Donations: Invest in Our Community

Did You Know?

Covenant Woods is a not-for-profit corporation. It has operated as a retirement community in the Richmond area since 1883, first as the Richmond Home for Ladies, whose mission was to provide a comfortable, secure home for elderly women who had limited resources. Covenant Woods, a modern continuing care retirement community, opened in 2001.
A Virginia 501(c)(3) corporation, Covenant Woods is not affiliated with any outside continuing care retirement community or provider.
Covenant Woods currently provides financial assistance for 11% of its residents.
Your contribution to Covenant Woods is tax-deductible.

Covenant Woods encourages donations to enhance the quality of life of its residents and to support the benevolent mission of the organization. Tax-deductible donations may be unrestricted or restricted to a specific purpose, for operations or capital improvements, for current needs or for endowment. Income from the Covenant Program enables Covenant Woods to provide a comfortable, secure home for those whose assets are not sufficient to meet their retirement expenses. This is made possible by the generosity of past and current donors to Covenant Woods.

Questions about making a gift? Please contact the Director of Development by e-mail or at 804.569.8004.

How Your Gift Helps

The Covenant Program

The mission of the Covenant Program is to provide for those who have worked hard and served our community well, but are not in a financial position to pay for all their needs in retirement. Covenant Woods is working, along with a few other retirement communities, to offer a private sector alternative to government assistance for these members of our community. The Covenant Program provides confidential financial assistance for new residents who cannot afford the entrance fees and / or on-going expenses for their residency at Covenant Woods. It also provides resources to help current residents whose assets are not sufficient to meet their ongoing expenses. Eleven percent of Covenant Woods’ residents were beneficiaries of the Covenant Program during the 2005–2006 fiscal year, an assistance level made possible by the generosity of donors to Covenant Woods.

The Alex Armour Fellowship Fund

Named in honor of one of our organization’s great benefactors, the Alex Armour Fellowship Fund also supports the benevolent mission of Covenant Woods. Contributions to the Alex Armour Fellowship Fund generate income, which is used to provide financial assistance to residents in need.

J. Edwin Givens Fund

Income from the J. Edwin Givens Fund supports scholarships for residents and employees of Covenant Woods to enable them to continue their educations. The fund is created in honor of J. Edwin Givens, who has served as a volunteer leader and Board member for more than 40 years.

Other Restricted Gifts

Donors may designate a specific use for their charitable gifts, such as support of activities, equipment, or improvements to the facilities or grounds, to enhance the quality of life of Covenant Woods residents, and support the benevolent mission of the organization. Donors desiring to make such gifts may do so by contacting the Development Office.

Questions about making a gift? Please call the Director of Development at 804.569.8004 or by e-mail.

Ways to Give to Covenant Woods

Annual Giving

The Annual Fund comprises gifts of cash and securities made by residents, board members, churches, employees, and other friends of Covenant Woods. The Annual Fund year runs from April 1 to March 31, with the Annual Fund drive conducted in November and December.

Tribute Gifts

Memorial gifts provide a wonderful opportunity to honor or memorialize loved ones or friends. These special gifts can be made by including with your donation the name and address of the person to be recognized and occasion for the honor, or if the gift is a memorial, the name of the person to be remembered and the name and address of the family member to be notified.

Corporate Matching Gifts

Donors are able to double their gift dollars if they or their spouses work for, or are retired from, a matching-gift company. To take part in a company’s community support program, the donor should enclose or forward his or her company’s matching gift form to Covenant Woods.

The Covenant Society

Since 1883, generous donors who wished to ensure the continuance of our mission have built the endowment, through which Covenant Woods supports its benevolence program. The Covenant Society was created in 2003 to recognize those current and future donors who share with Covenant Woods their plans to provide for the future of Covenant Woods through their wills, charitable gift annuities, pooled income funds, charitable remainder trusts, or life insurance.

To learn more about becoming a member of the Covenant Society, or if you have already included Covenant Woods in your estate plans, please call the Development Office, 804.569.8004. All information and requests are strictly confidential. Questions about making a gift? Please call the Director of Development at 804.569.8004 or by e-mail.

Giving to Covenant Woods

Check

Gifts made by check are the easiest and most popular way to contribute. Please make your check payable to Covenant Woods and note on the memo line any specific way you would like your gift used (For example: “Covenant Program”). Mail your contribution to:

Covenant Woods
7090 Covenant Woods Drive
Mechanicsville, VA 23111

Stock

Gifts of appreciated securities can be advantageous to the donor, providing a charitable deduction for the full fair market value of the stock at the time the gift is made, while avoiding capital gains tax on increased stock value. The value of the gift of stock is based on 100% of the stock’s value on the date you transfer your shares to Covenant Woods. Call, or ask your broker to call the Development Office, 804.569.8004, for more information.

Real Estate Gifts

A gift of real estate provides a considerable savings in capital gains tax due upon sale of appreciated property. At the same time, you receive a charitable deduction of the full market value of the property, subject to certain limitations.

Gift Annuities

Gift annuities enable you to achieve your charitable objectives while also benefiting yourself. They provide guaranteed income for you, your spouse and /or family members, as well as a tax deduction. To request more information on how to make a gift and receive a steady lifetime stream of income, call the Development Office, 804.569.8004.

Bequests

Made through your will, a bequest enables you to retain the property until after death and avoid estate taxes. The bequest can designate distribution of either a specific dollar amount or a percentage of the estate.

Gifts in Kind

Covenant Woods welcomes donations of items appropriate to use in the community, as well as contributions for resale in our second hand shop, the “Ruth Shoppe,” or through a second party. Gift value is determined by the donor as specified by the Internal Revenue Service. Gifts of vehicles can be accepted by Covenant Woods, which partners with the National Kidney Foundation of the Virginias for disposition of the vehicle.