Other Ways to Give Smarter

Begin your legacy with us

To help you get started on your plans and legacy, you can use FreeWill, an online tool that guides you through the process of creating a legally valid will or trust. It’s easy to use, accessible online and can be completed in 20 minutes. You can use the Link Bequest Tool on its own, use it to document your wishes before finalizing your plans with an attorney.

Have you already included a gift in your will or trust? Please fill out this form to let us know! We would love to thank you for your generosity.

Non-probate assets

Do you have an IRA, 401(k), life-insurance policy, or any other assets not included in your will? If so, these are called non-probate assets and you must plan your beneficiaries for them separately. Use the Link Beneficiaries Tool to make your plans and designate us as a beneficiary of one or more of these assets.

2020 CARES and SECURE Acts Boost Charitable Giving

The passage of the federal CARES and SECURE Acts encourages charitable contributions.

The CARES Act (Coronavirus Aid, Relief, and Economic Security) passed in March 2020. The relief package includes opportunities for donors to help the Berkeley Student Cooperative as we respond to the growing needs of our community due to COVID-19. The changes include:

• Encourages contributions to charitable organizations in 2020 by permitting a deduction of up to $300 of cash contributions for non-itemizers.
• Increases the limitations on deductions for charitable contributions by families who itemize. For individuals, the 50 percent of adjusted gross income limitation is suspended for 2020.
• Up to $1,200 ($2,400 joint) in income-tax free federal benefit per taxpayer making less than $75,000 ($150,000 joint). Donating this to the Berkeley Student Cooperative will earn a charitable tax deduction.
• Waives the required minimum distribution rules for certain defined contribution plans and IRAs for calendar year 2020. Making an income tax-free gift from your IRA to the Berkeley Student Cooperative is still allowed.

The SECURE Act (Setting Every Community Up for Retirement Enhancement), passed in January 2020. It includes changes to Individual Retirement Accounts. The changes include:

• Removing the age limit for contributing to IRAs. You may now contribute to your IRA beyond the previous age cap of 70 1⁄2. However, contributing to your IRA after 70 1⁄2 can affect your ability to support the Berkeley Student Cooperative, making it more expensive to both save and give. Seek guidance if you continue to contribute to your IRA after age 70 1⁄2!
• You do not have to take required minimum distributions (RMDs) until age 72. That’s an increase from the long-standing 70 1⁄2 or older. The CARES act waves required minimum distributions entirely for 2020. You can still use distributions to support the Berkeley Student Cooperative and avoid income tax after age 70 1⁄2, and before distributions are required at 72.
• Non-spouse heirs who received IRAs must withdraw the entire balance within 10 years. That’s a change from the “stretch option” in place prior to the new law.

IRA Qualified Charitable Distribution

If you are 70 1/2 and older, you can donate up to $100,000 tax free from your IRA and satisfy your required minimum distribution.

Securities Transfer Information

Gifting securities to the BSC is easy. We appreciate your support.

1. Instruct your brokerage firm to transfer securities

   Your instructions should include the following information:

   1. The account from which you are transferring the shares
   2. The name and number of shares to be donated
   3. Berkeley Student Cooperative brokerage information:

      Firm Name:

      Wells Fargo Clearing Services, LLC.

      DTC Number:

      0141

      Account Title:

      Berkeley Student Cooperative, Inc.
      2424 Ridge Rd.
      Berkeley, CA 94709

      Account Number:

      2036-4156

      Tax ID:

      94-0948140

      Bank Contact:

      Walter Wellsfry, (925) 296-3615

2. Notify the BSC of your donation

   Please provide the Berkeley Student Cooperative the following information for audit and acknowledgment purposes:

   1. Donor’s name and complete address
   2. Broker’s name and phone number
   3. The name and number of shares transferred, and the approximate dollar value of gift
   4. The specific fund that you have donated to (e.g.: Where It Is Needed Most, Seismic Retrofits, Scholarships)

   Communicate this information via letter or email to:

   • Elissa Roy
     Berkeley Student Cooperative
     2424 Ridge Rd.
     Berkeley, CA 94709
     development@bsc.coop

   •  

   We will acknowledge your donation in writing and verify that it has been credited to the fund you have chosen.

Wills - Join the BSC Legacy Society

Provide for a future gift to the BSC by including a bequest in your will, living trust, or testamentary trust. By informing the BSC of your legacy gift you help us prepare for the future. Equally important, you also give us the chance to thank you for your generosity.

Retirement Plan

Name the BSC as a beneficiary on your IRA, 401(k), or other qualified plan.

Charitable Gift Annuity with the Silicon Valley Community Foundation

Enjoy income for life, charitable deduction, favorable capital gains tax treatment, and no estate tax with a charitable gift annuity managed by the Silicon Valley Community Foundation.

Charitable Lead Trust

Create a trust that makes annual payments to the BSC for a specified period. When the trust terminates, the remaining principal is paid to your heirs.

Life Insurance

Leverage your donations to the BSC by donating ownership of a life insurance policy to the BSC. We will receive the premium notices, and you will make annual tax-deductible donations to offset our payments.

You can also name the BSC the irrevocable owner and beneficiary of a paid-up life insurance policy on your life. You will receive an immediate charitable deduction for your gift. It will be the lesser of the policy's fair market value or the total of your net premium payments.

Or, simply name the BSC as a beneficiary on your life insurance policy, reducing your taxable estate.

Real Property

Make a substantial gift to the BSC through a transfer of residential, commercial, or undeveloped real estate. If you transfer the property subject to a life estate, you can continue to live in the property while you pay for taxes, insurance, and maintenance.