Triangle Society Endowment Fund

The best way to assure the continued success of the Westfield Area YMCA is a strong endowment fund, the earnings of which can sustain these efforts.

That’s why many friends of the Y choose to extend their values and the Y’s influence beyond their own lifetimes by gifting some of the assets they have accumulated to the endowment fund. The Triangle Society of the Westfield Area Y was formed in 1999 to encourage people to make planned gifts to the Y. A gift to the Triangle Society Endowment Fund is a gift in perpetuity.

Donors whose gifts to the endowment fund have a value of $5,000 or more, whether they be deferred gifts, outright gifts or bequests in wills, become members of the Triangle Society.

Triangle Society members are invited to an annual reception, recognized on our giving tree in the lobby of the Main Y Facility on Clark Street, and included in our annual report.
 

Interested in joining? Contact Susan Morton at 908-301-9622 x228 or [email protected].

With a commitment to nurturing the potential of kids, promoting healthy living and fostering a sense of social responsibility, the Y ensures that every individual has access to the essentials needed to learn, grow and thrive.  When you give to the Y, your gift will have a meaningful, enduring impact right in our neighborhood. The Y is a reliable, professionally managed organization guided by four core values: caring, honesty, respect and responsibility.

Led by local volunteers, the Y is in touch with our community’s changing needs.  The Westfield Area Y is a healthy organization, capable of making a significant impact on the community.  The Triangle Society was established with gifts received from prior generations.  We should pass along these gifts in a stronger position to future generations.

An outright gift is a direct transfer of any asset to the Y.  In most cases, you may take a charitable income tax deduction for the fair maket value of the asset. You may give cash, securities, closely held stock, real estate and tangible personal property such as art.  If you give an appreciated asset, you may avoid the capital gains tax on the transfer.

Just as the bequests of past friends have helped to create the Westfield Area Y of today, the continuation of this tradition of remembrance will help ensure that there will be a financially strong Y tomorrow.   Bequests are deductible for estate tax purposes.  The Y can provide appropriate wording to be included in your will.

• Pooled Income Fund — This fund operates just like a mutual fund in which your gift is commingled with others for investment purposes.  You will receive the annual income earned by your share during your lifetime and that of any co-beneficiary.  You can make additional contributions of as little as $1,000 at any time.  At the death of the last beneficiary, the value of those persons units is removed from the Pooled Income Fund and distributed to the Y.
• Charitable Gift Annuity — To obtain a charitable gift annuity, you may make an irrevocable gift to the Y in exchange for which you would receive a guaranteed lifetime income for yourself and another beneficiary, if desired.  At the death of the last beneficiary, the principal of the gift reverts to the Y. The amount of the annuity is based on your age at the time you start receiving the payments.  A portion of your annuity payments may be considered tax-free income.
• Charitable Remainder Trust — This is a separately managed trust set up by an irrevocable gift by the donor. The trust will have an individually determined payout rate to one or more individuals.  When the term of the trust is completed, the assets remaining in the trust will be distributed to the charities chosen by the donor.

You can give your principal residence or second home to the Y while retaining the right to live in or use it for the rest of your life.  You will receive an immediate tax deduction for a portion of the value of your home.  At your death the property will pass to the Y.

If you own an insurance policy and no longer require its protection, you may contribute the policy to the Westfield Area Y.  You will receive an income tax deduction for its cash value or replacement cost.  This gift effectively removes the policy from your taxable estate.