Ways to invest in Nyack College and Alliance Theological Seminary
Cash. Nothing could be easier than making a gift of cash to Nyack College. It is the most common gift and the one you probably think of first. All cash donations are deductible, if you itemize in the year of contribution, up to 50% of your adjusted gross income. Any excess deductions can be carried forward for the next five years. There are several types of cash contributions you can make including one time gifts, regular monthly gifts, “In Memory of” or “In Honor of” gifts.
Real Estate. A gift of real estate offers you the opportunity to make a significant charitable contribution with a tax-friendly outcome. There are several ways to donate real estate including outright gift, retained life estate, or bargain sale.
Securities, Bank or Brokerage accounts and Retirement Assets. Stocks, bonds, and mutual funds are easy to give and offer great tax advantages. You can transfer the securities to us electronically through your broker or give to us the stock or bond certificates and a signed stock power for each certificate. You can name Nyack the “payable-on-death beneficiary” (POD) or “in trust for” (ITF) of your bank accounts (savings or checking) or on any Certificates of Deposits. Likewise, you can name Nyack College as a “transfer on death beneficiary “TOD”, of a brokerage account you may own. Because our tax laws often subject retirement plan assets like 401(k) and 403 (b) plans to the highest combined income and estate taxes, charitable donations of these assets may be the most efficient estate planning option.
Life Insurance. You may either donate a life insurance policy to us, or simply name Nyack College as the beneficiary of a life insurance policy. For the gift off a paid-up policy, you will be entitled to an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. To qualify for the federal charitable contribution deduction on a gift of an existing policy, you must name the charitable organization owner and beneficiary. Even if you are still paying premiums on your policy you can give it away, and future gifts to us to pay the premiums will be tax deductible.
Charitable gift annuity. This is a simple contract between you and Nyack that pays you a fixed dollar amount (an annuity) for your lifetime and that of another individual, if desired, based upon your age(s) at the time of your gift. The older you are, the higher the annuity. If you use appreciated property, such as stocks, to fund the gift annuity, you will escape the capital gains tax on the gift portion of the transaction and the remaining gain will be apportioned over your lifetime.
Bequests. The most popular type of planned gifts. Anything you leave to a charitable organization will reduce the size of your taxable estate while helping a good cause. You can leave a specific bequest of a specified sum of money or a particular piece of property to us. Other options are to leave a percentage of your estate or a percentage of the residue to us after making provisions for family and friends.
For more information please contact Dr. Michael Scales, Nyack/ATS President.