Planned Giving Program

Make a Lasting Difference with your gift to UFP

The Transformative Power of Planned Gifts

Planned gifts, made before or after one dies, express how one wishes to gift their assets to loved ones, to meet other needs — and to the charities of their choice. Planned gifts may be of any size.

Since its founding in 1961, UFP has received a number of planned gifts, from both members and friends of the Fellowship. All of these gifts are significant for the difference they have made and continue to make in the life of our welcoming community. Here are several stories:

In 1982, the estate of Maisie (Mary) Allan, predeceased by her husband John, gifted $12,500 to the Fellowship. And in 1991, William (Bill) Wiggins bequeathed more than $320,000 to the Fellowship. These gifts have transformed our community in a variety of ways. Foremost, they made it possible for UFP to call a Minister. In 1994, the Fellowship called its first minister, Rev. Anne Orfald. Following Anne’s retirement, in 2007, the Fellowship called Rev. Julie Stoneberg to be its full-time minister.

The Allans’ gift was used to start a building fund which, together with many more donations made over time through special collections, made it possible for the Fellowship to purchase its first home, a former church on Chamberlain Street, in 1995. The Fellowship continued to grow and needed a larger space. In 2004, the Fellowship sold that building and reached an agreement with the Beth Israel Congregation to share its premises.

The annual income from Bill Wiggins’ gift has made it possible to fund additional staff positions (the Director of Religious Exploration, the Religious Exploration Facilitator, the Choir Director, and the Administrative Assistant/Bookkeeper) which have helped us to grow our community and to create programming for all ages.

In 2015, David McLellan, brother of Gord McLellan, made a generous gift of $10,000 to the Fellowship. David’s gift was, in his words, an expression of his appreciation for the spiritual and practical support Gord and his wife Claire had received from UFP. David’s gift was the first one invested in the Endowment Fund, one of two funds established in the Fellowship’s by-laws specifically to help sustain UFP over the long-term.

In 2020-21, a number of members and friends of UFP contributed to a capital campaign held in support of the construction of a new lift at Beth Israel. These givings, above and beyond people’s annual pledges, may be thought of as inter vivos planned gifts (gifts from living persons).

UFP’s Planned Giving Program augments its annual pledge campaign and special collections for various outreach programs as well as activities within the Fellowship. All of these donations contribute to UFP’s ability to carry out its mission… welcoming and building a thriving multi-generational community, supporting personal growth, and working to build a just and sustainable world.

Careful stewardship by UFP of planned gifts means funds are invested responsibly so that they grow and can be drawn upon as needed to support our Fellowship and the good work we carry out. Planned gifts will help sustain UFP as a vital liberal religious community serving Peterborough and the Kawarthas now and into the future. What inspires you to give a planned gift to UFP?

Ways to Give Planned Gifts

You can give a planned gift to UFP in a variety of ways. An overview of these ways is provided below.

Bequest in a will

The most common form of planned gift is a bequest in a will. A bequest can be a specific sum of money (a specific bequest); a sum of money that is a percentage of your estate (a residual bequest); and/or gifts of your Registered Retirement Savings Plan (RRSPs), Registered Retirement Income Fund (RRIFs), Tax Free Savings Account (TFSAs), stocks, bonds, real property or other assets.

So grateful to be a part of this rich, engaged and caring community. So many rich memories and special gratitude for the Religious Education Program when my daughter was young and for the friendships made. – Barbara Shaw

A lawyer can prepare a will or trust that best suits your family and tax situation, including the precise form of bequest that you wish to make to UFP. All bequests are eligible for non-refundable tax credits, which can reduce the taxes your estate is liable to pay on the income received in the final tax year.

A contingent bequest provides for changing circumstances. For example, you can specify that your assets be left to your spouse upon your death, and alternatively to the Fellowship, should your spouse pre-decease you.

You might also decide to establish a trust through your will as a means of providing for a surviving spouse or other family member. Upon your death, your assets would be placed in the trust, and the surviving family member would receive income from the trust, with UFP receiving the remaining or residual amount upon the death of the survivor. You can also specify in your will when UFP is to receive this gift — for example, when other named beneficiaries have died, or when other bequests have been filled.

Registered plans

The most common registered plans are RRSPs, RRIFs and TFSAs.

When opening a registered plan, many people specify a successor beneficiary or beneficiaries, usually a close relative. On the death of the plan owner, the assets are delivered directly to the successor and, as such, the estate is not liable to pay probate tax (Estate Administration Tax) on them and other costs.

To make a planned gift of an RRSP, RRIF or TFSA to the Fellowship, simply specify UFP as the successor beneficiary of the plan. This will similarly help to avoid paying probate fees on an estate.

The assets of RRSPs and RRIFs are fully taxable in the year a person dies. If you gift a registered plan to UFP, your estate is eligible for tax credits based on the full value of your plan, which in turn can help to reduce the income tax payable on the final year tax return.

Shares, bonds and mutual funds

Your planned gift to UFP can be shares in stocks, bonds and mutual funds. To avoid paying tax on any capital gains that have accrued, it will be advantageous for you to donate the securities themselves. You will receive a charitable tax receipt for the full value of the securities. Donating securities during your lifetime can also provide a means of re-balancing an investment portfolio without incurring tax.

UFP has a policy on donating securities and a form for doing so, should you wish to transfer your securities to UFP through the Fellowship’s financial advisor, Raymond James Ltd.

Single or Multiple inter vivos Planned Gifts

You can make an inter vivos gift (a gift from a living person) to UFP at any time – cash can be donated by cheque to the Fellowship, and financial assets (shares, bonds and mutual funds) can be donated in kind.

Financial assets can be donated in-kind to UFP through Canada Helps or through the Fellowship’s financial advisor, Raymond James Ltd. Due to the processing costs, UFP prefers that gifts of mutual funds and equity of more than $5,000 be given to the Fellowship through Raymond James Ltd.

There are several advantages to inter vivos planned gifts. You, as the donor, are alive to receive the thanks of a grateful community and to witness your gift being put to good use; you are eligible to receive tax credits on your gift, which will reduce your taxes in the tax-year the gift is given; and, depending upon the type of gift, it may also reduce or avoid your tax liability on any accrued capital gains. An inter vivos gift means you will also avoid some taxation in the future. For UFP, the benefits include that funds become available for use in the near-term, or they are invested to earn interest, tax-free, until they are needed. Inter vivos gifts can be a win, for both the donor and UFP.

Legal and financial advice

It is strongly recommended that you seek the advice of a lawyer and a financial planner so that you can fully understand the implications of making a planned gift upon your estate, your heirs and other beneficiaries, and to best ensure your wishes can be carried out in the manner that you intend.

A will is among the most important documents you can prepare during your lifetime; properly executed, it can provide a lasting legacy for your family and other beneficiaries. Work with a lawyer to prepare a will, and review it periodically to ensure it remains up-to-date, as you and your loved ones pass through major life-events. A will that is ambiguous, omits important considerations or is otherwise deficient can lead to problems in carrying out your final wishes, including the distribution of planned gifts.

Similarly, it is recommended that you work with a financial planner knowledgeable of estate planning so that you can fully understand the options for giving planned gifts, and the financial and tax implications for you and your beneficiaries of giving gifts before you die and through your estate. A will, together with an estate plan, enables you to pass on your assets to the people, institutions and causes that are most important to you, and in the manner that you wish.

Putting your planned gift to use

All planned gifts contribute to UFP’s ability to carry out its mission.

If you are thinking about giving a gift to the Fellowship, as with seeking legal and financial advice, we also recommend that you have a conversation with someone on UFP’s Finance Committee or the Board in advance, so that your gift can be accepted smoothly, acknowledged gratefully, and invested or put to immediate use. For example, if you choose not to specify which of UFP’s funds you would like your gift invested in, the Fellowship will put your gift toward what it identifies as the greatest need or highest priority use.

I came to Peterborough the first time as a Peterborough Pride service – that spirit of inclusion and radical love – community love, self-love, and love of the world – has always pulled me back. – Jess Grover (she/her)

You might want to see your gift used wisely in the immediate or near-future, while other donors might give gifts that will help to secure the long-term viability of the Fellowship, supporting its ability to deliver on its mission well into the future.

UFP’s by-laws establish four funds: Operating, Capital, Endowment and Special Purpose. These funds have been created to address two broad needs – to ensure monies are available to meet the Fellowship’s day-to-day operational requirements; and, to invest funds so they can grow and be available for use in the near-term and long-term.

Planned gifts put into the Operating and Capital Funds are invested responsibly so that they can grow and be drawn upon to support the Fellowship when needed, generally in the near-term. In some instances, gifts can be designated for a specific purpose, e.g., the capital campaign for the lift.

If you decide to put your planned gift into UFP ‘s Endowment Fund, the principal of your gift will be preserved over the long-term, and a percentage of that principal will become available for use by the Fellowship as an on-going stream of income. A Special Purpose Fund is also an endowment in which you, subject to reaching an agreement with the Fellowship, may specify how the income stream is to be used over time to further UFP’s mission.

Planned gifts can be given to any of the Fellowship’s funds while you are alive (inter vivos) or through your estate. Some members and friends of UFP choose to advise the Fellowship of their intentions to give planned gifts. You can also give a planned gift now and add to it over time.

All planned gifts, regardless of their size, help further UFP’s purpose. Grounded in love, the Unitarian Fellowship of Peterborough strives to be a welcoming community that embraces life with wonder and inquiry. Dedicated to our Unitarian Universalist principles and inspired by our interconnection with all that is, we foster personal transformation and act for a just and sustainable world.

How has UFP made a difference in your life? In the life of your family and friends? On matters you care about in your community and in the world?

What inspires you to give a planned gift to UFP?

To learn more about UFP’s Planned Giving Program, please talk to a member of the Finance Committee or the Board.