What types of funds will benefit Christian Haven?
Christian Haven Endowment Fund
This fund was established to benefit the needs of Christian Haven as determined by the Board of Directors. Only the income of these monies can be spent based on the best use or need as determined by the Board of Directors or be transferred to other funds at the Board's discretion.
Christian Haven Capital Fund
This fund was established to support major capital additions or repairs to Christian Haven. Either the income or the principal of these monies can be used to benefit the needs of Christian Haven based on the best use or need as determined by the Board and be transferred to other funds at the Board of Directors' discretion. Gifts of personal property that are not intended to be sold are given to this fund.
Christian Haven Fund
An Endowment Fund held by the Grand Haven Area Community Foundation
This fund was established to give donors the benefit of the Michigan State tax credit and enable donors to contribute planned endowed amounts using vehicles such as charitable gift annuities, charitable remainder trusts and charitable lead trusts. The monies are the property of the Grand Haven Area Community Foundation and only the income is distributed to Christian Haven each year. This income can be used at the Board of Directors discretion.
How can I give to Christian Haven?
Planned Giving
Planned giving is a gift which defers the complete benefit until some future date. It is sometimes called "deferred giving" because of the time delay. Giving is deferred for one of two reasons: the donor has reserved certain rights in the gift property, or the actual transfer date of the gift is sometime in the future. That date can be a time chosen by the donor or based on the donor's lifetime.
Wills, life insurance policies, charitable remainder trusts, and charitable gift annuities have been the most common methods of making planned gifts. Individual retirement accounts established for retirement years can later be reduced by income and estate taxes before reaching one's heirs. Naming Christian Haven as a beneficiary or partial beneficiary is another method of planned giving.
Potential benefits of planned giving:
- Avoid or defer capital gains
- Increase retirement income
- Avoid or reduce estate taxes
- Redirect IRS monies
- Avoid or minimize estate settlement disputes
- Gift a certain percentage of an estate
- Make a gift upon the second person to die (spouse or a child)
These gifts can yield benefits to the donors. On the one hand, they allow donors to retain flexibility in the handling of their finances, because some do not take effect until death. On the other hand, the donors can determine how their assets will be used after they are gone.
Outright Gifts
Gifts of cash, securities, personal property or real estate are simple and convenient ways to make a contribution and receive maximum tax advantages.
Life Insurance
If a life insurance policy is given or completely assigned to Christian Haven during your lifetime, a charitable deduction is given for the fair value of the policy. Any additional premiums paid by the donor in the future are deductible just as a gift would be. Christian Haven can be named as either a primary or a contingent beneficiary.
Retirement Plans
Frequently the monies inherited through retirement plans are subject to income and estate taxes. By naming Christian Haven as primary, secondary or contingent beneficiary, you can pass these assets to Christian Haven separate from your will.
Real Estate
With real estate one may give the entire piece of property, a percentage interest in the property or even certain rights in the property. For instance, donors may give a personal residence or farm and reserve the right to continue living there for life.
Charitable Gift Annuity
The Grand Haven Area Community Foundation will arrange charitable gift annuities for the benefit of Christian Haven. You can make a gift to the Grand Haven Area Community Foundation Christian Haven Fund and in return receive income for life from the Foundation. The income will vary based on the age of the beneficiaries and other factors used in the estate plan.
Charitable Remainder Unitrusts
In this trust, the donor has the right to use the property for a certain amount of time and Christian Haven has the right to own it once the donor has finished "using" it. The donor decides at the beginning how much income will be taken from the trust and for how long. The donor must receive at least five percent of the trust value each year but not usually more than ten percent.
Net Income Charitable Remainder Unitrusts
This is similar to the Charitable Remainder Unitrust with one exception. It pays out each year whichever is less: the trust income for the year or the specified trust percentage amount. A net income with a make-up provision trust operates like a net income trust, except that if there is excess trust income for a year, the excess will be paid out to the extent payouts in prior years were less than the specified trust percentage amount for those years.
Some of the benefits of this type of trust are:
- A charitable income tax deduction at the time the trust is created based on the present value of the gift.
- A possible increase in current income by giving a low interest producing asset to the trust and allowing the trust to purchase a higher income producing investment.
- Minimal or zero estate taxes on the property in the trust.
- The option to continue the management of the trust assets by naming themselves as trustee.
- The option to add property to the trust at a later date.
Charitable Lead Trust
You can name Christian Haven as the beneficiary of income from a trust for a specific number of years. Ultimately, the bulk of the assets of the trust goes to other named beneficiaries, such as children or grandchildren.
Does Christian Haven Have a Matching Gift Policy?
Depending on the urgency of the need involved, the Board of Directors may authorize matching gifts to be granted from the Christian Haven Capital Fund.
Christian Haven is a non-profit 501(c) 3 corporation licensed by the State of Michigan. All gifts to Christian Haven are tax-deductible and will enable it to continue fulfilling its Christ-like mission of service to the community.
The goal of Christian Haven is to provide a community for older adults that enables them to meet their physical, social and spiritual needs and affirms their dignity and worth.