to Covenant House Pennsylvania:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You may receive a federal income tax charitable deduction and reduce your future estate tax liability. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Covenant House Pennsylvania as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift.
Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:
IRAs and retirement plans
Life insurance policies
It only takes three, simple steps to make this type of gift. Here's how to name Covenant House Pennsylvania as a beneficiary:
Contact your retirement plan administrator, insurance company, bank, or financial institution for a change-of-beneficiary form.
Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
Return the completed form to your plan administrator, insurance company, bank, or financial institution.
Let Covenant House Pennsylvania know by contacting Robert Zindell at email@example.com
Want to make a big gift to Covenant House Pennsylvania without touching your bank account? Consider giving us real estate. Such a generous gift ensures that Covenant House Pennsylvania programs remain strong and that we can continued to serve homeless youth in Pennsylvania as long as the need remains. And a gift of real estate also helps you. When you give us appreciated property you have held longer than one year, you get a federal income tax charitable deduction. This eliminates capital gains tax. And you no longer have to deal with that property's maintenance costs, property taxes, or insurance.
Another benefit: You don't have to hassle with selling the real estate. You can deed the property directly to Covenant House Pennsylvania or ask your attorney to add a few sentences in your will or trust agreement.
You can give real estate to Covenant House Pennsylvania in the following ways:
An outright gift-
When you make a gift today of real estate you have owned longer than one year, you obtain a federal income tax charitable deduction equal to the property's full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property to us, you also eliminate capital gains tax on its appreciation. Furthermore, the transfer is not subject to the gift tax, and the gift reduces your future taxable estate.
A gift in your will or living trust-
A gift of real estate through your will or living trust allows you the flexibility to change your mind and the potential to support our work with a larger gift than you could during your lifetime. In as little as one sentence or two, you can ensure that your support for Covenant House Pennsylvania continues after your lifetime and that your estate will benefit from a federal estate tax charitable deduction.
A retained life estate-
Perhaps you like the tax advantages a gift of real estate to our organization would offer, but you want to continue living in your personal residence for your lifetime. You can transfer your personal residence or farm to Covenant House Pennsylvania but keep the right to occupy (or rent out) the home for the rest of your life. You continue to pay real estate taxes, maintenance fees and insurance on the property. Even though we would not actually take possession of the residence until after your lifetime, since your gift cannot be revoked, you receive an immediate federal income tax charitable deduction for a portion of your home's value.
A charitable remainder unitrust-
You can contribute any type of appreciated real estate you've owned for more than one year, provided it's unmortgaged, in exchange for an income stream for life or a term of up to 20 years. The donated property may be a residence (a personal residence must be vacant upon contribution), undeveloped land, a farm, or commercial property. Real estate works well with only certain variations of charitable remainder trusts. Contact Robert Zindell at firstname.lastname@example.org to talk about supporting Covenant House Pennsylvania by setting up a charitable remainder trust.
A memorial or endowed gift-
A gift of real estate may be a perfect way to honor your loved one in perpetuity. When you make an endowed gift of real estate, your contribution is invested with and becomes part of our endowment. An annual distribution is made for the purpose you designate. Because the principal remains intact, the fund will generate support in perpetuity.
A donor advised fund-
When you transfer real estate to your donor advised fund, you avoid capital gains taxes and receive a federal income tax deduction based on the fair market value of the property.
Tangible property makes the perfect gift to us. You can turn your treasures into a charitable legacy.
Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property.
Related use property-e.g., a piece of artwork donated to an art museum-is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
Ways to use property as a donation
An outright gift-
This allows you to benefit Covenant House Pennsylvania today and gives you an immediate federal income tax charitable deduction.
A gift in your will or living trust-
You can leave a legacy at Covenant House Pennsylvania by donating property to us through your will or living trust and receive a federal estate tax charitable deduction.
A memorial or tribute gift-
If you have a friend or family member whose life has been touched by the work of Covenant House Pennsylvania, consider making a gift to us in his or her name.
A charitable remainder trust-
You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund-
Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.