Beyond a traditional donation, there are many other ways to give to the National Kidney Foundation of Michigan.
While the mileage and wear on your car increases, so does the number of people in Michigan suffering from kidney disease. By donating your car, truck, van, or boat to the National Kidney Foundation of Michigan’s (NKFM) Kidney Cars program, aside from helping others and potentially saving lives, you could even earn yourself a tax refund. Donating is easy and the funds raised will help to make a difference in countless lives. For more information, call 1-800-488-CARS (1-800-488-2277) or visit kidney.org/kidneycars.
Did you know you can raise money for the National Kidney Foundation of Michigan through social media and other online formats? Here are a few options to consider:
- Facebook: Raise money for your birthday, to celebrate a kidney transplant anniversary, or any other reason using Facebook. To create a fundraiser for the NKFM all you need to do is: Click Fundraisers in the left menu of your News Feed. Click Raise Money. Click Nonprofit. Select the National Kidney Foundation of Michigan. Choose a cover photo, fill in the Fundraiser detail and then click Create.
- Amazon Smile: Shop at smile.amazon.com and Amazon will donate 0.5% of eligible purchases to the National Kidney Foundation of Michigan—no fees, no extra cost. Just visit smile.amazon.com to choose the NKFM as your charity.
Stock Transfer Option
Giving gifts of appreciated securities is a great way to support the National Kidney Foundation of Michigan while also saving on your tax bill. Please visit Gifts of Stock or Mutual Funds for instructions on how to make a gift of stock or mutual fund shares.
Qualified Charitable Distribution
Donating your Required Minimum Distribution or RMD money, required for individuals 72 or older, to the National Kidney Foundation of Michigan keeps it out of your taxable adjusted gross income. Giving money from your IRA to charity is called a Qualified Charitable Donation, or QCD. It’s a tax strategy you should consider, especially if you already make charitable donations each year. For anyone over the age of 70 ½, making a Qualified Charitable Distribution (QCD) from their IRA provides a way to make a tax and penalty free donation. The funds must go directly from the IRA to the charity. Please visit Qualified Charitable Distribution for instructions.
One of the easiest ways to make a gift to the National Kidney Foundation of Michigan is by leaving a bequest in your will. There are several ways you can do this:
- give a specific amount of money
- give a specific item of property
- give a specified percentage of the residue of your estate (the residue of your estate is that which remains after all specific gifts have been made, whether charitable or non-charitable).
A bequest may be included in the body of a will or as an amendment (codicil). Gifts made through a bequest typically provide an estate tax deduction. Please consult your attorney and/or financial advisor for specific information.
Life Insurance Policy
By naming the National Kidney Foundation of Michigan as owner and beneficiary of a paid-up life insurance policy you can have a significant impact on kidney disease. Gifting a life insurance policy can greatly reduce your taxable estate. Once the rider has been added, no further action is needed by the policyholder.
Naming the National Kidney Foundation of Michigan as the beneficiary of your life insurance policy is the simplest way to provide a charity with the death benefit proceeds from a policy. It doesn't offer the income tax advantages that come with gifting a policy, but it still reduces the donor's estate by the amount of the death benefit.
Donor Advised Fund
Another great option to minimize taxes when making a charitable contribution is to bundle your charitable gifts with the use of a Donor Advised Fund. By opening a fund, you receive a charitable deduction, and have the option of gifting from that fund whenever you want. This not only allows you to take advantage of itemizing your taxes, but it also organizes and simplifies your charitable giving. For more questions contact Paul Metta, Vice President of Finance, at [email protected] for further assistance.
Additional Ways to Leave a Legacy
Gifts such as a Charitable Remainder Trust can be considered as a potential option for your family. These gifts can provide tax benefits combined with annual income for the donor. The National Kidney Foundation will work with you and your advisor if you are interested in this option.
For further questions about donating to the National Kidney Foundation of Michigan contact Lisa Schutz-Jelic at [email protected].