Continue supporting Athens State University even after your lifetime by naming the University Foundation as a beneficiary of your retirement plan, life insurance policy, or insurance annuity. It also is possible to name the Foundation the owner and beneficiary of a new or existing policy, which may offer immediate or estate tax deduction opportunities.
You can establish a bequest in your will by simply naming the Foundation as a beneficiary. If you already have a will prepared, your attorney can assist you in adding a statement called a codicil to include the Foundation.
An endowment consists of funds that are kept intact and invested. A portion of the earnings from the endowment are applied to purposes designated at the outset by the donor(s); the proportion of earnings applied in this manner is set in accordance to the endowment spending policies determined annually by the Foundation. Prior to the initiation of any endowment, a set of guidelines shall be established through a Letter of Agreement in coordination with the donor(s) and the designated campus unit. The minimum amount required to establish an endowment fund is $25,000, unless previously established though a bequest.
Gifts of Cash/Credit Card
The easiest and most immediately usable gifts are contributions using cash through a check written by the donor. The Foundation also accepts gifts through major credit cards including American Express, Visa, Mastercard and Discover.
Gifts of Securities or Appreciated Property
A gift of appreciated property – such as stocks, mutual funds, or real estate – allows you to receive an income tax deduction on the fair market value of the property. It also permits you to avoid paying tax on the appreciation or increase in value of the property or security.
Many employers match employee gifts to higher education. Companies may match dollar-for-dollar or more. Simply talk with your company’s personnel office to see if your company participates in a matching gift program. The process is easy and usually requires filing out a short application. It is a simple way to increase your giving power to Athens State University.
Ensure financial security for yourself and your loved ones while transforming the lives of future generations with a planned gift to Athens State.
These gifts have definite restrictions for their purposes or the conditions for which they may be disbursed. Acceptance of a restricted gift imposes a legal obligation to comply with the terms established by the donor.
The Foundation has established two types of scholarship opportunities. Endowed Scholarships – A minimum $25,000 investment paid in a lump sum or over a 3-5 year period and held as a restricted corpus and only a percentage (up to 5%) of earnings is awarded each year. Annual Scholarships – A minimum of $500 gifted each year and the entire amount is awarded for the scholarship.
Tax Exempt Status of Gifts
In addition to philanthropic motivation for gifts to the Foundation, donors are permitted to take charitable contribution deductions (deductions allowed with respect to a charitable contribution) on Federal tax returns to the extent permitted by Treasury Department regulations. The Foundation is recognized as a non-profit corporation under the Internal Revenue Services’; 501c3 guidelines and as such, gifts are tax deductible as allowed by law. For the transfer of funds to the Foundation to qualify as a gift, the funds must be for the exclusive use of, and under the control of, the Foundation.
A trust agreement offers the opportunity to give a substantial gift while allowing the donor or loved ones to receive income from the trust. A trust can be established with cash, securities or other property. It permits you to receive an income tax deduction at the time the gift is made for a portion of the gift and avoids capital gains tax on appreciated property used to fund the trust.
The Foundation offers Charitable Gift Annuities, Remainder Trusts, and Lead Trust options.
Unrestricted gifts are those gifts upon which the donor has not placed definite restrictions as to the method or purpose of expenditure and allows the Foundation to use the gifts in the most appropriate manner.