The Washington Center for Psychoanalysis (WCP) is recognized by the Internal Revenue Service as a charitable non-profit organization exempt from federal taxes under section 501(c)3 of the IRS codes. This exemption was given primarily due to the extensive educational activities conducted by WCP. This means that WCP is free to solicit charitable contributions from the general population. Dues and tuition alone do not generate enough revenue to support the many programs and activities of the center.
In order to foster the growth and acceptance of psychotherapy in general and psychoanalysis in particular, WCP must engage on a realistic and challenging course to seek tax deductible contributions from its members and the general public.
In April 2007, the WCP Board of Directors approved a fund development plan for 2007-08 that calls for increased funding through the following areas:
- Board support. Last year, the WCP Board of Directors made personal contributions exceeding $30,000 to the Center.
- Member support. The general membership will be solicited, by mail, at least once a year, to provide voluntary contributions (above dues and tuition).
- Special events. A Gala is planned for 2008 in which current members and the general public will be invited.
- Grant solicitation. WCP will enhance its current grant support by seeking foundations that support mental health programs, and will draft grant applications that will provide additional funding.
- Charitable Estate Gifts. Also known as “planned giving”, this is one area of fund development that can offer many financial advantages to the donor above and beyond a tax deduction. More on this is provided on the next page.
- Memorials and Living Testimonials. This gives anyone an opportunity to either recognize a deceased individual or pay tribute to a living individual.
Contributors are recognized in print in this Catalogue, on WCP’s website and at various meetings for their generosity and support. Giving levels include:
- Benefactor – Gifts of $1,000 and above
- Donor – Gifts of $500 -$999
- Sustaining Member – Gifts of $250 to $499
- Contributing Member – Gifts of $1 to $249
Planned Giving Options
- Bequests – No effect until death, the gift must be included in a will or testamentary trust. Can be expressed as a certain amount, specific assets(s), percentage or residue of an estate.
- Beneficial Designations of (part or all of) Retirement Plan Assets – accomplished by a beneficial designation or a qualified retirement plan and sent back to the company holding the plan. Gift often expressed by a percentage.Revocable, no effect until death.
- Gift of Ownership, or Beneficial Designation of (part or all) or (one or more) Life Insurance Policies – If given ownership of a life insurance policy to WCP,the donor may get a tax deduction.
- Gift of Real Property- Gift of a primary residence, vacation home or farm; older individual(s) can deed real estate to WCP and retain on the face of the deed their right to occupy the property for the rest of their life/lives; they are entitled to an income tax deduction for the charitable remainder value.This simplifies the estate, makes them a donor now.
- Charitable Gift Annuities – A life income plan, especially for older individuals.Those over 65 can generally generate a better return that a Certificate of Deposit.
- Charitable Remainder Trusts – Irrevocable when funded, trusts must follow statutory terms and be in the form of an annuity trust (which pays a fixed amount).Can pay income to the donor for life or for a term up to 20 years, such as for younger beneficiaries.
- Testamentary Disposition of All U.S. Government Savings Obligations – U.S. savings bonds are a good testamentary gift to WCP since the donor would otherwise pay income tax on the bonds.
- Gifts Other Than Cash – Use appreciated real estate or stock to give outright to WCP or to fund an income arrangement. The donor can enjoy significant tax and income advantages such as avoiding capital gains and an income tax deduction for the asset’s fair market value if long-term.
If you are interested in discussing any of these vehicles, please contact the Center office on 202.237.1854 or by emailing center@washpsa.org. We can arrange financial experts familiar with all of these vehicles at no cost to a donor.