PROFESSIONAL DIMENSIONS CHARITABLE LEGACY FUND
(1) What is the Professional Dimensions Charitable Legacy Fund?
The Professional Dimensions Charitable Legacy Fund (“Legacy Fund”) is a donor-advised fund (“DAF”). The Legacy Fund was created in 2014 by The Professional Dimensions Charitable Fund (“PDCF”) with the purpose of supporting the aspirations of the Professional Dimensions (“PD”) members to impact the economic self-sufficiency of women and girls in the Milwaukee area through shared experiences and financial support.
PDCF is a 501(c)(3) organization and serves as the charitable, tax exempt arm of PD. The Legacy Fund is a part of the PDCF vision of creating an “umbrella of giving” to causes that further PD’s mission to expand what is possible for women and the world they influence.
(2) What is a Donor Advised Fund?
A DAF is a little like a savings account for charitable purposes. DAFs are managed by a non-profit entity, like a charitable organization of a financial services firm or a local community foundation. The assets inside a DAF grow tax-free, allowing donations to stretch farther.
The Legacy Fund is managed by PDCF and The Greater Milwaukee Foundation. These groups invest the Legacy Fund assets and manage the Legacy Fund’s account. After assets are contributed to the Legacy Fund, PDCF Board of Officers and Directors can direct The Greater Milwaukee Foundation to make grants to public charities that support the economic self-sufficiency of women and girls in the Milwaukee area.
All gifts to the Legacy Fund will be directed to PDCF. Every quarter, PDCF will transfer the Legacy Fund gifts to The Greater Milwaukee Foundation. The Greater Milwaukee Foundation’s 100+ year history and exceptional investment planning ensures your gift will be stewarded with the utmost care and long-term impact. The tax advantages of donating to the Legacy Fund will be preserved when directed to PDCF.
(3) Why should I contribute to a DAF like the Legacy Fund?
The Legacy Fund gives PD members an opportunity to aggregate their contributions to make a more meaningful and long-lasting effect on achieving economic self-sufficiency of women and girls in the Milwaukee area.
(4) How do I become a member of the PD Legacy Society? And what are the benefits of doing so?
Once your planned gift is acknowledged or lifetime cash contribution is received you will become a member of the PD Legacy Society (gifts must be confirmed by an electronic Statement of Intent Form, or by printing a PDF form and mailing it to the office). The Legacy Society activities will provide opportunities to celebrate and share your deep commitment to the mission of Professional Dimensions and the Professional Dimensions Charitable Fund.
(5) What are the income tax benefits of contributing to the Legacy Fund?
The primary tax benefit of contributing to the Legacy Fund is that you can donate assets for charity today and take a tax deduction now.
A contribution to a DAF is treated as a gift to a 501(c)(3) public charity, which means the charitable deduction is limited to 60% of Adjusted Gross Income (“AGI”) for cash gifts and 30% of AGI when donating appreciated securities. Any deductible amounts not used in the current year because they exceed AGI limits may be carried forward for the next five years.
(6) How can I contribute to the Legacy Fund?
You can make a gift today to make an immediate impact.
You can make a gift to memorialize a dear friend or loved one.
You can also make gifts later through a planned gift. Planned gifts are a wonderful way to have a lasting impact on the lives of women in the Milwaukee area. You can make a planned gift by naming the Legacy Fund as a beneficiary in your Will, Trust, retirement plan, life insurance policies, or investment accounts.
(7) What kind of assets can I donate to the Legacy Fund?
You can contribute many different kinds of assets to the Legacy Fund, including:
PDCF and The Greater Milwaukee Foundation has the right to review some gifts, like real estate and closely held business interests, prior to acceptance of those gifts. You can contact the PD Office at firstname.lastname@example.org to discuss your planned gift in more detail.
(8) How can I contribute cash to the Legacy Fund today?
You can make a gift of cash to the Legacy Fund online by visiting the Professional Dimensions website at professionaldimensions.org/Donate.
(9) How can I contribute appreciated stocks, mutual funds, or exchange-traded funds (“ETFs”) to the Legacy Fund?
PDCF has partnered with the Drosner Phillips Ristau Group at Baird to accept gifts of appreciated stocks, mutual funds, or exchange-traded funds (“ETFs”) to the Legacy Fund. Please contact Michael M. Brown at the Drosner Phillips Ristau Group at 414-298-6040 or the PD office at email@example.com to initiate a gift of securities today.
(10) Can I make a gift to the Legacy Fund in my Will or Trust?
Yes. You can leave a lasting legacy by including the Legacy Fund in your Will or Revocable Trust. Here is some sample language for you and your advisor to consider:
Choose option one or two:
Option one--bequest in a will: I give and bequeath
Option two--gift from revocable trust: Upon the death of the Settlor, the trustee shall distribute (the sum of $_____________ OR ________________percent of my estate) to The Professional Dimensions Charitable Fund, Inc. (EIN: 39-1519899) to be allocated to the Professional Dimensions Charitable Legacy Fund.”
(11) How can I name the Legacy Fund as beneficiary on my IRA or qualified retirement account (like my 401(k)?
You may name the “The Professional Dimensions Charitable Fund (Tax ID # 39-1519899) to be directed to the PD Legacy Fund” as a beneficiary of your IRA or other qualified retirement benefits. This change can be made by simply requesting a beneficiary designation form from your plan administrator. This form must be completed, signed, and returned to the plan administrator for this beneficiary designation to be effective.
(12) How can I contribute gifts like real estate or closely held business interests to the Legacy Fund?
Special assets, like real estate or a closely held business interest, will be reviewed by PDCF and the Greater Milwaukee Foundation before acceptance. To learn more about donating special assets to the Legacy Fund, please contact the PD Office at firstname.lastname@example.org.
(13) Who should I talk to learn more about making gifts to the Legacy Fund?
If you would like to talk about your unique giving circumstances or learn more about the Legacy Fund, please contact Anne Summers, Chair of the Legacy Fund, or Lauren Feaster, the Chief Executive Officer of Professional Dimensions.
Always consult with your independent legal, accounting, or tax advisor before donating to the Legacy Fund.
This publication is not intended as legal or tax advice. This information was compiled by Professional Dimensions Charitable Fund. It is intended solely for the information and education of Professional Dimensions’ members and the legal and tax advisors of its members. It must not be used as a basis for legal or tax advice and is not intended to be used and cannot be used to avoid any penalties that may be imposed on a taxpayer. Tax and other planning developments after the original date of publication may affect these discussions.
The Professional Dimensions Charitable Fund, Inc., December 2020