Good Neighbor Village was the idea of three families and it all started over a cup of coffee. Ever since that cup of coffee, Good Neighbor Village has existed because of the generosity and compassion of others. As a non-profit 501(C)3 organization, all gifts made to The Village are tax-deductible under the allowable guidelines of The Internal Revenue Service and The Virginia Department of Taxation. Without the support of our friends, Good Neighbor Village could not exist. Various donations are needed:
Donate Items - Kitchen items (appliances, large and small), dinnerware, furniture, books, electronics (computers, televisions, etc.), vehicles, etc. All of these items are used by The Village and are items that, from time to time, need to be replaced.
Donate Services - The Village has had many types of services donated in the past. These include, but are not limited to: landscaping (design and maintenance), plumbing, vehicle repair, HVAC repair and/or maintenance, delivery services, cleaning services, etc.
Donate Assets - The Village has relied on the generous gifts of individuals, civic organizations and corporations for 20 years. To ensure that our residents have a secure future, our donors often consider the following asset types when donating to Good Neighbor Village:
If considering the gift of stocks, bonds or mutual funds, Good Neighbor Village uses the services of professionals in the accounting, legal and financial services areas who can help with the efficient and proper transfer of the assets and who can also advise donors on the most tax efficient means of gifting these assets.
There are many means by which one can help Good Neighbor Village, both today and in the future. While we can provide you with a few of the basics, it is always a good idea to consult a professional who can assist you with these decisions. These professionals may include your attorney, accountant, insurance agent and financial advisor. Should you find yourself in the initial stages of this process, we will be happy to guide you in the right direction by discussing your objectives with you and connecting you with experienced professionals. For more information, please contact us at , or, by calling us at 804-795-9813.
Helping The Village
Often, people will name a charitable organization as the beneficiary of all or a part of their estate. This can be done in a number of ways. First, one may choose to leave a percentage of their estate or a specific dollar amount to Good Neighbor Village. The estate is then entitled to a tax deduction of the amount donated. Some find it easiest to simply name Good Neighbor Village as the contingent beneficiary of the assets they have designated for a loved one. Should that loved one predecease the donor, the assets are left to benefit the residents of Good Neighbor Village.
Please remember, if you would like to consider Good Neighbor Village as part of an overall estate plan, it is always advisable to consult professionals who are have experience in this area.
How Should Good Neighbor Village
Good Neighbor Village, Inc., a not-for-profit, tax-exempt organization incorporated by the laws of the State of Virginia and located in the State Of Virginia, having as its principal address 8825 Buffin Road – Richmond, VA 23231.
A donor wishing to leave assets to Good Neighbor Village may include The Village as the primary or contingent beneficiary of their life insurance proceeds or qualified retirement plans. Some examples of these plans include, but are not limited to:
Considering Good Neighbor Village
A trust is a legal arrangement that allows one party to manage assets held within the trust for the benefit of another. Many people designate their trust as the recipient of their assets upon their death. Then, assets within the trust are managed and ultimately disbursed in accordance with pre-determined guidelines. When used in estate planning, Good Neighbor Village can be incorporated into your trust, and can be the recipient of your goodwill for years to come. If you need assistance with this topic, please contact us at . We will be able to connect you with a professional who specializes in this area.
Life Insurance Proceeds
With an individually-owned life insurance policy, one can designate Good Neighbor Village as the primary beneficiary or as a secondary beneficiary. In either instance, the proceeds of the life insurance are not includable in the overall value of the estate, and Good Neighbor Village can receive lump-sum proceeds free of taxation.
Using Your R.M.D. To
After one reaches the age of 70 and a half, the I.R.S. requires account owners to take what is called "Required Minimum Distribution" from certain I.R.A.'s and qualified retirement plans. The amount is determined by a formula and, unfortunately, is non-negotiable. Some are in the fortunate position that doesn't require them to use these assets to supplement their retirement income. Their current streams of income may already include pensions and Social Security. Consider using these assets to purchase a life insurance policy which will allow you to leverage pennies on the dollar and pass greater dollar amounts on to the next generation, Good Neighbor Village, or both. If you need assistance with this topic, please contact us at . We will be happy to connect you with one of our professionals who can help you.
Other Charitable Gifts
Some of the techniques used to ensure that Good Neighbor Village is the ultimate recipient of assets include:
Additionally, some of these vehicles available for charitable gifting are also able to create a lifetime stream of income for the donor. These income streams are actuarially determined and are based on factors such as age and the amount of the donation. As well, utilizing charitable gifting vehicles can provide significant tax advantages for the donor. In some cases, you may be able to receive a tax deduction of the full amount of the donation while avoiding the possibility of income or capital gains taxes. This means that the full amount of your donation goes to benefit the residents of Good Neighbor Village. Should you need assistance with this topic, or if you are interested in giving, please contact us at , or call us at 804-795-9813.
Giving Through Established Organizations
There are several organizations which help Good Neighbor Village by receiving donations from individuals, groups and companies. The United Way provides Good Neighbor Village with a "designation code." This code can be used to make donations to Good Neighbor Village. The code for GNV is 3352.
Regardless of how you choose to donate, we respectfully ask that you consider the residents of Good Neighbor Village as the recipients of your generosity. Your donations will ensure that Good Neighbor Village remains a wonderful place to live.
Your support is appreciated.A financial statement for Good Neighbor Village, Inc. is available, upon written request, from the Office of Consumer Affairs, Virginia Department of Agriculture and Consumer Services. The Virginia Department of Agriculture and Consumer Services is the entity which approves non-profit organizations for solicitation within The Commonwealth. The annual form, I.R.S. 990, for Good Neighbor Village can be found here. Free registration with GuideStar is required.
News and Events
"As has been mentioned in the recent past, GNV has developed a new development campaign. As GNV does not charge residents the full cost of providing a home for each resident, we must rely on the generous support of corporate and private, individual donors within the community. If you are included on our mailing list, you will likely be receiving correspondence in the near future which will outline this campaign and will ask for your support. We ask that you give consideration to GNV as an organization worthy of your continued support. If you have any questions about the campaign, or would like to discuss its details, please contact our development committee chairman, Mike Thompson, at 804-874-6453 or at Mike Thompson
20th Anniversary Event