Wish list updated 06/27/2008

Leave a Legacy:

For more information on including the Senior Center in your estate plans, Click Here to visit our local Leave a Legacy site.

Consider a Charitable Gift Annuity

With interest rates on CDs at historically low levels, now is a good time to consider a Charitable Gift Annuity. A Charitable Gift Annuity is a contract under which the Senior Center agrees, in return for your gift of cash or marketable securities, to pay you a fixed payment for the rest of your life (or for a period of two lives). As a bonus, you’ll receive a charitable income tax deduction when you itemize on your tax return (subject to certain adjusted gross income limitations).

The annuity rate is based on your age. The older you are, the higher the rate. Based on an age of 75, the annuity payout rate is 7.1%. That means, if you donate assets worth $10,000 to the Senior Center, the Center will pay you $710 each year for the rest of your life. Income taxes on your payments vary, depending on the type of contribution you make. If you contribute $10,000 in cash, each of your next 12.4 years’ payments of $710 will contain $428.35 of tax-free income (as opposed to CD income, which is all currently taxable as ordinary income).

Finally, your Charitable Gift Annuity is part charitable gift and part purchase of an annuity. The gift portion of your transfer is deductible for income tax purposes. Based on the above example, your current income tax deduction would be $4,688.42.

What a great way for a donor to:

• receive a good, tax-favored return in this low interest rate environment,
• receive a current income tax deduction,
• reduce the size of his or her adjusted gross estate for federal estate tax purposes, and
• make a meaningful contribution that will benefit the Senior Center.

So you see, it is actually possible to do well by doing good! Contact Peter Thompson, , at 974-7756 or your financial adviser for more information.

Did You Know?

• 81% of every dollar donated to the Senior Center goes directly towards providing programs for seniors in our community? (The national standard for nonprofits is just 60%.)

• The Virginia Better Business Bureau Charities Division recognized the Senior Center as just the third charity in Charlottesville to meet all 15 of their standards of excellence in efficiency, governance, financial control systems, and programs.

• Our Senior Center is one of fewer than 100 senior centers in America to achieve National Accreditation…and the only one in Virginia! The National Institute of Senior Centers coordinates the work of 15,000 senior centers nationwide.

• The MacArthur Foundation Studies on Aging found these key ingredients for seniors to maintain their independence:

• Remain physically fit
• Remain mentally fit
• Continue to develop friendships
• Continue to be productive and involved

• Robinson, Farmer, Cox, our independent auditor, praised our financial management as legal and ethical, efficient and effective.

• With just 7 full-time and 2 part-time employees, our staff is smaller than any time since we opened on Pepsi Place in 1991. We can do this and meet our mission because of our dedicated volunteers.

Double Your Donation With Your Company’s Matching Gift.

Did you know that hundreds of companies match employees—and retirees—donations to qualified nonprofit organizations? Senior Center, Inc. qualifies for virtually all corporate matching gift programs, even if you are retired.

Here is a small sampling of companies that have matching gift programs:

Aetna
Allstate
American Express
AT&T
Bank of America
ConAgra
Corning
General Electric
IBM
Johnson and Johnson
LexisNexis
Lucent
McGraw-Hill
Pfizer
Sprint
State Farm
SunTrust
Wachovia

Simply contact your current or former employer to learn more about your corporate matching gift program, complete a very simple form, and send it to the Senior Center with your donation. For more information, contact  Peter Thompson, , at 974-7756.

To review the Senior Center's IRS form 990 with detailed and independently audited financial information  and to view the GuideStar.org  website, click HERE.

Senior Center, Inc is recognized by the Virginia Better Business Bureau as meeting all 15 Standards for Local Charitable Solicitations. Meeting these standards assures donors that their funds are being used appropriately, to meet our mission of enriching, empowering and involving seniors.

Charitable giving easier with IRA accounts

New legislation allows you to make charitable donations directly from Individual Retirement Accounts (IRA). Americans age 70 ½ and above can now make tax-free distributions from your IRA to meet your philanthropic goals with no negative tax consequences. In the past you would have had to take an IRA distribution, pay taxes on it, then make a gift to charity. The maximum annual IRA charitable contribution is $100,000 and there is no minimal amount. Such donations cannot be made to a private foundation or donor advised fund but must be made to a public charity, such as the Senior Center. Contact your financial advisor or our , Peter Thompson, at 974-7756 for more information.