Giving Choices
What would you like to support? BDFS volunteers and Foundation staff work with donors to achieve their individual charitable giving goals. The BDFS program offers two types of scholarship funds. You may contribute to an existing scholarship fund, establish a new scholarship, or both.
- Non-endowed Scholarships – Non-endowed funds provide the greatest flexibility.
- Annual Named Scholarship – Donors may name a scholarship with a minimum gift, which can be renewed annually (by December 31 to be included in awards process for the coming year).
- Term Scholarship Fund – If you would like to establish a named fund that will support one or more scholarships, each year until the funds are expended, term funds are the best choice.
- BDFS Scholarship Fund – The BDFS Fund Advisory Committee established a fund to which anyone may contribute.
- Endowed Scholarships – Endowments are designed to last in perpetuity. (The amount available to award is determined annually by the Foundation’s Board of Directors, in accordance with our endowment and spending policies. Some endowment donors also choose to establish a non-endowed fund in order to supplement awards in years when the full amount is not available.)
Regardless of your scholarship giving goals, we can create a giving solution that works for you. You, your family and friends may make contributions to scholarship funds at any time. In addition, you can support students who share your interests and priorities. Whether you want to encourage studies in a particular field, or to reward students involved in volunteer activities, the awards committee will screen students based on your criteria.
When and how would you like to give?
- A Current Gift – Donors make a contribution or establish a fund at their convenience.
- Memorial Gifts are a meaningful way to celebrate the lives of loved ones.
- A Planned Gift – Bequests, Charitable Remainder and Charitable Lead Trusts and other planned giving vehicles allow donors to plan today for a legacy gift that will benefit students. A bequest in your will, naming the Foundation’s BDFS program as a beneficiary, is another ideal way to create a fund. Estate taxes may be significantly reduced, and the fund will continue to work as a living symbol of your interests. Donors making a bequest to the Foundation become members of the Foundation's Madrona Society.
What would you like to give?
Cash
Cash assets are the simplest and most convenient gift.
Securities
You pay no capital gains, and receive the maximum allowable tax deduction under the law, for the full market value of appreciated securities given to the Foundation.
Real estate
A gift of real estate held for more than one year by the owner can yield the same tax advantages as gifts of securities. The Foundation's ability to accept real estate gifts depends upon a number of factors, including current market conditions and the value and condition of the property.
Transfer of assets of a private foundation
The expense and time of administering a private foundation can become an unwanted burden. Transferring the assets of a private foundation to a donor-advised fund at the Whatcom Community Foundation provides significant tax and administrative benefits.
Life insurance
If the protection of a life insurance policy is no longer needed, it may prove a practical, tax-deductible gift. Or you may retain ownership of a policy naming the Foundation as a beneficiary, resulting in an estate-tax reduction but no deduction for income tax purposes.
IRA or qualified retirement plans
You can name the Foundation as the beneficiary of an IRA or qualified retirement plan. Depending upon accumulations, retirement plan assets may be subject to double taxation if left to heirs.
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