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Facts Trustees Pictures Giving Opportunities Hours of Operation Book for Children  |
Sea Girt
Lighthouse Citizens Committee, Inc. Annual Giving Gifts may be made to the Sea Girt Lighthouse Citizens Committee, Inc. At any time during the year. The Lighthouse Committee is a tax exempt foundation under Section 501(c)(3) of the U.S. Internal Revenue Code and registered with the State of New Jersey. Therefore, all donations are tax deductible subject to standard Internal Revenue regulations. Cash donations are fully tax-deductible up to 50% of the donor's adjusted gross income (AGI) as defined by the IRS. Donations not utilized in one year may be carried forward. Tax deductible donations can also be made in appreciated assets such as securities, art works, real estates, etc. Some of those donations may require appraisals, so the donor should consult with the Finance Committee in advance. All gifts will be acknowledged in the appropriate IRS format to insure deductibility Bequests Remembering the Lighthouse in one's will has been a major source
of Lighthouse support in years past. Bequests should be designated to the Sea Girt
Lighthouse Citizens Committee. Such bequests will not be taxed in the donor's estate and
thus will not generate tax liability for other heirs if the will is drawn properly. Please
consult the Finance Committee in advance if you have any questions. Living Gifts/Annuities/Charitable Trusts For some persons, it may be both practical and economically beneficial to consider making a gift to the Lighthouse through estate planning mechanisms such as annuities, charitable trusts, life insurance, etc. For example, a person owning stock with a large profit may be reluctant to sell that stock and pay the capital gains tax. The stock may pay a low dividend and the individual may need more income. In very general terms, it is possible to donate the stock to the Lighthouse and have the Lighthouse sell the security without tax as a tax exempt organization. The Lighthouse can then reinvest the proceeds for the benefit of the donor during the donor's lifetime and generate significantly more income. In addition, the donor receives a tax deduction for a portion of that stock donation based upon age. The same mechanisms can be used for other appreciated assets generating little income such as land, art, etc. Each individual's circumstances are different and must be examined in conjunction with their investment and legal advisors. If you believe such an action might be of interest, please contact any member of the Finance Committee or the Treasurer. Copies of the Lighthouse's annual financial statements and tax returns are available. History The Committee currently operates the Lighthouse under a 50 year lease from the Borough. It is used regularly by many local organizations. During the past year over 200 meetings or other activities were held at the Lighthouse. The Committee has paid for the renovation of the entire structure and pays all other expenses. In time, it hopes to raise a sufficient endowment to insure the preservation of the Lighthouse in perpetuity. The Committee is governed by an 18 person Board of Trustees. The Annual Meeting is held in May and a "Lease Signing" party occurs every August. The Committee has 325 members. Sea Girt Lighthouse For additional information, please
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