Funding the Future Endowment

The United Macedonian Diaspora (UMD) – the leading voice for Macedonians abroad – has a bold and transformative campaign goal of raising $10 million for our “Funding the Future Endowment Fund.” This initiative aims to secure UMD’s continued global impact, advance charitable efforts, and fulfill our central mission: fostering successful Macedonian communities for generations to come.

We invite you to become an Endowment Visionary with an initial investment of $100,000 (Lifetime Visionaries), $50,000 (Founder’s Circle), $25,000 (Chairman’s Circle), $15,000 (President’s Circle), $10,000 (Sons and Daughters of Macedonia), or more. Contributions can be made as a one-time gift or pledged over multiple years. All donations are tax-deductible.

Endowment Visionaries will be honored for their pioneering support and dedication.

Lifetime Visionaries

• The Bitove Foundation
• Marian Ilitch and the late Michael Ilitch

Sons and Daughters of Macedonia

• John and Elizabeth Anevski
• Goran and Divna Popovski
• Nicholas Thaw and Irena Gapkovska

The “Funding the Future Endowment Fund” offers Macedonians and Friends of Macedonia an unparalleled chance to support the ongoing advocacy and promotion of Macedonia and its people globally. Donors will also have the opportunity to leave a lasting legacy while reducing tax obligations through strategic giving options.

What Can I Give Today?
A variety of assets can be used to make charitable gifts, including:

Cash
Cash gifts are the simplest and easiest way to contribute, and they are generally deductible up to 50% of adjusted gross income. They offer a straightforward method to make an impact and can be given at any time.

Securities
Appreciated securities, including stocks, bonds, and mutual funds (both publicly traded and closely held), can be donated and may potentially reduce your tax bill. We can collaborate directly with your financial advisor to ensure a seamless process.

Real and Personal Property
Gifts of real and personal property—such as real estate, buildings, businesses, and other tangible assets like precious metals, art, and collectibles—can often enable donors to contribute more than they might have originally imagined.

IRA/Retirement Fund Assets
Retirement assets can be used as testamentary gifts to create charitable funds as part of an overall estate plan. Funding a charitable bequest with an IRA or other retirement plan can be an effective way to make a gift while reaping estate tax benefits. For example, donors aged 70½ or older can make a “qualified charitable distribution” from traditional or Roth IRA accounts, which can be excluded from gross income when transferred directly from the IRA trustee to the charitable organization. This distribution, currently over $100,000 per year, counts towards the Required Minimum Distribution (RMD) but is not included in adjusted gross income.

Bequest
Charitable Gift Annuity
Charitable Remainder Trust
Charitable Lead Trust

Minimum Gift Amounts

• None for all options

Appropriate Assets That Can Be Used

• Bequest: Virtually any assets
• Charitable Gift Annuity: Typically cash or marketable assets
• Charitable Remainder Trust: Virtually any assets
• Charitable Lead Trust: Virtually any assets

Tax Benefits Possible

• Bequest: Estate
• Charitable Gift Annuity: Income and estate
• Charitable Remainder Trust: Income and estate
• Charitable Lead Trust: Possibly income and estate (depending on trust structure)

Will This Gift Create a Stream of Payments to One or More Individuals?

• Bequest: No
• Charitable Gift Annuity: Yes (percentage based on recipient age)
• Charitable Remainder Trust: Yes (at a prenegotiated percentage)
• Charitable Lead Trust: No (allows for property transfer with potential tax savings)

Can Additional Gifts Be Made?

• Bequest: Yes
• Charitable Gift Annuity: No
• Charitable Remainder Trust: Yes (unitrust type only)
• Charitable Lead Trust: Yes (unitrust type only)

Age Limits to Creating

• Bequest: None
• Charitable Gift Annuity: Payment beneficiaries must be at least 60
• Charitable Remainder Trust: Payment beneficiaries must be at least 60 (can also be based on a term of years)
• Charitable Lead Trust: Calculating ages must be at least 60 or based on a fixed term of years

Fees/Applicable Costs (Other Than Personal Legal Expenses)

• Bequest: None
• Charitable Gift Annuity: Up to $1,000 for administrative purposes
• Charitable Remainder Trust: Up to $1,000 for administrative purposes

Philanthropic Outcomes

• Bequest: The entire amount can flow to the UMD Endowment
• Charitable Gift Annuity, Charitable Remainder Trust, and Charitable Lead Trust: Entire amount managed through The Cleveland Foundation can support all of UMD’s worthwhile projects

When considering your charitable giving, UMD, in partnership with The Cleveland Foundation staff, will collaborate with you and your tax and estate planning professionals to create a customized giving strategy that aligns with your goals. Here are some actions you can take and the benefits associated with each approach:

Your Goals, Actions, and Benefits

• Goal: Make a quick and easy gift
  Action: Contribute a gift in cash or by check
  Benefit: Receive an income tax deduction and provide immediate support for the Endowment.

• Goal: Make a gift using other existing sources
  Action: Donate a life insurance policy you no longer need
  Benefit: Current and potential future income tax deductions.

• Goal: Defer a gift until after your lifetime
  Action: Bequeath cash, property, or a portion of your estate
  Benefit: Receive an estate tax deduction.

• Goal: Make a gift while minimizing taxes and capital gains
  Action: Contribute long-term appreciated stock or other securities
  Benefit: Possible reduction in capital gains tax.

• Goal: Minimize the tax burden on IRA or other benefit plans
  Action: Designate the UMD Endowment at The Cleveland Foundation as a beneficiary
  Benefit: Potential reduction in tax liability on assets left to heirs.

• Goal: Secure a fixed payment stream and benefit The Endowment
  Action: Create a charitable gift annuity
  Benefit: Tax benefits and guaranteed fixed payments for life.

• Goal: Receive income today while creating a lasting legacy
  Action: Create a charitable remainder trust to provide income during your lifetime
  Benefit: After maturity, assets will benefit the Endowment Fund and fulfill your philanthropic goals.

Closely Held Business Owners

• Scenario: Your personal net worth is tied up in a closely held company, but you wish to support UMD’s initiatives.
• Solution: Donate a portion of company stock to The Cleveland Foundation on behalf of UMD’s Endowment Fund.
• Benefit: Enjoy an income tax deduction for the fair market value of the stock while ensuring the business remains under familiar control.

Liquidity Events

• Scenario: You receive a large bonus, sell a business, or inherit assets.
• Solution: Collaborate with UMD, The Cleveland Foundation, and your advisors to identify the best tax and estate plan.
• Benefit: Immediate tax deduction and access to professional planning while supporting a meaningful cause.

Family Dynamics

• Scenario: You have enough assets for your family but want to avoid excessive gifting to younger generations.
• Solution: Donate to UMD’s Endowment Fund with a purpose significant to your family.
• Benefit: Promote philanthropic values within your family while benefiting the Macedonian Community.

Philanthropy in Estate Planning

• Scenario: You struggle with estate planning due to end-of-life considerations.
• Solution: Focus your giving on supporting Macedonian heritage and aiding fellow Macedonians.
• Benefit: Leave a legacy that fosters pride and a sense of closure.

Preserve Resources

• Scenario: Concerned about ensuring sufficient resources in retirement.
• Solution: Establish a charitable gift annuity or remainder trust.
• Benefit: Secure lifetime income with a predictable stream and immediate tax deduction while aiding UMD.

Extending Your Legacy

• Scenario: No children, but you want to remember special loved ones.
• Solution: Donate your estate to UMD’s Endowment fund to preserve your legacy and obtain a charitable deduction.
• Benefit: Create a lasting legacy while reducing estate taxes.