Planned giving provides an opportunity for significant charitable donations, even for individuals with a limited capacity to make traditional monetary gifts.
A bequest is a gift to the University upon death. This is the simplest type of planned gift to make and one of the easiest to implement. Bequests are most often handled within a donor’s will.
Beneficiary of Life Insurance or Retirement Plan
Carolina University can be named the beneficiary of all or a portion of a retirement plan and/or beneficiary of a life insurance policy. This is easy to accomplish by contacting the managing organization and requesting a beneficiary designation form. CU’s tax ID number is 56-0594591.
Charitable Gift Annuity
A charitable gift annuity is a contract whereby a donor transfers cash or other assets in exchange for a partial tax deduction and a lifetime stream of annual income. It is an opportunity to increase your income and decrease taxes while giving to a place that you want to support. The amount of the annual income is determined by the age of the person(s) who is to receive the annual income. Gift annuities can be funded with many types of assets including cash, stocks, bonds, and real estate. There is a $10,000 minimum gift requirement. The gift benefits you by increasing your income, reducing capital gross tax, receiving income tax deductions, receiving tax-free benefits on a portion of your gift, and decreasing your estate tax liability.
Charitable Remainder Trust
A charitable remainder trust is very similar to a charitable gift annuity. In a remainder trust, however, the property is held in trust for the life of the donor and is transferred to the University upon death.
A life estate agreement is an arrangement whereby a donor transfers ownership of a personal residence, farm, etc. to the University while retaining the right to occupy and enjoy the full use of the property for a term of years or the lifetime of the donor(s).
In a bargain sale, the University purchases property for less than fair market value or accepts a gift of the mortgaged property. The donor (seller) typically qualifies for a tax deduction for the difference between the sale price and fair market value.
IRA Charitable Rollover
Individuals over the age of 70½ are required to take “required minimum distributions” each year from most retirement plans, including traditional IRAs. Qualified individuals can make transfers up to $100,000 directly to Carolina University and satisfy that portion of the required minimum distribution. (Note: Please consult your tax professional and IRA administrator.)