Outright Gifts
An outright gift in the form of cash or securities can be used for a variety of purposes. A donor can designate that the gift be used for the Endowment Fund for Benevolent Care, whereby the principal of the gift is added to and invested with the Endowment Fund; for current benevolent support, whereby the gift is used to underwrite current benevolent care needs; or for capital items, such as trees or Health Center equipment.
Securities
Gifts of stocks or bonds are an option for individuals who wish to support the mission of Cornwall Manor and possibly reduce or eliminate capital gains tax. The contribution deduction for gifts of securities is based on the property's fair market value. For listed securities such as stocks and bonds, the value is the average between the highest and lowest selling price on the valuation date. The cost basis of the security, which is the fair market value of the security when an individual acquired it, either through a gift or purchase, is helpful to know in determining the best gift option. If the securities that you wish to give to Cornwall Manor have decreased in value below their original cost, it may be better to sell the security and give the proceeds as your gift.
Bequests
Naming a charitable organization such as Cornwall Manor in a will is probably the most common, and for some individuals the easiest, way to provide a gift. Donors have many options in naming organizations as beneficiaries in their wills—they can designate a specific gift amount or a percentage of the estate, and they can also indicate the way they wish their bequest to be used. If you are interested in designating your bequest to be used for the Endowment Fund, it is necessary to use the language "for the Cornwall Manor Endowment Fund." If you wish your gift to be used for another purpose or for general charitable purposes, the language in the will should say "for Cornwall Manor."
Charitable Trusts
There are several options available for those interested in establishing charitable trusts. Some trusts are set up so that the donor receives a fixed or variable income, and the principal eventually goes to a charitable organization such as Cornwall Manor. Some trusts involve a charitable organization receiving payments based on how the funds in the trust are invested.
Information about charitable trusts and whether they are a good idea for you to consider in your estate planning should be discussed with your attorney or financial advisor.
Charitable Gift Annuities
A charitable gift annuity is a gift vehicle whereby a donor transfers cash or securities to a charitable organization and in return receives fixed payments depending on age, as well as a charitable deduction for the initial gift. In the Cornwall Manor Charitable Gift Annuity program, the minimum gift is $10,000 and goes to the Endowment Fund for Benevolent Care.
The current annuity rates based on age are recommended by the Council on Gift Annuities and are subject to change without notice. These rates are effective July 1, 2008. Single life annuity rates are listed in the chart below.
For charitable deduction/payout information or for annuity rates for two lives, please click the Gift Annuity Calculator and enter the information requested. A Summary of Benefits will be prepared for you.
Single Life Annuity Rates:
Age |
Rate |
Age |
Rate |
Age |
Rate |
Age |
Rate |
Age |
Rate |
| 65 |
5.7% |
70 |
6.1% |
75 |
6.7% |
80 |
7.6% |
85 |
8.9% |
| 66 |
5.8% |
71 |
6.2% |
76 |
6.9% |
81 |
7.8% |
86 |
9.2% |
| 67 |
5.9% |
72 |
6.3% |
77 |
7.0% |
82 |
8.0% |
87 |
9.5% |
| 68 |
6.0% |
73 |
6.5% |
78 |
7.2% |
83 |
8.3% |
88 |
9.8% |
| 69 |
6.0% |
74 |
6.6% |
79 |
7.4% |
84 |
8.6% |
89 |
10.1% |
| |
90+ |
10.5% |
Pooled Income Fund
A Pooled Income Fund is a gift vehicle whereby a donor transfers cash or securities to a fund that has been established by a charitable organization and in return receives regular payments based on the performance of the fund as well as a charitable deduction. The Cornwall Manor Pooled Income Fund is administered by the Eastern Pennsylvania/Peninsula United Methodist Foundation, Inc. The current fund yield is 4.85% (as of June 31, 2008).
For charitable deduction and income information for the Cornwall Manor Pooled Income Fund, go to the Planned Giving Calculator and enter the information requested. A Summary of Benefits will be prepared online for you.
For more information about gifts of securities, please contact the Cornwall Manor Development Office at 800.222.2476 or 717.273.2647, ext. 8229.
Gifts can be made online through our safe and secure Online Giving form.
The official registration and financial information of Cornwall Manor may be obtained from the Pennsylvania Department of State.
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