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The ILCA Fund |
Charter of the Fund
The ILCA Fund was established in 1981 as a way to guarantee the
long-range operations of our Class. Contributions to the Fund may be
used to pay for the ordinary operating expenses of the ILCA, to
advertise and promote the sport of Lightning Class sailing or for
any other purpose approved by its Board of Directors.
In 2007, the ILCA Fund supported the US Sailing
award winning Lightning Boat Grant Program.
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The
Boat Grant Program
You can donate cash, boats, covers, sails, trailers, etc. to support
this innovative program to attract
young racers to the Lightning. Designed to help young sailors
experience the high level of competition offered by the class, this
revolutionary program offers a unique opportunity among one-design
classes. While many one-design classes struggle to attract and
retain young sailors, the Lightning Class is taking active steps to
give young adults a leg up: this past summer the class provided four
fully rigged, insured and competitive boats for worthy teams for the
2007 sailing season. The recipients participated in Fleet, District
and National regattas.
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The Limbaugh Fund |
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Charter of the Fund
The Limbaugh Fund was established in honor of two of our most avid
supporters. Helen was our Executive Director from 1965 to 1982. Jay
was our Class President in 1964. Both remained strong supporters of
the Class long after their tenures were completed.
Because of Helen & Jay's strong interest in junior sailing, and
their belief that our juniors are the future members and officers of
our Class, the organizers of the fund have dedicated these funds
toward Junior activities.
Use of the Fund
The available monies in the Limbaugh Fund are restricted to support
of education, training, and the promotion of junior sailing. Only
income generated from Limbaugh Fund investments may be used. The
principal may not be spent.
Uses
of these funds have included support for the Youth World
Championships, the Sears Cup, funding junior racing clinics,
trophies, promotion of youth regattas, etc.
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The Mary Huntsman History Fund |
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Charter of the Fund The Mary Huntsman
History Fund's primary objective is to help recover and properly
preserve the Lightning Class heritage. The Fund is named after Mrs.
Mary Huntsman, Past President and Officer of the Class, and who was
the first to hold the Historian VP position when it was established.
Under her Presidency, Mary secured the purchase of Lightning Number
One and subsequently coordinated its donation to the Mystic Seaport
Museum, where the boat will be restored and displayed. |
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Use of the Fund
The
Mary Huntsman Lightning History Fund was formed in 2004. Its primary
objective is to help recover Lightning memorabilia and properly
preserve Class heritage.
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The laws of the U.S. permit its citizens to choose how to dispose of
possessions at death. The ILCA has been granted status as a
charitable organization by the Internal Revenue Service. As such,
your gifts to the
Class can be deducted from income and estate taxes. These tax laws
make giving to the Class both economical and philanthropic.
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| How may
Gifts be made during your lifetime? |
Gifts of Cash: A gift of cash during a person's lifetime is the simplest type of gift. These can be made in person
or anonymously, directly or on behalf of another person. Gifts
within a year are deductible from that
year's income taxes. You may send a check to the ILCA at any time or
include an extra amount of money in the renewal form when you pay
your membership every year. |
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Gifts of Marketable Securities and Investment Real Estate: Gifts of
appreciated securities and real estate held for investment purposes
are often more beneficial to the donor than gifts of cash. When such
items are
donated, the donor receives a contribution deduction equal to the
current market value of the security and generally, the excess of
the market value over the donoršs cost basis is not taxed. Often it
can be advantageous to donate substantially appreciated items than
to sell them and pay the capital
gains tax. |
| Gifts through
Wills:
Remembering The ILCA in your will is another method of giving. Such
a gift is deductible in calculating estate taxes. Provisions for the
gift may be included in the body of the will or by adding a simple
codicil. If you desire to establish a separate memorial gift within
either the ILCA Fund or "Limbaugh" Fund, or to specify the purpose
of the gift, this may be done by so stating in the provisions of the
will. |
| Gifts of Boats
and Equipment:
You may consider donating your boat and equipment to the ILCA,
thereby helping make them available to newcomers. You can deduct the
fair market value of your donation from your income or estate taxes.
It may be more advantageous for you to give the boat to the class
than to sell it. The Class has the procedures in place to facilitate
making this important gift. There is no time
better than the present to make gifts to our Class. Your
contribution will assure that the next generation of sailors will
have the same support that we all now enjoy. We hope you will consider planning an ILCA
donation, always informed, by appropriate legal and financial counsel. |
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Make a Donation |
