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Giving Loan Notes

Money Owed to you through loan notes

People don't often think of money owed to them through loan notes as financial assets. But they are, and they can be given to the work of the Lord. The Orlando Christian Community Foundation (OCCF), our partner in administering World In Need International’s funds, has extensive experience receiving and managing various types of corporate obligations. They manage the repayment of the loan and place the net collected principal and interest into the Harvest Foundation. Over time, you may recommend grants from the Harvest Foundation to those ministries within World In Need International that God has placed on your heart-such as printing Bibles, building church buildings, or "Where Most Needed."

Here's how it works:

As you and your advisor decide that a gift of a loan note is appropriate in your financial and philanthropic planning, submit the following documents to OCCF:

 

  • Copy of the note

  • Information regarding the underlying asset held as security for the note

  • Information regarding the guarantor of the note

  • Current valuation

  • Current amortization schedule

  • Stewardship fund agreement

  • Liquidation/marketing plan information


The above items allow OCCF to understand the asset and answer relevant questions such as, "Is the asset transferable?" and "What is the wisest method of transfer?" OCCF reviews the gift and submits a gift offer letter to you as owner. As the decision is made to proceed, a transfer document is drawn up, either by OCCF or your legal counsel.

When the transfer document is executed, the gift date is established. There may be additional items, such as an appraisal and Form 8283, which will need to be completed after the gift has taken place.

SCCF will assist you in the completion of the gift transfer. They will then work towards the sale or the ongoing management of the asset as appropriate.


What else do I need to know?

 

  • An appraisal may be needed in order to substantiate the value of your tax deduction.

  • To cover the ongoing administration of a loan note, OCCF will retain a portion of each note payment.

  • In the event the note is sold, 92-98 percent of the sale value will be placed into the Harvest Foundation.

 

For more information:

If you have any questions or wish to start the process for your gift, please call World In Need International, 330-401-9404. 

This information is designed to provide information and illustration of the subject matters covered. It is not intended, nor should it be used as legal, accounting or other professional advice. It is always a good idea to seek legal and tax advice from your professional advisor(s).

Contact us here about Planned Giving
Or call (330) 401-9404   Thank You!