foundation
Winston Churchill
“We make a living by what we get,
but we make a life by what we give.”
In 2022, Serenity Recovery Network created an investment fund with a goal of aggregating dedicated funds for the establishment of a Foundation benefiting Serenity Recovery Network.
Our vision for the Foundation is that as its investments grow, they will provide a continuing stream of income for SRN, in perpetuity, to preserve the founder’s work in the creation of SRN and to ensure the continuation of our mission, to help build a strong foundation of lifelong recovery in a structured residential setting for addicts, alcoholics, and their families suffering from the disease of addiction.
These funds in our aggregating investment account, and eventually the Foundation, are independent of our current fundraising efforts. With the establishment of our Foundation, that entity will have its own board managing the assets and the distributions to Serenity Recovery Network, to support their ongoing mission and operating needs.
The funds will be distributed on a yearly basis, at the discretion of the Foundations Board, using prudent rules to assure the main assets are preserved and that the income stream does not risk depletion of the fund.
Ways to Give
Charitable Gift Annuity
Under a simple agreement, you can donate cash or securities to SRN and,in return, receive guaranteed income for as long as you live. You can claim an immediate charitable tax deduction for part of what you give, and part of your annual payment is tax free for a number of years. The minimum amount to establish a charitable gift annuity is $10,000, and the minimum age is 65 years. You can discuss this with your financial planner.
Life Insurance policy
You can use a life insurance policy that you no longer need to make a gift to SRN. You can name us as a recipient of all or part of the proceeds from the policy. Alternatively, you can make a charitable donation of the policy’s accumulated value during your lifetime.
Retirement Plan
You likewise can use your retirement plan to make a future gift to us.The portion of your retirement funds left to the foundation escapes both estate and income taxation, so your retirement bequest can result in more money passing to your heirs than if you were to make a bequest with other assets.
Bequest
You can make a bequest to SRN in your will or living trust. Your bequest has no impact on your current cash flow, and you can modify your request at any point by a codicil to your will or an amendment to your trust. A bequest to SRN is entirely free from federal estate taxes and there is no upper limit on estate tax deductions taken for charitable bequests.
Gifts from Your Retirement Account
If you are 70 1/2 years or older, you may need to begin taking out a required minimum distribution from your retirement account each year. You can make a qualified charitable distribution which allows you to roll over funds from your retirement account directly to a 501(c)(3) organization. You can gift up to $100,000 for an individual and $200,000 for a couple filing jointly without paying taxes on those funds as part of your income.The distribution must be made straight from your retirement account holder to an organization like SRN, a nonprofit 501(c)(3). This giving vehicle counts as part of your required minimum distribution, and you pay no income tax on the gift.
Frequently Asked Questions
Q: Who can participate in SRN Foundation’s giving program?
A: Any individual person or couple who wants to leave a legacy and continue their support of SRN in this long term manner. Age is not important; commitments are welcome from young people and seniors.
Q: Does a planned gift have a minimum financial level question mark?
A: No. Gifts in all amounts are welcome and valuable.
Q: When making a bequest, do I have to specify a dollar amount in my will?
A: No. You have several choices: a specific dollar amount, a percentage of your estate, or what is left in your estate after other bequests are fulfilled. Another possibility is to leave insurance or retirement proceeds. This provides great flexibility.
Q: What happens if I want to change my planned gift arrangements?
A: Many planned gift strategies can be changed during the remaining years of your life to reflect a change in circumstances. A gift annuity, however, is fixed once it is established and payments begin to the donor.
**Please consult with your financial advisor about which options is best for you.
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Serenity Consultants dba Serenity Recovery Network 20-3763855