WVSU | West Virginia State University

Life Income Plans or Living Trusts

If you wish to make a gift to the Foundation, but first want to provide for income during your lifetime or that of your spouse or other family member, you should consider:

Gift Annuity: The gift annuity is a combination of a gift to the Foundation and an annuity. In return for your gift of cash, securities and/or real estate, the Foundation provides you with a contract that will pay you a fixed amount on a scheduled basis during your lifetime.

The gift annuity provides an immediate income tax deduction for the value of the gift based on Internal Revenue Service life expectancy tables and your age. Also, a portion of the annuity payment is tax-free return of the original principal. The combination of partially tax-free income and the initial charitable tax deduction makes this agreement quite attractive.

Corporate Matching Gifts

Many businesses have matching gift programs which will multiply contributions by two, three or four times and will match gifts of retirees, spouses and non-employee directors. Donors are urged to take advantage of matching gift programs when possible. Call our staff to discuss establishing a program.

Charitable Remainder Trust

You may prefer to make a deferred gift through a Charitable Remainder Trust. This trust provides an immediate income tax deduction for the value of the remainder interest in the trust based on Internal Revenue Service life expectancy tables, your age and rate of return at that time. These trusts are individually managed with annual payments made to your named beneficiary for his or her lifetime. Neither West Virginia State University nor its Foundation is chartered to serve as trustee, therefore, a third party (such as a bank or friend) should be used. After the death of the named beneficiary, the trustee will transfer the principal to West Virginia State University Foundation, Inc.

The two types of Charitable Remainder Trusts are:

Annuity Trust: The annual payment is a fixed dollar amount based on a percentage (which must be at least 5 percent) of the initial fair market value of the trust property.

Unitrust: The annual payment from a unitrust is a fixed percentage (which must be at least 5 percent) of the value of the trust assets re-evaluated each year.

Both trusts are quite flexible and offer options that should be considered.


Life Insurance

There are many ways to use life insurance to make a gift. Here are a few of the most popular methods:

Purchase a policy and designate West Virginia State University, Foundation Inc. as the irrevocable owner and beneficiary. By paying relatively small annual premiums, you guarantee a large future gift, and your premiums are tax deductible each year.
Change the beneficiary of an existing policy. You may name West Virginia State University Foundation, Inc. to receive all or a portion of the proceeds.
Add the Foundation to the list of existing policies as remainder or final beneficiary. In the event that your primary or secondary beneficiaries don't survive you, West Virginia State University  would receive the benefit. Assign annual dividends from policies to the Foundation as a regular means of giving tax-free income. The value of the dividends is deductible as a gift. Name West Virginia State University as irrevocable owner of an existing policy and deduct its cash surrender value.

Bequests

Bequests special gifts made through a will have been significant sources of support to West Virginia State University and are the most straightforward form of estate giving. A bequest to West Virginia State University Foundation, Inc. is not subject to estate tax and helps reduce the tax liability for your heirs.

One popular form of estate giving is called a residuary bequest through which the University receives the portion of the estate that remains (the residue) after other beneficiaries are provided for in the will. Another form of estate giving is a special request through which a specified sum or property or a specified percentage of your estate is given to the Foundation.

The provisions in your will for making a gift to the Foundation will depend on the type of gift and your own circumstances. Perhaps these model provisions will be helpful to you and your attorney:

*For a General (unrestricted) Bequest:
I hereby give, devise and bequeath to West Virginia State University Foundation, Inc. ("Foundation"), a non-profit corporation chartered under the laws of West Virginia, of Institute, West Virginia, (the sum/percentage of _________) or (all the rest, residue and remainder of my real estate, real, personal and mixed, of whatever kind or nature and wherever situated) to be applied to the uses and purposes as the Board of Directors of the Foundation may direct.

*For a Dedicated (restricted) Bequest:
I hereby give, devise and bequeath to West Virginia State University Foundation, Inc. ("Foundation"), a non-profit corporation chartered under the laws of West Virginia, of Institute, West Virginia, (the sum/percentage of _________) or (all the rest, residue and remainder of my real estate, real, personal and mixed, of whatever kind or nature and wherever situated) to be used for__________ (specify the purpose).   In all events, the Board of Directors of the Foundation shall have the authority to alter or amend any restrictions the Board of Directors determines, in its discretion, is not a practical, economical or efficient means of furthering West Virginia State University.

*For a General (unrestricted) Endowment Bequest:
I hereby give, devise and bequeath to West Virginia State University Foundation, Inc. ("Foundation"), a non-profit corporation chartered under the laws of West Virginia, of Institute, West Virginia, (the sum/percentage of _________) or (all the rest, residue and remainder of my real estate, real, personal and mixed, of whatever kind or nature and wherever situated) to be invested and preserved as a part of the permanent endowment funds of West Virginia State University Foundation, Inc. The income therefrom, but not the principal, shall be applied to the uses and purposes as the Board of Directors of the Foundation may direct.   In all events, the restrictions are prefatory and the Board of Directors shall have the authority to use such bequest in a manner which the Board believes is in the best interest of the University yet does fulfill the purpose or intent of any restrictions.

*For Dedicated (restricted) Endowment Bequest:
I hereby give, devise and bequeath to West Virginia State University Foundation, Inc., a non-profit corporation chartered under the laws of West Virginia, of Institute, West Virginia, (the sum/percentage of _________) or (all the rest, residue and remainder of my real estate, real, personal and mixed, of whatever kind or nature and wherever situated). The sum comprising this gift will be merged with the general investment assets of West Virginia State University Foundation, Inc., but the gift shall be entered in the Foundation's books as the __________ (name of fund), shall always be designated and shall be used for __________ (specify the purpose).  In all events, the Board of Directors of the Foundation shall have the authority to alter or amend any restrictions the Board of Directors determines, in its discretion, is not a practical, economical or efficient means of furthering West Virginia State University.

These model provisions are informational only. For your protection, you should consult your attorney or financial advisor before including any provisions in a last will and testament.


Partners Endowment Fund

To facilitate endowment contributions between $2,500.00 and $10,000.00, the Foundation established the Partners Endowment Fund to recognize these significant contributions to the University.  A contribution to the Partners Endowment Fund entitles the contributor to recognition in the Partners Program and the combined endowment fund is used for other scholarship programs throughout the University.


Testamentary Trust or Annuity

A Testamentary Charitable Trust or Annuity may be set up to provide life income to a survivor, with the principal going to The West Virginia State University Foundation Inc. upon the survivor's death. Any charitable deduction for estate taxes will be subject to the same limitations that are applicable to Charitable Remainder Trusts.

We would be pleased to meet with you, your attorney and other advisors to discuss the most convenient method for you to make a financial commitment to West Virginia State University. The information provided here is not a substitute for qualified legal or financial counsel. Remember, tax and estate laws change frequently. We urge you to seek legal advice to ensure that your preferences are fully accommodated.

All gifts are made to: West Virginia State University Foundation, Inc. Giving to WVSU > Planned Giving
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