Plan your legacy.
Planning your gift to the Olympic College Foundation now can transform lives for generations. By leveraging assets, rather than current income, you can maximize your giving potential and make the choice that’s best for you. Gifts can be outright or deferred and can encompass a wide variety of vehicles with specific tax advantages and immediate or long-term financial benefits to the donor and/or beneficiaries.
WAYS TO GIVE
Gifts of securities, such as stocks and bonds, may be donated or willed to Olympic College Foundation. These kinds of gifts may provide important tax advantages, including offering donors the potential of making a larger gift at less cost. Gifts of property with appreciated value have the potential to offer donors a double benefit, including the income tax charitable deduction as well as capital gains tax savings. Securities are generally deductible to the extent of their market value on the date of the gift and subject to the usual charitable gift limitations.
Tangible Property & Real Estate
Donations of tangible property and real estate may be of great value to the College. However, please consult with the College first to assure the gift is aligned with OC’s mission. Due to provisions of the Internal Revenue Code, your deduction will depend on the appraised value of the gift and how the gift will be used by the College.
Life insurance may provide the opportunity to make a substantial gift. A policy, which is no longer required for its original purpose, may be transferred by naming the Olympic College Foundation as the beneficiary or contingent beneficiary of the policy. Either way, life insurance policies are unlike anything else you can give. They are assets that expand to many times their original value because the premiums generally are less than the death benefit. Thus, they afford a way for you to make a major gift at a very low cost. Premium payments on existing policies with Olympic College Foundation as sole and irrevocable beneficiary are considered tax-deductible contributions. New policies naming the Foundation as beneficiary may also be developed as part of a planned gift.
A gift of cash or property made through a will or living trust assures a tradition of giving that will continue after the donor’s lifetime. There are several ways Olympic College Foundation may be remembered in a will, including: as the recipient of a stated dollar sum or certain item(s) of property; as contingent beneficiary in the event another beneficiary dies before the donor or refuses the gift; as residual beneficiary of a donor’s estate, and as ultimate recipient of the assets of a charitable remainder trust.
Trusts may take many forms and may be an extremely valuable financial planning and charitable giving tool. Trusts are used to guarantee that your wishes, with respect to the use of your property, are carried out during your lifetime or that of your beneficiaries. In addition to providing tax advantages, the placement of certain assets in a trust may also provide you (or your beneficiaries) with continued income now and benefit Olympic College Foundation later.
Charitable Remainder Trusts
A charitable remainder trust may be established with either cash or property during your lifetime or through your will. Income produced by the trust’s assets is payable to you for your lifetime or a designated number of years. At the end of the defined time, the assets are transferred to Olympic College Foundation. In addition to providing income you can depend on, these types of trusts also may provide significant tax benefits.
Charitable Lead Trusts
Under a charitable lead trust, Olympic College Foundation is given the income produced by a trust for a designated number of years. After the specified time, the assets revert back to you or your beneficiaries. Such an arrangement may result in a significant charitable gift, as well as tax savings.
If you choose to make a gift to Olympic College Foundation that will benefit the organization at some future date, please let us know. Not only will we be able to express our sincere appreciation now, knowing your intent will allow us to better plan for the future.
Our Legal Name
For the transfer of gifts to Olympic College, the legal name “Olympic College Foundation, a Washington not-for-profit organization” should be used.
Please note that Olympic College and the Olympic College Foundation do not dispense legal or tax advice. The information provided here is generalized and listed to illustrate the many ways of making a gift to support Olympic College while accomplishing your personal objectives. It is recommended that legal questions be taken to an attorney specializing in charitable gifts and/or estate planning issues and that tax questions be directed to a certified public accountant or other qualified financial consultant.
PHILANTHROPY is based on voluntary action for the common good. It is a tradition of giving and sharing that is primary to the quality of life. To assure that philanthropy merits the respect and trust of the general public, and that donors and prospective donors can have full confidence in the not-for-profit organizations and causes they are asked to support, we declare that all donors have these rights.
- To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of its capacity to use donations effectively for their intended purposes.
- To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.
- To have access to the organization’s most recent financial statements.
- To be assured their gifts will be used for the purpose for which they were given.
- To receive appropriate acknowledgment and recognition.
- To be assured that information about their donations is handled with respect and with confidentiality to the extent provided by law.
- To expect that all relationships with individuals representing organizations of interest to the donor will be professional in nature.
- To be informed whether those seeking donations are volunteers, employees of the organization or hired solicitors.
- To have the opportunity for their names to be deleted from mailing lists that an organization may intend to share.
- To feel free to ask questions when making a donation and to receive prompt, truthful and forthright answers.
Developed by Association of Fundraising Professionals (AFP), Association for Healthcare Philanthropy (AHP), Council for Advancement and Support of Education (CASE), Giving Institute: Leading Consultants to Non-Profits.
Endorsed by Independent Sector, National Catholic Development Conference (NCDC), National Committee on Planned Giving (NCPG), Council for Resource Development (CRD) and the United Way of America.