Report from the Foundation President
Wayne Slavitt
As the incoming President of the Temple Israel Foundation, I am excited to take over the leadership of this critical agency of the temple. For 31 years, the Foundation has provided a means for our members to ensure the long-term continuity of Temple Israel. The Foundation also provides short-term, annual support to the temple from income earned from unrestricted gifts, as well as funds distributed from restricted gifts.
I want to thank Jan Stein, the outgoing President of the Foundation. Jan tirelessly led the Foundation over the past three years, providing tighter organization of our various funds, focusing the Board to produce more timely financial statements, implementing a donor recognition program, and creating a new marketing campaign to attract new gifts. Jan’s imprint on the Foundation will be felt for many years to come.
My Focus
The main focus of my presidency will be on growing the corpus of our Foundation. The amount of funds that the Foundation manages is referred to as our corpus. The more our corpus grows, the more we can help Temple Israel. The greater our corpus, the stronger is our Foundation, enabling us to provide more perpetual support for future generations of Temple Israel. Being in the real estate business, I know you cannot support a building without a proper foundation. Our temple is no different, especially when it comes to our financial structure. We have such wonderful programs and events at Temple Israel that require sustenance. The momentum that has been created over the past year requires the support of all of us - not just in attendance at services, Torah Center, and the many events we put on, but in ensuring that Temple Israel is a major part of the Greater Long Beach area for decades to come.
Overall, the Foundation is the custodian of funds from our donors. If a donor makes a restricted gift, i.e., the donor designates that the gift can only be used for a specific purpose(s), we ensure that the donor’s wishes are carried out. For example, you can donate $25,000 and designate the earnings from it are to be used specifically for Torah Center programming. The more common gift is unrestricted. Those funds are deposited into the Foundation’s general account. Each year, the Foundation provides the Temple with an allocation for the Temple Board to use as it sees fit. The amount we allocate is based on a complicated formula that attempts to provide stability in the amount from year-to-year.
How Can You Help?
There are many ways you can help us grow our corpus. Let me describe a few ways:
Make an outright gift to the Foundation: Whether it is cash, stocks, a vehicle, or real estate, your donation will provide you with a tax benefit, while enabling the Foundation to grow.
Include us in your will: A gift from you to be paid in the future (very far into the future, we hope!) is a perfect way to leave a legacy. You can specify a certain dollar gift or a percentage of your assets to be allocated to Temple Israel.
Become a Living Legacy: Individuals 69-85 can participate in the Living Legacy program, which enables you to receive a significant sum of money when a life insurance policy is taken out. Please contact Steve Bascove, our Executive Director, for more details.
Don’t Sit Idly By
Our New Year is fast approaching. As you begin to reflect on the coming year, please begin to think long-term. Remember how important Temple Israel has been to you and your family and keep in mind the need to sustain our wonderful synagogue. We need your vision and we need your support. Help us grow our Foundation corpus to a level that will ensure the continuity of Temple Israel for generations to come.
If you’d like more information, please call Steve Bascove, Temple Israel’s Executive Director at (562) 434-0996
2008-2009
Foundation Board of Trustees
Wayne Slavitt,
President
Jeff Barrad, Carol Beckerman, Hank Feldman,
Dan Felsenthal, Terry Fiskin
Micheal Masters, Janet Schultz
Jan Stein,
Past President
REMEMBER Temple Israel in your |
Honoring Their Legacy Today
Temple Israel’s Guardians of the Future
The next time you walk into the temple, take a moment to check out a very special wall. The wall I’m referring to symbolizes the future of Temple Israel. The Temple Israel L’Dor Vador (Generation to Generation) Foundation Wall honors members of our congregation who have made a generous gift to support the Temple Israel Foundation. These generous gifts are put into an endowment fund that will help sustain our beloved temple today and into the future. The congregants whose names are inscribed on the wall, and listed below, are leaving a legacy for our children and for generations that follow.
Reva & Seymour Alban
Barbara & Ray Albert
Polly & Herman Alevy
Evelyn Linden Baldwin
Binnie & Jack Berro
Shirley & Myron Blumberg
Jean & Robert Blakey
Laura Bohen
Ernest Bresch
The Gerald Cohn Family
Avirom Estin & Ruth H. Comarr
Lou & Ruth Davis
Oscar & Eve Dobkin
Cheryl & Jay Elser
The Erlbaum Family
Helen & David Feuer
Gary Fields & Lindsey Fenimore
Rabbi Harvey B. Franklin
Frieda Friedman
Diane & Ron Guest
The Kaelter Family
Ruth Padway Kaller
Rosie Stelling
Richard Kaller
Miriam & Gilbert Lapid
Syd & Merv Lemmerman
Ann & Gene Lentzner
Marian Lerner
Dena Levinstein
Mark, Anne, Kate, & Rachel Levinstein
Ellen & Walt Levy
Hannabelle Lieberman
Nancy & Jim Linden
Susan & Fred Masback
Barbara & Arthur Miller
Dolores & Irvin Pilger
Dorothea Perrie
Madge Rose Pizer
Dodie & Dr. Julius Robbins
Sophie Linz Rosenfeld
Lillian & Bernard Sachs
Sadie & David Sachs
Max Sacks
Birdie & Arnold Schulman
Mindelle Schneider
Barbara & Leon Shoag
Janet & Carl Schultz
Beverle & Michael Singer
Arlene Solomon Family
Nancy & Mark Speizer
Karen & Tim Strelitz
Tilly Weil
Minna Weiss
Audrey Hyde Zahler
Lillian Zatlin
This year we will be honoring these “guardians of the future” during the High Holy Days and at a Shabbat service. Please take the opportunity to personally thank them for helping to preserve the future of our temple and our Jewish community. You may also want to give serious consideration to adding your name to the wall and joining this special group by making a current or planned gift to the Temple Israel Foundation.
Making a Gift to Sustain
Temple Israel for Future Generations:
A Simple Bequest
A bequest is simply to give or leave something by will, typically personal property or assets. Yet this relatively simple act of tzedakah can have a profound impact on helping to ensure the future of Temple Israel. In doing this loving act of kindness you could also benefit your estate at the same time by bringing it below the taxable level, while also making provisions for your heirs. You will also have the peace of mind knowing that a portion of your estate will go to a cause of your own choosing, and not the government’s.
There is also a great deal of flexibility that comes with making a charitable bequest. You can change your mind at any time, but also know that if everything goes as planned the money left for Temple Israel Foundation will be put to good use by growing our endowment and helping to sustain Temple Israel for future generations. And what a wonderful feeling you’ll have knowing that your future gift will benefit those who come after you.
You Can Make A
Tax-Free Gift
to
Temple Israel
from your IRA
A Unique Opportunity
Are you required to take money out of your IRA every year, even when you don’t want to, because of the tax problems and minimum requirements?
Here’s some great news! New legislation makes it easier to avoid these hassles. Instead of accepting the required amount, you can make a gift from your IRA directly to Temple Israel!
In the past, once you were over age 70 1/2, you were required to take the Minimum Required Distribution every year. That mandatory distribution is fully taxable.
The good news is that on August 17, 2006, the President signed HR4. This complex piece of legislation allows for charitable contributions to be made directly from an IRA to the Temple Israel with no tax implications for you!
Imagine the pleasure of avoiding taxes on that mandatory payment while helping Temple Israel.
This is the last year, 2007, you can do this, as long as you are over age 70½.
To avoid any taxes, your gift must be in the form of a direct payment from an IRA to Temple Israel. You can’t make a personal withdrawal and then gift the cash. That would trigger income taxes.
By making a gift transfer at least equal to the minimum required distribution, you will not need to take a required annual withdrawal. This transfer gift will have a net zero effect on your federal taxes and a major impact on your commitment to our temple.
This is a brief overview of the IRA Charitable Rollover Program. It will not work for everyone. Before making any commitments like this, be sure to evaluate the opportunity with your own legal and financial advisors.
For more information about making a gift to Temple Israel, please contact Steve Bascove at (562) 434-0996
Is Temple Israel on
Your Year-End Giving List?
The culmination of the secular calendar year usually triggers thoughts about making a donation to our favorite charities. I hope you will add Temple Israel or the Temple Israel Foundation to your gift giving list. A gift to Temple Israel can be used to support current programming needs. And a gift to the Temple Israel Foundation can sustain our programs and services for generations to come.
Many types of gifts allow you to fulfill your charitable intentions and may result in immediate and possible future benefits for you.
Gifts of Cash - Cash contributions are deductible as an itemized tax deduction in the year you make the donation, up to 50 percent of your adjusted gross income. Excess charitable deductions can be carried forward for up to five additional years.
Gifts of Securities - The best stocks to donate are those that have increased greatly in value, particularly those producing a low yield. In order to preserve tax advantages, it is critical that you transfer the physical securities to the charity rather than the proceeds from a sale.
Gifts of Life Insurance - You can contribute a life insurance policy to us by naming either Temple Israel or Temple Israel Foundation as the policy owner or simply as the beneficiary. If you name us as owner and beneficiary, in most cases, you will be entitled to an income tax deduction limited to the lower of the fair market value of the policy or your cost basis in the contract.
Life Income Gifts - Life income gifts allow you to receive payments as a result of make a charitable gift. Depending on your plan, payments will be fixed or variable, payable to you or other beneficiaries you choose. For example, you might create a charitable remainder trust to pay income to you for life. Once assets are placed in the trust, the assets can be sold (without up-front capital gains tax) and the proceeds reinvested to produce a higher yield. Life income gifts entitle you to an immediate income tax deduction, based on the present value of your gift to us.
Gifts of Real Estate - If you own property that is not subject to a mortgage and has appreciated in value, a charitable gift may be an attractive option. You can claim an income tax deduction based upon the fair market value of property you’ve owned for more than one year, avoid all capital gains taxes, and remove that asset from your taxable estate. Or, you can transfer your home to us now and continue to use the property for life. You will be entitled to an income tax deduction based on your age and the value of your property.
Regardless of the type of gift you ultimately make, you will receive the immediate gratification knowing that you are doing a mitzvah for your temple family. And, whatever the amount of the gift, please be assured that your generosity is deeply appreciated by Temple Israel and the Temple Israel Foundation.
Jan Stein
Foundation President
Temple Israel of Long Beach
3538 E. 3rd Street
Long Beach, CA 90814-2709
562-434-0996
info@tilb.org
http://www.tilb.org/