Do you want to achieve your passion? Do you desire to make a gift that aligns your charitable goals today or with your longer term financial goals? Consider creating a stronger Bay College by making a current gift or planned gift from your assets or estate. A gift that incorporates tax, estate and timing strategies allows you to maximize your gift’s positive impact both for Bay College and for your individual circumstances. There are many ways to make a financial gift to Bay College, and all gifts to the Foundation qualify for federal tax savings, reducing the cost of your gift. And if you are a Michigan resident, tax credits may apply, making the savings even greater. Planned giving offers a broad spectrum of possibilities tailored to your life situation. Bequests through charitable trusts and wills are the most popular option.
CASH GIFTS the most popular way to give
Cash gifts are the most popular way to give because of simplicity. Just make a check payable to the Bay College Foundation, request your credit card to be charged or transfer funds. Automatic payments via accounts or credit cards are an option for reoccurring gifts, allowing you to manage your cash flow while sustaining your impact through consistent contributions. Each payment is tax deductible.
SECURITIES & PROPERTY eliminate taxes on gains
Gifting stocks, bonds and mutual fund securities benefit Bay College and provide you greater tax benefits than an equivalent cash gift. You receive a charitable deduction for the full market value of the asset and avoid capital gains taxes you would have to pay if you liquidated the asset - strengthening the impact of your gift. You can also gift other valuable assets such as artwork, jewelry, second home, underdeveloped land, or other real estate, and avoid the hassle of ongoing upkeep and taxes. Transferring assets is also very easy, and the rewards may surprise you.
LIFE INSURANCE & ANNUITIES tax free transfer of ownership
Many find in their later years that they do not need all of the insurance they did when they were younger. Giving a life insurance policy is an inexpensive way to make a substantial contribution to Bay College. You may name Bay College Foundation as sole beneficiary and transfer ownership. You are immediately eligible for a charitable tax deduction on the computed current value of your paid up policy. Another option is to create an annuity to cover the cost of a policy premium and grow your gift to the college over time.
RETIREMENT ASSETS these gifts make living easier
Recent tax incentives allow direct assignment of your annual IRA distribution to the Foundation. Or, designate remaining retirement plan assets to Bay College upon your passing.
CHARITABLE BEQUESTS where there’s a will there’s a way
= = Bequests made in wills or living trusts enable you to make significant contributions that may not have been possible during your lifetime. The most obvious is to remember the Bay College Foundation in your will. If there’s a will, there’s a way! Plan to designate Bay College a portion of your estate or property, leave your legacy and reduce estate taxes. By making your bequest intent known in advance, we can plan for the future and recognize your generosity during your lifetime.
The Bay de Noc Community College Foundation is a tax-exempt organization under Section 501 (c)(3) of the Internal Revenue Code. This status encourages giving to non-profit organizations, such as the Foundation, by allowing donations, bequests and other gifts to be deductible items for income and estate tax purposes. Please consult your personal tax representative regarding your specific situation.
IRS #38-2161915 MICS #6993