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.
I. Donations
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. Of course, all such donations are fully tax deductible.
II. Fundraisers
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. Every year, Wa Sung holds three fundraisers – two for charities and one for administration. We have the Crab Feed in February, the Oakland East Bay Community Directory in April, and the Charity Golf Tournament in August. This October, we plan to resume our highly successful "A Chef's Delight" – a food and wine extravaganza – to help fund our Community Center.
Both the Crab Feed and A Chef's Delight have silent auctions (A Chef's Delight may have live auctions as well), 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 acknowledgments 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.
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.
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. You 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 non-profit organizations. Please check with your Human Resources Department to find out if your employer offers such program. It will stretch your donations further.
VI. Endowment
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. The PSF was established in 1983 to fund scholarships, and special projects only (not for general administration). As of now, there are nine (9) named endowment funds for scholarships, and one (1) for special projects. PSF is professionally managed and only uses returns from investment to fund these projects without touching the principal.
VII. Bequest/Will
You can include a provision in your will to bequeath a gift of cash or specific personal or real estate property to Wa Sung. For example,
I hereby give and bequeath a cash gift of $5,000 to Wa Sung Charity Fund, P.O. Box 1561, Oakland, California 94604, Federal Tax ID 94-6182703.
[OR]
I hereby give and bequeath 100 shares of Apple Inc. (AAPL) stock to Wa Sung Charity Fund, located in Oakland, California.
You can also give to Wa Sung all or part of the remainder of your estate after paying all taxes, expenses, and other bequests. For example,
I hereby give and bequeath 25% of the remainder of the net assets in my estate to Wa Sung Charity Fund, located in Oakland, California.
VIII. Living trust
To leave a gift from a Living Trust, you may use language similar to the following:
Upon the Settlor’s death (Alternate language: Upon the death of the surviving spouse;), the trustee shall make a contribution/donation of $__________________ to Wa Sung Charity Fund, P.O. Box 1561, Oakland, California 94604, Federal Tax ID 94-6182703.
[OR]
In each taxable year of the trust, the trustee shall pay to Wa Sung Charity Fund an amount equal to ________________________ (e.g., not less than 5% or more than 50%) of the net fair market value of the assets of the estate valued as to the first business day of each taxable year of the trust.
The trustee hereby has the express authority to distribute assets from the trust estate to Wa Sung Charity Fund.
The trustee may, in the trustee’s discretion, (1) make said distributions in cash or in kind (including undivided interests in kind), or partly in cash and partly in kind, either pro rata or non pro rata, to Wa Sung Charity Fund at distribution values determined by the trustee, and (2) make such sales of the trust property as the trustee considers necessary to make distributions.
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 have any questions or comments, or wish to have an attorney to review your estate planning documents, you may contact Wa Sung’s legal counsel, Benson C. Lai, Esq., at (415) 867-7708.
If you are planning or interested in giving toward the Wa Sung Community Service Club, please contact us at (510) 869-2589 or wasung2001@hotmail.com.
Revised 4/28/11