College of Humanities and Sciences
Options for Planned Giving
Investing in the Future Thanks to the generous and thoughtful support of alumni and friends who have chosen to contribute to the VCU College of Humanities & Sciences through planned gifts we look to the future with great aspirations. This guide will offer an introduction to your planned giving options. Why a Planned Gift? A planned gift is one of several types of gifts that permit you to provide a future benefit to the VCU College of Humanities & Sciences while meeting your current financial, personal and philanthropic goals.Your planned gift allows the College to plan for future programs and projects with confidence. Some planned gifts provide you with income. Many of them can reduce your taxes. The greatest benefit, however, lies in knowing you are supporting work at Virginia Commonwealth University that is important to you and helpful to others.
Gifts that Pay You Income With careful planning you can receive an immediate income tax deduction, provide yourself or someone else with an annual income, and support the VCU College of Humanities & Sciences in a meaningful way.
Charitable Gift Annuity In exchange for a gift of cash, stocks or bonds, VCU will pay you or a loved one a fixed income for life.
Charitable Remainder Trust You and VCU enter into a trust agreement.You contribute assets to the trust, VCU manages the trust’s assets for your benefit and you receive income each year for life or a term of years. When the trust ends, the remaining trust assets benefit the VCU College of Humanities & Sciences.
Gifts the University Can Use Today There are many gifts in addition to cash that can benefit the VCU College of Humanities & Sciences today. These offer tax benefits, such as an income tax deduction, and the opportunity to support current programs, establish or add to an endowment, or provide funding for capital improvements.
Outright Gift
You can make an outright gift of real estate, securities and closely held stock, a paid up life insurance policy, and other property of value.
Gift of Tangible Personal Property The VCU College of Humanities & Sciences encourages gifts of personal property, such as artwork, books, manuscripts, coin and stamp collections, boats, and airplanes.
Bargain Sale If you sell an asset such as real estate to VCU for less than its current fair market value, this is considered a gift.
Charitable Lead Trust A lead trust makes payments to VCU for a designated period of time to support the purpose you choose. When the trust ends, the remaining assets are paid to you or other beneficiaries. A lead trust helps the VCU College of Humanities & Sciences now and can reduce the tax cost of transferring valuable assets to family members.
Gifts that Take Effect at Death These deferred gifts ensure that future generations will benefit from your generosity and legacy.
Bequests You can include a gift to the VCU College of Humanities & Sciences in your will or trust. This is an excellent way to help shape the future of students in years to come. You can name specific assets such as a certain amount of cash, securities or property; or set a percentage of your estate. (For the language to include in your will please see the enclosed insert card.)
Retained Life Estate You can contribute your residence, vacation home or farm now while retaining the right to use and occupy the property for life. At your death VCU will own the property in its entirety.
Beneficiary of Life Insurance or Retirement Plans You can name VCU as the beneficiary of a life insurance policy or retirement account and direct your future gift to the College of Humanities & Sciences or the department or school of your choice. Many people overlook this option but it is a simple way to make a big impact. You can even name VCU as a contingent beneficiary.
Retired Faculty Member Wants to Leave a Legacy – In More Ways Than One Dr. Albert T. Sneden, III is well loved by VCU alumni, friends, and his former colleagues in the Department of Chemistry -- so much so that upon his retirement after 28 years of teaching at Virginia Commonwealth University an endowed scholarship was established in his honor. The Albert T. Sneden III Scholarship in Chemistry provides graduate or undergraduate students who are in good academic standing with financial support. In addition to the scholarship that bears his name, Dr. Sneden has remembered VCU in his estate planning. “I appreciate the opportunities afforded to me by my education and my career at VCU. I make a gift each year and have also made provisions in my will for a portion of my estate,” he shared. “I hope to be around for much longer, so VCU won’t get this gift soon but planning ahead is important. I want to help ensure that VCU students in the future are able to pursue their interests and dreams.” Jim Coleman, Dean of the College of Humanities & Sciences added “Upon leaving VCU, Al left a legacy. Al was particularly known for his dedication to the student experience as a faculty member in the Department of Chemistry and also as an Executive Associate Dean of the College of Humanities & Sciences. We are thankful for Al’s support and honored that he will leave his legacy here through this scholarship.”
What will your legacy be? Do you want future students at VCU to have the same, or even better, opportunities than you had? Contact us to discuss ways you can leave a lasting legacy and have an impact on VCU students for generations to come. Pictured above: recipient and graduate student, Sean Platt; retired faculty and donor, Al Sneden; recipient and undergraduate student, Thomas Ryan.
One Way to Say Thank You – VCU Heritage Society The Heritage Society recognizes donors who have made provisions for the university in their estate plans. We ask that if you have already made such provisions please let us know. Members of the Heritage Society are eligible to attend an annual luncheon that the VCU Foundation hosts at the historic Scott House. Additionally, members are invited to participate in various on campus functions and receive exclusive donor mailings. We hope you will consider joining our Heritage Society. To learn more, contact Bethanie Constant in our office of Development and Alumni Relations at (804)828- 4543 or constantb@vcu.edu.
College of Humanities and Sciences
Planned Giving at a Glance Gifts that Pay You Income
Gifts the University can Use Today
Gifts that Take Effect at Death
TYPE OF GIFT
ADVANTAGES
BENEFICIARY
Charitable Gift Annuity
• Current income tax deduction • Portion of payments may be tax free • Fixed and predictable payments
• One or two annuitant beneficiaries • VCU is future beneficiary
Charitable Remainder Trust
• Current income tax deduction • No capital gain recognition on appreciated assets • Diversification of investments • Payments for life or term of years
• One or more beneficiaries • VCU is future beneficiary
• Outright • Tangible Personal Property • Bargain Sale
• Current income tax deduction • See gift in operation during your lifetime
• VCU is immediate beneficiary
Charitable Lead Trust
• Potential gift tax savings on transfer of assets to individual beneficiaries
• You or your heirs are future beneficiaries • VCU is immediate beneficiary
Bequest
• Charitable deduction for taxable estates • Allows you to make a large gift at no immediate cost to you
• VCU is future beneficiary
Life Insurance
• Allows you to make a large gift at little cost to you
• VCU is future beneficiary
Retirement Plans
• Avoids double taxation of assets • VCU applies the full amount of plan assets to the purpose you choose
• VCU is future beneficiary
Retained Life Estate
• Current income tax deduction • Estate tax savings • Continued use of property for life
• You retain lifetime beneficial use of property • VCU is future beneficiary
To learn more about planned giving, contact Bethanie Constant in our office of Development and Alumni Relations at (804)828-4543 or constantb@vcu.edu.