BILL ANALYSIS �
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THIRD READING
Bill No: SCR 5
Author: Wolk (D)
Amended: As introduced
Vote: 21
WITHOUT REFERENCE TO FILE
SUBJECT : California Plan Your Giving Day
SOURCE : Author
DIGEST : This resolution recognizes and supports the
importance of gift planning by October 1, 2011, as
California Plan Your Giving Day.
ANALYSIS :
This resolution makes the following findings:
1. Gift planning opens up options for donors, including
identifying assets for donation that may otherwise be
unavailable to charities.
2. Gift planning enables donors who are currently unable or
reluctant to make a gift to establish a plan to make a
gift of their assets at a later date.
3. Gift planning is a source of endowment that provides for
the possibility of long-term funding for charitable
purposes.
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4. Gift planning is usually a result of charitable estate
planning that enables donors to combine financial goals
with charitable gift giving.
5. Gift planning through testamentary arrangements provides
for estate tax savings and permits donors to leave a
lasting legacy to charity.
6. Gift planning provides the public with the option of
reallocating assets, that are otherwise subject to
taxation, to social capital, thereby controlling the use
and purpose of a person's charitable giving.
7. Gift planning proves to be gratifying for donors who
designate their giving to organizations that share
values similar to the donor.
8. Gift planning allows for the creation of charitable gift
annuities, permitted by California law, to provide a
charitable tax deduction and an assured lifetime income.
9. Gift planning helps charities build "rainy day" funds
that are then available to assist in unexpected
emergencies, such as the relief efforts in Haiti.
10.Gift planning has a major impact on the future viability
of charitable organizations that are highly dependent on
the philanthropic spirit of its donors.
This resolution recognizes and supports the importance of
gift planning awareness by declaring October 1, 2011, as
California Plan Your Giving Day.
FISCAL EFFECT : Fiscal Com.: No
PQ:do 4/6/11 Senate Floor Analyses
SUPPORT/OPPOSITION: NONE RECEIVED
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