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 Ways to Give- Broward Community College Thank you for considering making a gift to support the work of Broward Community College. We know that should you make a gift, it will be because you believe in the mission of the college, and you want to make a difference in the lives of present and future students.
What you may not know is that by making a gift to the college through its foundation also may benefit you. How does this happen? You may be surprised to learn that some of the best gift plans also improve the donor’s financial and tax situation.
Giving options
The most common donation is an outright cash gift that the foundation receives immediately. But many times, individuals want to hold on to their funds and other assets for now, to be sure that they are able to meet their family’s future financial needs. These individuals are usually pleased to learn that there are many excellent alternatives that permit them to still male a gift. One of the options could be right for you.
This web page has been designed to provide you a brief introduction and summary of the major types of gifts that can be made to the BCC Foundation. A number of the tax and additional benefits associated with the most important types of charitable gifts have also been listed.
Outright gifts
There are three broad categories of outright gifts received by the BCC Foundation. They include liquid assets, pledges and endowments.
Liquid assets
Liquid assets include gifts of cash, securities or personal property. Tax benefits An outright gift to the college includes an income tax deduction to the fullest extent of the law for the value of the gift. In addition, the donor will not have to pay capital gains on appreciated property. Additional benefits The donor has the capability to tailoring the gift to fit the college’s immediate needs.
Pledges
A pledge is a written financial commitment to the BCC Foundation to provide a dollar value that can be paid over a period of one to five years. Tax benefits A pledge has the same tax benefit as an outright gift on the amount received by the BCC Foundation. Additional benefits The value of making a pledge is that the donor has the option of spreading payments over a longer period of time and making a larger financial commitment.
Endowments
An endowment is a gift that can be made to create a fund that will establish a student scholarship or create a teaching chair in support of a BCC faculty member in a specific academic discipline. Endowments enable a donor to make a significant gift in perpetuity. The BCC Foundation has established minimum amounts required for the creation of individual endowments. The interest earned and awarded is from the principal of the endowment and based on the foundation’s investment policy. Tax benefits The donor will receive an income tax deduction on the gift amount of the endowment. Additional benefits The donor will have the capability of creating a gift to the college in perpetuity.
Planned gifts
A planned gift can be revocable – a charitable bequest in the donor’s will , for example – so that it can be changed at any time. Or it can be irrevocable – just as outright gifts are – so that the donor benefits from an immediate income tax deduction. The attraction of an irrevocable planned gift is that it can be deferred. A donor may part with an asset now, but the actual giving of that asset is put off for a while – often until after the donor’s lifetime (and that of surviving beneficiary). During the time in between, the donor receives financial benefits from the gift.
Bequests
A bequest is a gift made that names Broward Community College Foundation as a beneficiary in the donor’s will. Tax benefits The donor receives an estate tax deduction to the fullest extent of the law for the value of the bequest to the BCC Foundation. Additional benefits A bequest within a donor’s will provides flexibility in providing for family needs first.
Life insurance gifts
A life insurance gift is a gift made from an old or new life insurance policy that names the BCC Foundation as the full or partial beneficiary and owner. Tax benefits The donor receives an immediate income tax deduction for the gift’s value, plus possible estate tax savings. Additional benefits A gift from a donor’s life insurance policy provides a way to make a significant gift with modest expenditure.
Retirement plan gifts
A retirement plan gift is a gift made by naming the BCC Foundation a remainder beneficiary after the donor’s death. Tax benefits The donor avoids income tax on the plan, in addition to possible estate tax. Additional benefits A retirement plan gift preserves the plan’s value and allows the donor to leave heirs less costly bequests.
Charitable remainder trusts
There are various types of charitable remainder trusts that provide income for the donor during his/her lifetime. Donors considering charitable remainder trusts should contact their attorneys or financial advisors to determine which type of trust may be appropriate. Charitable remainder trusts pay a set income to a donor or those individuals that the donor names in the trust before the BCC Foundation receiving the remainder of the trust. Tax benefits Charitable remainder trusts provide income tax savings from deduction, no capital gains tax liability and possible estate tax savings. Additional benefits Charitable remainder trusts provide fixed annual income for a donor or other beneficiaries.
Matching funds
A donation to the BCC Foundation may be eligible for State of Florida matching funds “dollar for dollar” program. Please ask a BCC Foundation officer if a gift is eligible under this program.
While community college tuition in Florida is among the lowest in the nation, the annual cost for tuition, books, and fees for a full-time student is still out of reach for many. Private support from individuals, organizations and corporations for scholarships, program support and community outreach is critical to the mission of the college, which is to provide quality education at low cost to students in Broward County. Gifts to the foundation make the dream of a quality education a realty for countless deserving students. Through private support, the college is able to improve the quality of life for our citizens and develop a technically skilled workforce that will contribute to our community.
We can help
The BCC Foundation staff is here to answer any question about giving an outright gift or planned gift to the college. The staff will be happy to review particular circumstances and, together with a donor’s attorney and/or financial advisers, help the donor find the appropriate way to support the college while at the same time ensuring the family’s financial security.
Faculty, Administrators and Staff Campaign
All BCC employees can donate to support each other and others in need of scholarships. Make an online (credit card only) donation! Print and Mail (cash/check/payroll deduction) donation!
Karen Guy Alumni Development Officer Willis Holcombe Center (Downtown) 225 East Las Olas Boulevard Fort Lauderdale, FL 33301 E-mail: kguy@broward.edu | ||
