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Planned Giving Opportunities

 

In the 1960s, financier and statesman Bernard Baruch made an estate gift that launched a philanthropic tradition at Baruch College. He believed in the critical mission of public higher education to unify diverse peoples and provide new generations with opportunities for advancement. He also recognized that the true measure of a school is determined by the caliber of its faculty and student body.

This tradition continues today, thanks to the loyal alumni and valued friends of the Baruch Benchmark Society. By including Baruch College in their estate plans, the members of this society create a legacy that will ensure the College's place as a leader and innovator in public higher education for generations to come.

Benefits of Your Gift

There are many benefits to giving. You can:

• receive income for life
• get significant tax advantages
• provide for loved ones
• supplement your own retirement plans
• honor a special person
• establish a named endowed fund
• help transform the lives of today's Baruch students through your generosity
• create a legacy through your support of public higher education
• fulfill your philanthropic goals

Bequests

The easiest way to make a planned gift to Baruch is through your will. When preparing your will, here are sample bequest paragraphs you can share with your attorney. These sample paragraphs can be modified to suit your intentions:

I hereby give, devise and bequeath to The Baruch College Fund (Federal Tax ID number 23-7039817) the sum of $________to be used for its exempt purposes.

I hereby give, devise and bequeath to The Baruch College Fund (Federal Tax ID number 23-7039817)_______% of the residual of my estate to be used for its exempt purposes.

I hereby give, devise and bequeath to The Baruch College Fund (Federal Tax ID number 23-7039817) the sum of $________to be used for the (insert Zicklin School of Business, Weissman School of Art & Sciences or School of Public Affairs) for its exempt purposes.

Using Your IRA

If you are over 70 1/2, you can make a gift to Baruch directly from your traditional IRA.

Your gift will be tax-free and will count toward your required minimum distribution, often called 'RMD'.  This is welcome news if your RMD is higher than what you need to live.  You can satisfy the RMD in a tax-savvy way and make a gift to benefit our hard-working students. 

These gifts are allowed in 2008 and 2009.  The first step is to contact your traditional IRA custodian or trustee.  Tell them you want to make a 'qualified charitable distribution' to Baruch College.  They may ask you to fill out a simple form and you might need our legal name and federal tax ID number:

The Baruch College Fund    23-7039817

You won't earn a charitable deduction because you already deducted the money when you contributed it to your traditional IRA.  But your gift will be tax exempt and will help Baruch's students.

For more information about a gift from your IRA, contact David Shanton at 646-660-6065 or david.shanton@baruch.cuny.edu.

Life Income Gifts

The Baruch College Fund offers a variety of planned giving vehicles as a service to its alumni and friends who wish to make charitable gifts to the College, but who may also need income from their investments now. Endowments created through planned gifts can be structured to provide income to the donor, family members, or friends, for life or a term of years.

Named Endowment Gifts

By creating an endowment, donors provide a gift in perpetuity that grows over time. Endowments can provide a naming opportunity for a loved one or a beloved Baruch faculty member. They create a lasting legacy for you while addressing vital College needs such as research, teaching, and scholarship.

Memorial Gifts

You might also consider making your planned gift in memory of someone dear to you: a loved one, or a favorite professor.

Outright Gift

You can make a gift of cash, stocks or securities by simply sending your contribution to Baruch. Note that there are additional advantages to using stock to make your scholarship gift. Please call Chris Cloud at 646.660.6067 and we can help you do this to your best advantage.

You can make your gift all at one time or pledged over several years. For example: you may wish to establish an endowed scholarship, which you want to name in memory of your parents. You can pledge the $25,000 to be paid over two or three years to help you make this happen.

Charitable Gift Annuity

A Deferred Gift Annuity is when a donor, usually younger, makes an annuity gift now and postpones receiving annuity payments for a number of years, e.g., at retirement age. The donor would receive the tax deduction now as they make the gift, and receive annuity payments at a much higher percentage later when they need the income. As with a regular Charitable Gift Annuity, the annuity payments, once they begin, continue for life and can be for two lives.

Gift of Life Insurance

You can donate an existing insurance policy that you and your family no longer need. The ownership and beneficiary of this policy is transferred to Baruch and your tax deduction is based on the current value of the policy. When the insured passes on, the face value is used by Baruch to create the scholarship fund.

You can also create a scholarship fund from a new gift of life insurance. An amount of insurance is arranged on your life with Baruch being the owner and beneficiary of the policy. Your payments to Baruch to pay the annual annuity payments are considered tax-deductible gifts.