Cash

Gifts of cash can be made using outright cash, writing a check, or using a credit/debit card. Gifts made by credit/debit card may be made in the office, via the mail, or online.

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Stocks & Mutual Funds

Appreciated assets such as stocks, bonds, and mutual funds may have an added tax benefit when you consider you won’t have to pay capital gains taxes. It is always best to contact us before making a transfer. This way we can ensure it is processed and acknowledged in an accurate and timely manner.

Stock

Transferring appreciated stock is a smart way to give. When you contribute stock directly to Winona Community Foundation you will avoid capital gains tax and still receive the full market value of the stock for gift and tax purposes. Stock transfers normally take only a couple of days but may take longer during busy times such as the end of the year.

The following information is all your broker or agent needs to complete a transfer from your account to that of the Winona Community Foundation.

  • Financial Institution: WNB Financial Trust Department
  • Telphone: 507.494.9269
  • DTC #: 2039
  • Institution #: 94952
  • Account #: 11053-c for further credit to WNB Financial F/B/O WN1773 Winona Community Foundation

Mutual Fund Shares

Transferring mutual fund shares is a smart way to give. When you contribute mutual fund shares directly to Winona Community Foundation you will avoid capital gains tax and still receive the full market value of the mutual fund shares for gift and tax purposes. It takes about 3 weeks to complete a transfer of mutual funds from your account to the Winona Community Foundation’s account. Depending upon your broker, it may be possible to complete your transfer entirely online. You will need the following information to complete a transfer:

  • Financial Institution: WNB Financial Trust Department
  • Telphone: 507.494.9269
  • DTC #: 2039
  • Institution #: 94952
  • Account #: 11053-c for further credit to WNB Financial F/B/O WN1773 Winona Community Foundation

Qualified Charitable Distribution from an IRA

Qualified Charitable Distribution from an IRA

Available to individuals age 70 ½, the “IRA charitable rollover” provides an annual exclusion from gross income up to $100,000 for Qualified Charitable Distributions (QCDs) from an IRA. The amount transferred may be used to meet your required minimum distribution in the year it is completed.

You may direct your QCD to the Winona Community Foundation for its community grant fund or for general purposes without further issue. The same works with any of the Foundation’s field-of-interest, agency, or specific purpose funds.

You may contribute to or establish non-advised designated funds. You may not contribute to or establish your own donor advised fund as per IRS regulations.

What does this mean? We can work with you to establish a fund where you identify your favorite charities in advance that will receive annual grants from the fund, either for a term of years or in perpetuity.  In order to qualify for the QCD, you may not maintain any advisory capacity over the fund once it’s established (you cannot add or remove selected charities nor change the distribution plan).

Why would you make a gift using a QCD? In addition to helping the charities important to you, there are several tax advantages:

The amount directed to charity is not included in your adjusted gross income (AGI).

  • Giving these assets to charity, versus taking required minimum distributions (RMDs) into income, may enable you to avoid certain disadvantages that can come with a higher AGI, such as higher Medicare premiums, self-employment or Social Security taxes, etc.
  • You pay no income tax on the IRA distribution and the Winona Community Foundation pays no income tax on the distributions received.
  • As QCDs are not subject to percentage limitations on charitable deductions, this an ideal strategy for you if you do not itemize deductions or have maxed out charitable deductions.

*The Winona Community Foundation does not provide legal, accounting, or tax advice. Each situation is unique and donors are asked to check with their own advisors regarding their personal situation.