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Gifting to Wa Sung Community Service Club
As a non-profit service organization receiving no funding from the government or any foundations, the Wa Sung Community Service Club depends entirely on our own fundraisers and the good will of the community in carrying out our mission, which is to provide services to the Asian communities in the East Bay.
Throughout the years, we have received many donations and sponsorships from members like you and socially conscious companies in the community, and we deeply appreciate such acts of generosity. We want to put together this guide in case you may have overlooked some other ways that you may give to Wa Sung.
The easiest way is to make an outright gift of money, appreciated stocks or bonds, or mutual funds. You can target your donation at a specific program such as the Merit Award Scholarship or to the general charity fund. You may also participate in our charity programs in general by becoming a “Friend of Wa Sung” with a donation of $250 or more.
You can also donate to individual endowment funds in the Perpetual Scholarship Fund. See VI. Endowment below.
Note: Wa Sung Charity Fund is the charity arm of the Wa Sung Community Service Club and is the name under which the 501(c)(3) tax-exempt status was granted by the IRS. All donations are fully tax-deductible.
You will be helping Wa Sung simply by buying tickets to participate in our fundraisers. Better yet, ask your friends and co-workers to join the fun too. Each year, Wa Sung holds several fundraisers – the Crab Feed in February, the Charity Golf Tournament in August, and the New England Lobster Bake in August. There may be a fundraiser in the fall as well. The Crab Feed has silent auctions, so we welcome any donations of items for these auctions.
We are always looking for corporate sponsorships for our fundraisers. There are many levels of sponsorship, usually starting at $250. In return, we will provide incentives and acknowledgements as appropriate.
III. Life Insurance
You can name Wa Sung Charity Fund as the beneficiary on your life insurance policy. Or, if you have a paid-up policy, you can transfer its ownership to Wa Sung.
IV. Retirement Plans
You can name Wa Sung Charity Fund as a beneficiary for all or part of your IRA, 401(k), 403(b), or other qualified retirement plans. Your plan manager can help you complete the necessary form to do this.
V. Employer Matching Grant
Some employers will match your donations of money or labor to nonprofit organizations. Please check with your Human Resources Department to find out if your employer offers such a program. It will stretch your donations further.
If you want to create a greater impact of your giving, you should consider including Wa Sung Charity Fund in your estate planning. You probably need to work with your attorney and/or CPA to facilitate this. The following are some suggestions.
You can establish a named endowment fund in the Wa Sung Perpetual Scholarship Fund (PSF) as a gift, special dedication or as a memorial to honor loved ones with a gift of $10,000 or more through outright donation or through will or trust. You can also add to an existing endowment fund. The PSF was established in 1983 to fund scholarships, and special projects only (not for general administration). PSF only uses returns from investment to fund these projects without touching the principal.
You can include a provision in your will to bequeath a gift of cash or specific personal or real estate property to Wa Sung.
You can also give to Wa Sung all or part of the remainder of your estate after paying all taxes, expenses, and other bequests.
VIII. Living Trust
You can also include language in your living trust to leave a gift for Wa Sung upon your passing or the passing of the surviving spouse.
IX. Life Estate
This is a legal arrangement whereby you can give your personal residence to Wa Sung but you retain the right to live there during your lifetime.
X. Charitable Remainder Trust
You can establish a charitable remainder trust where you make an irrevocable donation of cash, securities or other property to a trust which provides an income stream while you are alive and, upon your passing, Wa Sung will receive the remainder of the trust assets. There are many ways to structure this type of trust.
If you are planning or interested in giving to the Wa Sung Community Service Club, please contact us at firstname.lastname@example.org to receive a copy of the donation form.
Your support is greatly appreciated! Thank you so much!
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Wa Sung Community Service Club
Trustee for the Wa Sung Charity Fund
Legal Status: non-profit corporation.
Corporate State: Articles filed with California Secretary of State 5/31/1960 - CO# 39690
Tax Exempt Status: Qualified as tax exempt 501 (c) 3 nonprofit corporation by IRS and tax exempt by the State of California
Trust Fed ID#: 94-6182703