Why do we need your help?
TEAM’s administration expenses are less than 10 cents on every dollar! Though programs receive funding from a variety of sources, including federal and state funding, programs often face the challenges of the demand for services without any additional funding, and in some cases, funding reductions. Donations from the community help to ease this burden.
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There are several ways in which individuals, organizations, or corporations can donate to TEAM to help continue the agency’s mission of helping those in need:
- TEAM welcomes both monetary and in-kind donations of any size to be designated as a general gift or to support the program of your choice.
- Corporate partnerships can include good and services (such as computers, preschool books, gift baskets for homebound elderly or toys for the Toys 4 Kids annual toy drive) and corporate lending of employees (such as income tax preparers for our Volunteer Income Tax clinic which provides free tax preparation to low-income Valley residents).
TEAM offers many opportunities for individual volunteering or gift-giving throughout the year, including taking advantage of outright or deferred planned giving options. No gift of time, funds, or goods is too large or too small in support of our continued mission to improve the quality of life in the community we live.
In 2010, TEAM’s President & CEO and Board of Directors established an endowment at the Valley Community Foundation to support TEAM in perpetuity. Individual contributions to the TEAM Richard J. Knoll Fund are invested with the contributions of others to achieve a greater collective impact. Distributions from the Fund are used each year to help with general operating and programmatic costs.
Careful planning of your gift to TEAM can help maximize the benefits to both you and TEAM. Federal income, estate, and gift tax laws encourage individuals and their families to make gifts to charity by offering tax savings, credits, and deductions. There are many ways you can make a significant gift to TEAM and take advantage of these tax savings:
If you make an outright gift to TEAM of cash, appreciated securities, real estate, or personal property, and your total deductions exceed your maximum permitted federal deduction for one year, you can claim the excess as deductions on your federal tax returns in the 5 subsequent years. Tax benefits include:
A. Cash Gift: The full amount of a cash gift, up to 50% of your adjusted gross income, can be deducted for income tax purposes in the year that the gift is made.
B. Gifts of Appreciated Securities: TEAM can accept both publicly traded securities and closely held securities. Appreciated securities to TEAM can avoid capital gains tax on the difference between the price paid for the securities and current market value the date the gift is made. You can deduct the current market value of a securities gift, up to 30% of your adjusted gross income. A securities account has been established at TEAM to receive the marketable securities.
C. Gifts of Real Estate: Gifts of real estate may include developed property, undeveloped property, or gifts subject to a prior life interest. Prior to acceptance of real estate, TEAM, Inc. shall require an initial environmental review of the property to ensure that the property has no environmental damage. If you donate real estate to TEAM, you would be credited with a contribution valued at the fair market value of the real estate, which is ordinarily ascertained by a real estate appraiser.
A. Bequests: Gifts by will, whether in the form of cash, securities or other property, may be fully deducted in determining federal estate taxes and inheritance taxes.
B. Life Insurance: Donors who no longer require the protection of life insurance policies acquired years ago may realize immediate tax savings by transferring them to TEAM and naming TEAM as the irrevocable beneficiary. An alternative is to take out a new policy, naming TEAM as the owner and irrevocable beneficiary.
For more information and greater details about TEAM’s giving programs, please contact TEAM’s Executive Vice President Diane Stroman at (203) 736-5420 ext. 234.
If you would prefer to make a donation via check, please mail it to TEAM’s Administrative Office at 30 Elizabeth Street, Derby, CT 06418. If you would like your donation designated to a particular program, please indicate the program you wish your dollars to support.
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