How to
Open a Fund

Cash is a quick and easy way to make a gift while also taking advantage of income tax benefits in the same year.

Gifts of appreciated, publicly traded stock may provide an income tax deduction and may also help you avoid capital gains tax. So, your after-tax cost of a stock gift may be less than a gift of cash.

The Foundation has a relationship with a brokerage firm to easily accept a transfer of publicly traded securities, and if you have closely held stock, the Foundation can work with you to determine how best to utilize that stock for your charitable giving.

Donating a portion of your IRA to a fund designated to one or more favorite nonprofits or causes may help you meet the IRA required minimum distribution while also providing a tax benefit.

If you are age 70 ½ or older, you can make a gift of up to $100,000 directly from your IRA to the Saint Paul & Minnesota Foundation. This gift can create or add to a fund that will annually and forever support specific nonprofits you choose, your areas of interest (e.g., the arts, education) or the Foundation’s community grantmaking.

Donate your home or other property to charity, and you can remove the hassle and expense of managing or selling it. You also can donate your home, receive an immediate tax deduction and still live there for life.

If you own a business or hold stock in a closely held corporation, you may benefit from a tax deduction by donating these assets.

Private foundations can transfer their assets in whole or in part to a community foundation while retaining the donor’s name and charitable goals. This also can lower administrative costs.

Our foundation is able to accept some forms of cryptocurrency (e.g., Bitcoin)—a form of money that uses cryptography to control its creation and its transactions, as opposed to a central authority. By donating cryptocurrency, your gift may provide an income tax deduction and may also help you avoid capital gains tax.

This kind of trust is especially attractive if you have assets that are appreciating or assets that you want to keep in the family (e.g., the family cabin). In some cases, a charitable lead trust can help your children or other heirs receive more than they would from a gift in your will.

Making a gift through your will is easy, and it also may reduce your taxable estate. This kind of gift “costs” you nothing during your lifetime, but it has the potential to impact the community forever.

We encourage you to consult with your attorney or other professional advisors about your situation. If you choose to make a gift through your will, please let us know. Then we can provide you with suggested language and create a fund agreement that reflects your long-term wishes.

You’ll also become a member of our North Star Society and receive special educational and social opportunities.

Your 401(k), IRA or other retirement plan may be taxed significantly via income and estate taxes if passed on to your heirs, yet it may be tax-free to charity and can be used to benefit nonprofits in your community.

You can choose to direct all or a portion of your retirement plan assets to the Foundation, and the process is easy using your plan’s beneficiary designation form. In addition, you may be able to leave more money to your heirs by donating heavily taxed retirement plan assets instead of other assets that are taxed at a lower rate.

In return for your gift, you receive a guaranteed, fixed income for life at a rate that’s often higher than that of a savings account or certificate of deposit. Plus, the remainder supports the causes you care about.

This allows you to make a charitable gift, receive income throughout your lifetime, and possibly benefit from a tax deduction or reduction of capital gains tax.

There are several ways to utilize life insurance to support the community. If you donate a life insurance policy to the Foundation during your lifetime so that the Foundation is the policy owner, you may be able to take a tax deduction as well as deduct any future premium payments, and the policy proceeds will support nonprofits through your fund.