Frequently Asked Questions About Planned Giving
What tax deduction will donors receive for their planned gifts?
Your tax benefits will depend on several factors including the type of gift, the time at which it is made, whether it is outright or deferred or has any income payments. ECF advises donors to consult with their own advisors before making a planned gift. In general, here are some guidelines:
- Outright gifts generate a charitable deduction that is generally based on their fair market value
- Bequests do not generate current income tax deductions
- Life insurance distributions are not tax deductible. If you have made ECF the irrevocable owner and beneficiary of a policy during your lifetime you may deduct gifts that offset annual premium payments.
- The charitable deduction for a gift that returns income to you is based on the fair market value of the gift asset minus the present value of the income interest that you retain.
Will the Episcopal Church Foundation determine the value of gifts of tangible personal property for a donor’s income tax deduction?
No, this is the donor’s responsibility. The IRS requires that donors of artwork and collectibles secure an independent appraisal of the items to establish fair market value. The appraisal has to be related to the gift – an insurance appraisal won't suffice.
Is the Episcopal Church Foundation a tax-exempt organization?
The Episcopal Church Foundation is a non-profit 501(c)(3) tax-exempt organization incorporated in the state of New York.
What is the Federal tax identification number for the Episcopal Church Foundation?
The federal tax identification number is 13-1776448.
Will the Episcopal Church Foundation serve as executor for an estate?
Due to potential liability and conflict of interest issues, ECF cannot serve as executor.
How can a donor notify the Episcopal Church Foundation about a planned gift?
Please let us know by emailing us. You can also notify us by mail by writing to
Amy R. Rome
Director of Development
Episcopal Church Foundation
475 Riverside Drive, Suite 750
New York, New York 10115
The purpose of this website is to provide you with information that is of a general nature only. For advice or assistance when considering a planned gift, we encourage you to consult with your attorney, tax professional or investment professional for advice concerning your individual situation and the consequences of your gift.