Anyone! You do not have to be a member of Southside Electric Cooperative in order to participate. When making a bequest or endowment, please include the full name and address of the SOF in all legal documents: Southside Opportunity Fund, Inc. PO BOX 7, Crewe, VA 23930. Upon request, we can provide language that you can review with your attorney or other advisor to assist you in amending your will or other documents.
SOF - Estate Planning
You may not request that your bequest be used to grant scholarships to a specific individual or individuals. However, it would be possible to start a scholarship endowment fund dedicated to the memory of a loved one, for example. The SOF Board of Directors will direct the use of endowment bequests. If you wish to start a scholarship endowment fund in the memory of an individual, please contact us.
Yes, stocks, bonds and securities are welcomed, but will likely be converted to cash after receipt. Donations of securities that have appreciated in value may have significant tax advantages for the donor. When the securities are donated, no capital gains taxes are owed because the securities were donated, not sold. The greater the appreciation, the bigger the tax savings will be. You may also list the SOF as a beneficiary on life insurance policies and bank accounts, in which case the SOF would benefit from the donation, upon your passing, outside of probate.
Members of the SOF Board of Directors are collectively responsible for investment decisions. The Board receives advice from independent financial consultants, legal counsel and staff as warranted. The SOF is subject to an annual financial review by an independent CPA firm. Financial review documents can be provided upon request.