Through a planned or deferred gift, donors can reach across the generations to touch the future of OU College of Nursing and its students. A donor may make his or her gift unrestricted so that it can be used in an area where it is needed most, or may designate the gift to benefit College of Nursing scholarships, a department or academic program or other vital areas benefiting faculty and students.
Planned gifts are as unique as each individual who makes one and may be tailored in a way that best serves the donor's needs, objectives and wishes, as well as those of the College.
These important gifts can also offer significant tax and estate-planning benefits for donors. Tax saving helps minimize the out-of-pocket cost of the gift, and may include a charitable deduction at the current fair market value and/or savings of all or part of the associated capital gains tax. Other benefits may include reduced estate taxes and/or a new source of cash for the contributor and spouse.
Planned Giving options include:
Many donors choose to make a planned gift through a will or living trust, which enables a donor to retain his or her assets during your lifetime, while helping OU in the future. Bequests can be a specific dollar amount, a percentage of your estate or the balance of your estate after providing for your family or other loved ones.
A bequest removes those assets from your estate and reduces estate tax liability. For more information about bequests, visit http://www.gftpln.org/Home.do?orgId=6665.
Charitable Remainder Trusts
The charitable remainder uni-trust and the charitable remainder annuity trust are two life-income planned gift options that allow you to make a gift to the University of Oklahoma Foundation, Inc., and receive income back annually from that gift for you or a designee for the rest of your life, or for a set number of years while also receiving a current income tax deduction for the gift.
A charitable remainder trust is established when the donor irrevocably transfers cash, securities, or real estate to fund the trust. With the transfer of appreciated securities or real estate, the donor not only receives the charitable gift deduction but also avoids capital gains tax. Upon the termination of the trust, the remaining principal in the trust is directed to OU.
Gifts of real property to benefit the university can be made through the OU Foundation.
A gift of your home or farm can be made without giving up the use of your property during your lifetime. You may also provide for your spouse or other loved one to live there upon your death. You can obtain a charitable income tax deduction based on the values of the property and your age. Property taxes and insurance remain the donor's responsibility. Other types of real estate are also accepted. The Foundation's Gift Acceptance Committee requires the following in order to review a gift of real property:
- A preliminary title report clear of unacceptable encumbrances, performed by a reputable title insurance company.
- An appraisal by a qualified MAI appraiser.
- A Phase 1 environmental audit indicating that ownership will not expose the Foundation to environmental liabilities.
- Donors must initiate the transfer of property ownership to the Foundation. Special donor concerns or requests to hold assets for a period of time will be considered.
- Also, donors need to complete IRS Form 8283 obtainable from the IRS. If the Foundation sells the property within two years, it reports the sale to the IRS using Form 8282 and provides a copy to donor.
- Title and other legal documents are typically prepared by a donor's lawyer at donor's expense.
A gift of life insurance can be a very affordable and flexible planned giving method to make a significant gift. By purchasing a life insurance policy naming the OU Foundation as the owner and beneficiary, you can receive a charitable gift deduction for each premium payment.
A paid-up life insurance policy that may no longer be needed can also be contributed, allowing a donor to receive a charitable gift deduction approximately equal to the cash surrender value of the policy.