Planned Giving

To learn more about each type, click any of the subjects below to jump to its section.

• Wills

• Beneficiary Designations

• IRA Charitable Rollover

• Life Insurance Policies

• Donor Advised Funds

• Charitable Gift Annuities

• Charitable Remainder Trusts

Wills

You want to leave money to Newberry College in your will. You also want the flexibility to change your will in the event that life circumstances change. You can do both.

In as little as one sentence, you can complete your gift. This type of donation to Newberry College in your will or living trust helps ensure that we continue our mission for years to come. If you already have a will, you can just add this sentence as a codicil to your existing will:

“I give to Newberry College, a nonprofit organization currently located at 2100 College St., Newberry, SC 29108, [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

For more information, please contact Bill Nash at 803.321.5617 or at Bill.Nash@newberry.edu.

Beneficiary Designations

Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:

• IRAs and retirement plans

• Life insurance policies

• Commercial annuities

It only takes three simple steps to make this type of gift. Here's how to name Newberry College as a beneficiary:

• Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form. Many institutions have these on their website or app

• Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form

• Return the completed form to your plan administrator, insurance company, bank or financial institution

• If you desire, please let the Newberry College office of Institutional Advancement know about your changes at 803.321.5363

IRA Charitable Rollover

Make a difference today and save on taxes. It’s possible when you support Newberry College through your IRA.

A Special Opportunity for Those 70½ Years Old and Older
You can give any amount (up to a maximum of $105,000) per year from your IRA directly to a qualified charity such as Newberry College without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Newberry. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

Why Consider This Gift?

• Your gift will be put to use today, allowing you to see the difference your donation is making

• Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD)

• You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions

• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax

For more information, please contact Bill Nash at 803.321.5617 or at Bill.Nash@newberry.edu.

Life Insurance Policies

Maybe you once needed life insurance for your loved ones, but now your family's requirements have changed. Why not use the insurance policy to help advance our mission? Not only will you make a substantial gift at a relatively low cost, but it is revocable at any time should you need to change your plans.

You can designate our organization as the beneficiary for a percentage of your life insurance policy's death benefit. You choose whatever percent you desire. To complete your future gift, you can either contact your insurance company or agent and request and complete a beneficiary designation form or download the form from your provider's website. Then mail it back to the insurance company. Keep a copy for your records.

For more information, please contact Bill Nash at 803.321.5617 or at Bill.Nash@newberry.edu.

Donor Advised Funds

A donor advised fund is like a charitable savings account you set up at a qualified public charity called the “sponsoring organization.” It allows for centralized giving and gives you the flexibility to recommend how much and how often money is granted to charitable organizations. You can transfer cash or other assets to the sponsoring organization. In return, you qualify for an income tax charitable deduction for gifts to your donor advised fund.

You can open your own donor advised fund with a written agreement between you and the organization that gives you (or other family members) the right to recommend the distributions made from your fund. You can also create a lasting legacy by naming your loved ones as your successor to continue to recommend grants to charitable organizations, or you can name Newberry College as a beneficiary to receive all or part of the account after your lifetime.

For more information, please contact Bill Nash at 803.321.5617 or at Bill.Nash@newberry.edu.

Charitable Gift Annuities

When you are looking for ways to help Newberry College with its mission, you shouldn't feel like you are choosing between your philanthropic goals and financial security. One gift that allows you to support Newberry College's work while receiving fixed payments for life is a charitable gift annuity.

Not only does this gift provide you with regular payments and allow us to further our work, but when you create a charitable gift annuity with Newberry College, you can receive a variety of tax benefits depending on how you fund your gift.

If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.

And now, you can fund your gift using your IRA assets. If you are 70½ or older, you can make a one-time election of up to $53,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.

Charitable Remainder Trusts

Looking for a way to give Newberry College a significant gift? If you have built up a sizeable estate and are also looking for ways to receive reliable payments, you may want to check out the advantages of setting up a charitable remainder trust.

Benefits of a charitable remainder trust include:

• Potential for a partial charitable income tax deduction

• Potential for increased income

• Up-front capital gains tax avoidance

There are two ways to receive payments with charitable remainder trusts:

• The annuity trust pays you, each year, the same dollar amount you choose at the start. Your payments stay the same, regardless of fluctuations in trust investments.

• The unitrust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. The amount of your payments is redetermined annually. If the value of the trust increases, so do your payments. If the value decreases, however, so will your payments.

If you include Newberry College in your plans, please use our legal name and federal tax ID.

Legal Name: Newberry College
Address: 2100 College Street Newberry SC 29108
Federal Tax ID Number: 57-0314404