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Donations & Planned Gifting
Opportunity Living is an IRS designated 501 (c)(3) Iowa not-for-profit corporation. All donations received by Opportunity Living are used for the benefit of the clients served by Opportunity Living and are tax deductible. Donations made by cash, check, or other approved assets, may be directed into one of the following funds. If a donation is received with no fund designation, it is considered to be "unrestricted."
Fund Choices:
A. Client Needs Fund
This fund is used to supply the needs of clients, not normally covered by normal funding flows. The fund is administered by the "Special Needs Committee" which is made up of the following people: Financial Officer, Director of Programming & Services, A Senior Counselor and the Coordinator of Staff & Resource Development & Community Relations.
B. Program Needs Fund
This fund is used by specific departments within the facility and the donor may designate which department they want to fund.
C. Residential Needs Fund
This fund benefits the client's residential home and must be used for something which benefits all the clients living in the home. The donor must specify which home they want to fund.
D. Endowment
Endowment donations are pooled and invested. The principal is never spent, but the earnings from the investments are used to benefit the clients served by Opportunity Living. Endowment helps ensure the perpetuation of services, for people with intellectual disabilities.
E. Client Technologies Fund
Supplies technology items such as group skype, I-Pads, software, specialized hardware, etc. for the clients use in their homes and at the activity center.
F. Undesginated
Gifts are used in the areas with the most need.
Other Approved Assets
Opportunity Living/Opportunity Living Foundation accept the following asset classes: Securities (stocks, bonds, mutual funds), bequests, life insurance, trusts and annuities, as well as selected in-kind and real property. Gifts of real property including but not limited to real estate, are reviewed by the Foundation Board and are generally accepted with the provision they be sold as soon as can be arranged, unless they are appropriate for use by Opportunity Living.
Memorial Gifts
Opportunity Living has a Memorial Program which includes a sympathy card to send to the family, an information sheet for proper recording and record keeping and a return envelope for the gift and information sheet. The name of the memorialized person is entered into Opportunity Living's "Book of Life" which is on display in the west foyer of the Activity Center in Lake City. If the cumulative donations reach the $500 level the memorialized person's name is engraved onto the "Tree of Life" plaque which is also located in the west foyer of the Activity Center. If you would like a supply of memorial packets please contact the Coordinator of Staff & Resource Development & Community Relations.
Planned Gifts
Planned gifts generally come from fixed assets of an estate, which have significant impact on both income and estate taxes and usually include a retained interest for the donor. The gift requires the creation of a legal, contractual document, which is usually created currently but is not realized by Opportunity Living until later, when the terms of the contract are fulfilled. Examples of planned gifts are: Charitable Gift Annuities, Charitable Remainder Trusts, and Charitable Annuity Trusts. Policies, limitations and procedures for gifts with retained life interest, are available upon request from Opportunity Living/Opportunity Living Foundation. For more information please contact the Coordinator of Staff & Resource Development & Community Relations.
For additional information on this type of gift, an excellent resource is located at www.leavealegacyiowa.com, a web site developed by Leave A Legacy Iowa. Leave A Legacy Iowa have resources to educate and assist Iowans who want to perpetuate their values, benefit their retirement, save taxes and help local charities. Opportunity Living is a member of Leave A Legacy Iowa.
