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New York City’s YMCA Where There’s a Y, There’s a Way

Lifelong Member Secures Future Opportunities at the Y

Frank P. Carbone

Life comes full circle for Frank P. Carbone, who made an endowment gift to support the Y he frequented while growing up.

"For as long as I can remember, the Greenpoint Y has been a big part of my life," says lifelong Greenpoint resident Frank P. Carbone. "My parents took me there when I was a just 4 or 5 years old to learn how to swim!"

"The attraction to the branch continued when I was a teenager, as my interests shifted from the pool to the basketball court. My friends and I didn't have any place to shoot hoops in the winter, so we figured we would try the Y. We couldn't afford to become members, so we did the next best thing—we deftly avoided the front desk attendant and would sneak into the gym to play." Little did we realize that the Executive Director (ED) was aware of our innocent scheme—but he let us play unnoticed (or so we thought) for almost a year!"

Planting Seeds for the Future

"This is where the 'call to serve' finally came and my friends and I received an 'offer we couldn't refuse'!" The ED was trying to start up a teen basketball league, and our deal was that we could enter our team for free, affectionately known as 'The Diamond Street Destroyers', providing that we volunteered for various events that the Y was sponsoring in the neighborhood. While we didn't win many games, the opportunity he gave us was greatly appreciated and certainly not overlooked by us—even 30+ years later!"

"Sparked by the opportunity I was granted, my passion for sports and volunteerism continued into my 20's, as I founded a youth sports program in my local Parish, which was based in Greenpoint and still exists today. After a stint in the corporate world, I became a very successful collegiate basketball coach. I often reflect that if I wasn't given the opportunity to play hoops at the Y when I was a teenager, all this might have never happened."

"The Y has been the centerpiece of my development. I have been fortunate to serve the Greenpoint Y in many capacities for the past 20 years, including stints as Board Chair and Vice-Chair and have been its annual campaign chairman since 2004. I still live on Diamond Street, I remain close friends with nearly all the Destroyers and the best part is that I shoot hoops once a week in our newly renovated gym. Talk about life coming full circle!"

Strengthening Communities

"New York might be a big city, but what makes us unique is that we live in close-knit communities like Greenpoint that work together and truly care about one another. If you are new to any neighborhood, all you have to do is find your local Y and spend some time getting to know a few people. More often than not, you'll end up with a friend for life!"

"I recently made an endowment gift to the Greenpoint Y. I contributed annually to the Y for many years, but I thought, Why not do something more permanent? Why not make sure that my help and contributions will last longer than I will? Why not make sure everybody else has the chance to receive the opportunity I did when I was a teenager growing up in Greenpoint? Who knows—it could change their life forever!"

Make a Lasting Impact

Like Frank P. Carbone, you can empower generations of youth, improve health and strengthen communities with a gift to the YMCA of Greater New York. To learn more, contact Patti Davis at (212) 630-9625 or

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A charitable bequest is one or two sentences in your will or living trust that leave to the YMCA of Greater New York a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to the YMCA of Greater New York, a nonprofit corporation currently located at New York, NY, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to New York City’s YMCA or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

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You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to New York City’s YMCA as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to New York City’s YMCA as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and New York City’s YMCA where you agree to make a gift to New York City’s YMCA and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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