Leave your legacy to CCNY
Help Yourself and the City College of New York
at the same time!
Planned gifts are gifts you make in the present that will benefit City College in the future. Planned gifts include bequests, charitable gift annuities, charitable trusts, life insurance policies and retirement plan assets.
Through the end of 2013, IRA owners age 70½ and older may take advantage of the IRA charitable rollover provision. This provision allows U.S. individuals to make federally tax-free distributions of up to $100,000 from an IRA to qualified charitable organizations, such as The City College Fund. Charitable distributions from an IRA may be used to satisfy the annual required minimum distribution (RMD).
Details of the Provision:
• Donors must be age 70½ or older on the date of the distribution
• A maximum of $100,000 per year per taxpayer may be distributed to qualified charitable organizations such as the City College Fund (Couples with separate IRAs can each gift up to $100,000 per year)
• Distributions must be transmitted directly from your IRA's plan administrator to the City College Fund before the end of 2013
• Distributions to the City College Fund may be applied to satisfy required minimum distribution (RMD)
• Receipt from the City College Fund is required for a donor to substantiate a charitable IRA distribution
• Donors may not receive any personal benefit in exchange for the distribution
• Opportunity for IRAs only, it does not apply to other forms of retirement plans such as 401(k), 403(b)
• Because no income is reported on the donor's tax return, donors do not receive a charitable income tax deduction for the distribution
Making the Gift is Easy
Instruct your IRA manager to distribute funds directly to The City College Fund, 160 Convent Avenue, SH 166, New York, NY 10016
Questions? Please contact:
Elena Sturman or Ilene Miller
Executive Director Annual Fund Manager
BEQUESTS (click here for confirmation)
You can leave a legacy to City College by simply adding a codicil to your existing will which designates a specific dollar amount or percentage of your estate to The City College Fund.
Sample Testamentary Language. "I give (dollars) or (a specific asset, such as securities, real estate or other property) or (all) or (percent of the rest, residue, and remainder of my estate) to the City College Fund in New York, New York (for its general purposes) or (for the following purpose:)."
While unrestricted gifts allow the City College Fund to allocate funds to areas of greatest need, you may designate your bequest for a particular purpose or use by a specific school, program or activity at CCNY. In order to ensure that the evolving educational needs of future generations of students are met, it is advisable to include the following language with restricted gifts:
If at any time in the judgment of the City College Fund it is impossible or impracticable to carry out exactly the designated purpose, the City College Fund shall determine an alternative purpose as near as possible to the designated purpose.
Many CCNY alumni express their desire to give back to City College in gratitude for the free/low cost education they received.
"I reached 65 and realized that it was time to give back to society." says Pat Hill '76MS. "I received an outstanding free education that gave me pride, a profession and sense of achievement."
Pat made an appointment with the City College Fund to discuss her ideas and learned about giving opportunities. The Fund staff worked with Pat to set up a scholarship in memory of her late husband. Additionally, she decided to name the City College Fund as a beneficiary in her will. When asked what motivates her, Pat answers "CCNY is like family to me."
Bequests by generous alumni and friends have been a significant source of financial support for City College students for many years and have helped create today's CCNY. Continuing this tradition will ensure a financially sound and academically strong College for tomorrow.
GIFTS THAT PAY INCOME
For many alumni, Charitable Gift Annuities (CGAs) are the perfect option. In exchange for your gift ($10,000 minimum), The City College Fund agrees to pay you a fixed annual sum. Your payments will remain the same regardless of fluctuations in the economy. Each time you receive your annuity payment, you will be reminded that your gift will benefit The City College Fund and help secure the future of The City College of New York as an institution of excellence in higher education.
How can a CGA work for you? Perhaps you have an investment such as a stock or an IRA that isn't performing well. You can use that investment to make a charitable gift, get a tax break, avoid capital gains taxes and create an income stream for life for you and/or your beneficiary.
At 86 years old, Maurice "Murray" Barbash '46 says he feels fortunate to be in good financial shape even in this uncertain economy. But his financial advisors cautioned him about old age and advised him to put something in reserve which would generate an income.
With this advice in mind, and grateful for the high quality college education he received at CCNY, Murray decided to fund a charitable gift annuity with the City College Fund. "It's a sound investment. The interest rates are fantastic and far better than I can receive through other savings accounts. I get an income that is almost 71% tax free and most important; I'm making an investment in my alma mater, the City College of New York," says Murray.
LIFE INSURANCE POLICIES
You may have a fully paid up life insurance policy that you no longer need to cover your children's education, your home mortgage or other expenses you anticipated earlier in your life. By donating your policy to The City College Fund, you may take an income tax deduction equivalent to its cash value. Donating a life insurance policy will give you the satisfaction of making a larger gift than you were able to during your lifetime.
CHARITABLE LEAD TRUSTS
If you are considering how to pass your estate to children and grandchildren without overwhelming estate taxes, consider a charitable lead trust. The income from a charitable lead trust goes to a charity, and the remainder, at the end of the trust, goes to your children or grandchildren.
RETIREMENT ACCOUNT ASSETS
Retirement accounts (or any assets subject to income tax, like U.S. Savings Bonds) are great choices for charitable bequests because they can be so heavily taxed in an estate. The transfer must be carefully planned, so be sure to talk to us or to your professional advisor
"Using my IRA disbursement was a judicious and painless way to make a gift to The City College Fund. By using the funds from my IRA, I was able to make a more substantial gift. The donated funds are not subject to federal income tax making it a win-win situation for both me and The City College Fund." Harold Shames '44
The Society of 1847 was created to honor those alumni and friends who make a planned gift to the City College. Members of the Society are invited to participate in the College's commencement exercises and will be the President's honored guests at special receptions for Society of 1847 members, college lectures, seminars and special events