October - November - December 2002 Progress Report
Pooled Income Fund
There are a number of options for charitable giving other than an outright gift. These options, often referred to as "deferred" giving plans, usually allow the donor to retain the benefit of the donated funds, with a gift to charity at a later date. The advantage of such plans is that the donor can receive an immediate income tax deduction for the value of the donor's gift and can avoid the payment of any capital gains tax on a gift of appreciated property.
The simplest, and perhaps most common, form of deferred giving is the pooled income fund (PIF). These funds, established by charities to encourage deferred giving, are usually offered by universities, churches and other major charitable groups. In return for the donor's contribution of cash or property to the PIF, the PIF agrees to provide the donor and/or the donor's spouse (or any two individuals chosen by the donor) with a life income. There is no guarantee of the amount of income, as it is based upon the investment return of the PIF. The PIF will provide the donor with a history of its past investment results, as well as its investment philosophy, to give the donor some idea of the income the donor can expect. At the death of the donor and/or the donor's spouse, the income interest will terminate, and the donor's capital account in the PIF will be given to the sponsoring charity.
A PIF has clear tax advantages. The donor will be
entitled to an income tax deduction in the year in which the donor makes
the donor's contribution to the PIF. The amount of the deduction is the
value of the interest which passes to the charity at the donor's death or
the death of the donor's spouse. This amount will vary, depending upon the
donor's life expectancy and the investment return of the PIF. As an
example, if a 60-year old donor transfers $100,000 to a PIF which has a
6.0% return, and retains a life income interest, the amount of his
charitable deduction will be $35,033.
There are also
advantages to contributing appreciated property, such as stock, to a PIF.
Although the stock will be valued at its fair market value in determining
the donor's charitable deduction, no capital gains tax will be imposed on
the donor or the PIF. A contribution to a PIF will also help to reduce the
donor's estate tax, since the amount passing to the charity after the
donor's death will be deductible for estate tax purposes. Nitai H. Pathak, CPA, MST, of Kling, Lee & Pathak, CPAs,
Cerritos, CA 562-402-8610 .
PIF Trusts
Hindu Heritage Endowment refers to pooled income funds as PIF trusts and currently offers two PIF trusts to its donors, each with a different mix of stocks and bonds. PIF Trust #1 has an allocation of 80% bonds and 20% stocks and is appropriate for income beneficiaries who are older. PIF Trust #3 has an allocation of 45% bonds and 55% stocks and is appropriate for income beneficiaries
who are younger. Both are administrated by First Hawaiian Bank as
corporate trustee. HHE has prepared a folder with many examples of
instances in which the use of PIF Trusts are appropriate, such as a
gift to a new born child or a gift to a newly wed bride or groom. The
folder includes a fifteen-page booklet, "The Pooled Income
Fund," produced by R&R Newkirk which contains a
comprehensive description of this deferred giving option. To receive a
copy of the HHE folder on PIF Trusts, simply check the box on the
tear-out card requesting information on the pooled income fund and mail it
to us or e-mail hhe@hindu.org
As a public service, HHE occasionally will offer the opinions of financial planners. However, itendorses neither these advisors nor their counsel, and recommends that all individuals seek professional advice from several sourcesbefore making important long-term decisions.
March to May Endowment Contributions| Kauai Aadheenam Monastic Endowment | ||
| Arul Karttikeya | $112.66 | |
| Anshul Mohaan | 33.00 | |
| Total | 145.66 | |
| Iraivan Temple Endowment | ||
| Total | $30,000.00 | |
| Kauai Aadheenam Annual Archana Fund | ||
| Yoganathan Palani | 14.05 | |
| Girish Skanda | 14.00 | |
| Lavanadevi Sivam | 51.00 | |
| Total | 79.05 | |
| Hinduism Today Distribution Fund | ||
| Anonymous | 1,001.00 | |
| Uma Devi Arimuthu | 10.00 | |
| Appamal Athimulam | 52.56 | |
| Ramaswamy Balakrishnan | 751.00 | |
| Rathi Devi Batumallah | 200.00 | |
| Veerasamy Batumallah | 165.00 | |
| Anita Bhattacharjee | 26.00 | |
| Rohit & Bisram Deocharan | 33.00 | |
| Banu Devi Deva | 146.00 | |
| Chellappa Deva | 414.65 | |
| Umaiyal Devasegayam Family | 52.22 | |
| Mary Rose Gallagher | 199.00 | |
| Carol Guhan | 27.00 | |
| Mohana Sundari Gunasegaran | 13.15 | |
| Suguneswary Gunasegaran | 109.52 | |
| Emmaline Jordan | 101.00 | |
| Isanah Kameni | 26.30 | |
| Amravaddee Kownden | 45.17 | |
| Ravichandran Krishnan | 270.00 | |
| Thanesh Kumar Kumaravel | 163.15 | |
| Kody Kunda | 896.00 | |
| Thavamalar Lingam | 78.35 | |
| Aaran Mohann | 241.50 | |
| Vishwanaden Moorooven | 48.39 | |
| Logadasan Murugesu | 175.00 | |
| Nalakini Niranjana | 360.00 | |
| Chandran Param | 87.59 | |
| A. Paranthaman | 10.00 | |
| Syam P. Reddy | 126.00 | |
| Marilyn Reid | 189.00 | |
| Guha Skanda | 168.00 | |
| Womana Skanda | 24.00 | |
| Dasa Sivam | 172.00 | |
| Lavanadevi Sivam | 153.00 | |
| Dinesh Sadhwani | 198.00 | |
| Raghuraman Srinivasan | 252.00 | |
| Ganesammal Supiah | 161.96 | |
| K. S. Thamilarasi | 44.38 | |
| Shivani Vinayaga | 237.73 | |
| Sudha Vinadharan | 157.95 | |
| Per Winther | 63.00 | |
| Total | 7,649.57 | |
| Hindu Bussinessmen’s Association | ||
| Vel Alahan | 450.00 | |
| Paramaseeven Canagasaby | 19.49 | |
| Easvan Param | 1,696.93 | |
| Janaka Param | 57.00 | |
| Manogaran Mardemootoo | 32.27 | |
| Sivajnani Nagappan | 28.45 | |
| Total | 2,284.14 | |
| Boys School for Iraivan Priesthood | ||
| Indra Dhaksinamurthi | 45.00 | |
| Bala Sivaceyon | 39.18 | |
| Total | 84.18 | |
| Mathavasi Medical Fund | ||
| Arul Karttikeya | 834.97 | |
| Anshul Mohaan | 34.00 | |
| Gowri Nadason | 90.00 | |
| Vayudeva Varadan | 18.00 | |
| Matthew Wieczork | 60.00 | |
| Total | 1,036.97 | |
| Tirunavukkarasu Nayanar | ||
| Aran Sendan | 102.00 | |
| Kauai Aadheenam Renovation Endowment | ||
| Anshul Mohaan | 33.00 | |
| Sri Subramuniya Kottam | ||
| Andrew Schoenbaum | 30.00 | |
| Kumbhalavalai Ganesha Temple | ||
| Indra Dhaksinamurthi | 45.00 | |
| Manoharan Navaratnarajah | 75.00 | |
| Total | 120.00 | |
| Dancing with Siva Endowment | ||
| Thomas M. Wazney | 10.00 | |
| Hindu Orphanage Endowment | ||
| Ajit S Adhopia | 110.30 | |
| Lila Shakti Devi | 75.00 | |
| Tara Barrie-Hull | 56.63 | |
| Ramakumar & Sailaja Kosuru | 30.00 | |
| Christian Langers | 100.00 | |
| Arun J Mehta | 500.00 | |
| Natraj Narayanswami | 50.00 | |
| Claiborne & Marilyn Porter | 35.00 | |
| Ganesan & Rajalakshmi Ramalingam | 210.00 | |
| Alex Ruberto | 45.00 | |
| Wendy Schuljan | 20.00 | |
| Calvin & Elizabeth Wettstein | 50.00 | |
| Matthew Wieczork | 211.00 | |
| Total | 1,492.93 | |
| Loving Ganesha Distribution | ||
| Christian Langers | 100.00 | |
| Manoharan Navaratnarajah | 75.00 | |
| Matthew Wieczork | 30.00 | |
| Total | 205.00 | |
| Saiva Agama Trust | ||
| Matthew Wieczork | 105.00 | |
| Positive Discipline Education Fund | ||
| Vinaya Alahan | 255.00 | |
| Nepali Kumari Goddess Fund | ||
| Christian Langers | 100.00 | |
| Thank you Gurudeva Fund | ||
| Anonymous | 295.00 | |
| Rita Balachander | 50.00 | |
| Venkatakrishnan Balaji | 10.00 | |
| Maria Cristina Berisso | 250.00 | |
| Stephanie Devi Corgatelli | 200.00 | |
| Amarnath Devarmanai | 324.00 | |
| Anne Goodbody | 50.00 | |
| S Kumarakulasingam | 100.00 | |
| Thungaveloo Mariappan | 19.05 | |
| Manoharan Navaratnarajah | 150.00 | |
| Shanta Devi Periasamy | 230.00 | |
| Jutikadevi Sivaraja | 108.00 | |
| Alex Ruberto | 45.00 | |
| Aran Sambandar | 108.00 | |
| Chamundi Sabanathan | 1,008.00 | |
| Sivadas Sivarajah | 231.00 | |
| Martine Thom | 251.00 | |
| Vayudeva Varadan | 36.00 | |
| Total | 3,465.05 | |
| Udayan Care Endowment Fund | ||
| Jutikadevi Sivaraja | 108.00 | |
| Saivite Hindu Scripture for Visually Impaired | ||
| Ganesan & Rajalakshmi Ramalingam | 200.00 | |
| Manitha Neyam Trust Fund | ||
| N. Balasubramaniam | 300.00 | |
| Bala Sivaceyon | 15.69 | |
| Total | 315.69 | |
| Kapaleeshwara Temple | ||
| Vasudevan Jayanthi | 300.00 | |
| Natraj Narayanswami | 25.00 | |
| Rakesh Sood | 50.00 | |
| Total | 375.00 | |
| Manjung Hindu School | ||
| Rakesh Sood | 50.00 | |
| Natraj Narayanswami | 26.00 | |
| Jutikadevi Sivaraja | 108.00 | |
| Total | 184.00 | |
| Pazhassi Bala Endowment | ||
| Natraj Narayanswami | 52.00 | |
| Rakesh Sood | 50.00 | |
| Total | 102.00 | |
| PIF Trust | ||
| Gowri Nadason | 30.00 | |
| Satya Palani | 75.00 | |
| Total | 105.00 | |
| Total Contributions | $63,588.82 | |
| Funds at Market Value May 31, 2002 | ||
| Total Endowment Funds $3,300,178.82 | ||
| Total Pooled Income Funds $161,231.67 | ||
| Grand Total | $3,461,410.49 |
MISSION STATEMENT : Hindu Heritage Endowment is a publicly supported, charitable organization recognized as tax exempt by the IRS on April 22, 1994. Employer ID 99-0308924. Founded by Satguru Sivaya Subramuniyaswami, its philanthropic mission is to provide secure, professionally managed financial support for institutions and religious leaders of all lineages of Sanatana Dharma.
PROFESSIONAL ADVISORS: Halbert, Hargrove/Russell, Investment Counsel; Alvin G. Buchignani, Esq., Legal Counsel; and Hirose, Kato and Co. , CPA. HHE is a member of the Council on Foundations, an association of 1,931 foundations which interprets relevant law and management and investment principles.
I want to participate. Where should I Send My Donation ? You can send your gift to an existing fund, create a new endowment or request information through the address below. Donations may be made online at www.hheonline.org join our family of benefactors who are Strengthening Hinduism Worldwide. Thank you.
