Gifts of Cash
Gifts of cash are the easiest and most direct way to give to the CALS. Cash gifts may provide student or project support, or fund endowment opportunities such as scholarships, fellowships, programs or support for professorships.
Make a cash gift by writing a check payable to one of the college-related foundations:
- North Carolina Agricultural Foundation
- North Carolina Cooperative Extension Service Foundation
- North Carolina Dairy Foundation, North Carolina 4-H Development Fund
- North Carolina FFA Foundation
- North Carolina Tobacco Foundation
Another option is a gift through your will or living trust in the form of a cash bequest. Contact De Teague (919-513-2950, firstname.lastname@example.org) for language to include in your will or trust documents. Chris Wessel (919-515-7678, email@example.com) can help develop a Memorandum of Understanding that will detail how your bequest will be used in perpetuity.
Gifts of Securities
Using appreciated securities is another popular way to make a gift to the college. This gift provides double tax savings: you can deduct the average of the high/low value of the securities on the date of the gift and avoid capital gains on the appreciation.
A gift of appreciated securities, held for more than one year, entitles you to a charitable income tax deduction in the year you complete the gift. You may use the deduction to offset up to 30% of your adjusted gross income. Any deduction exceeding the 30% limit is carried forward for up to five additional years. You may donate securities held for less than one year, but your deduction will be based on how much you paid for the securities.
Publicly traded securities may fund many types of gifts, from annual gifts for current operations to major gifts or a life income gift. You can transfer these publicly traded shares electronically. Mutual funds are also transferable, but can take longer to complete as transfer requirements among funds vary.
Contact De Teague, Senior Director of Major and Leadership Gifts, at 919-513-2950 or firstname.lastname@example.org, if you are considering making a gift of stock.
Gifts of property such as equipment, paintings or other art objects, may be donated to NC State and entitle you to an income tax deduction. Because in-kind gifts are subject to estate tax, a donation, either during your lifetime or as a bequest under your will, may also produce estate tax savings.
For gifts made during your lifetime, the amount of the deduction depends on whether the gift relates to NC State’s educational activities and purposes. This “related-use” restriction does not apply to gifts made through a bequest under your will or living trust. The donor may deduct the full fair market value of the property, provided they have owned the assets for at least one year and the gift satisfies the “related-use” requirement. With property owned for less than twelve months, the deduction is limited to the price paid for the property.
To learn more about donating gifts-in-kind, please contact Chris Wessel, Director of Academic and Departmental Fundraising, at 919-515-7678 or email@example.com.
Gifts of Real Estate
A gift of real estate may include a principal or vacation residence, farm, timberland, commercial buildings or unimproved land and may be for the entire property or a fractional interest. Gifts of real estate entitle you to the same tax benefits as gifts of appreciated securities, provided you have owned the real estate for more than one year and there are no liens on the property. The donor is entitled to a charitable income tax deduction for the full fair market value of the real estate, valued at the time of the gift. Additionally, the donor will avoid capital gains tax on the transfer. Gifts of real estate may also generate substantial estate tax savings by removing a high-value asset from your estate. Appreciated real property is also an excellent asset to use to establish a charitable remainder trust.
Since your home or property may be your most valuable asset, you may want to consider a gift of a remainder interest in your property instead of an outright gift. A gift of a remainder interest allows you to continue to enjoy your home for your lifetime, and the lifetime of your spouse, while providing a current charitable income tax deduction and potentially lower estate tax costs. (See the retained life estate topic under deferred gifts.)
Because of the ability to market and/or use the property to further the mission of the college are major considerations in our acceptance of a gift of real estate, we invite you or your advisor to call Sonia Murphy (919-515-9262) to discuss.
Gifts of Life Insurance
Naming one of our foundations as owner and irrevocable beneficiary of the policy will generate an income tax deduction for you. The charitable deduction will depend on several factors including what, if any, premiums are still to be paid. This may be a cost-efficient way to provide a significant gift in support of NC State.
You may also designate NC State as the beneficiary or contingent beneficiary of your group term life insurance through your employer. This method of giving will not generate a current income tax deduction, but it will remove the value of the insurance from your estate. Your human resources division may assist you with making such a designation on your group term policy.
Contact De Teague, Senior Director of Major and Leadership Gifts, at 919-513-2950 or firstname.lastname@example.org, for information.
An excellent way to leverage your gift to NC State is to ask your human resources department if your employer will match your gift through their matching gift program. By following the guidelines established by your employer, your gift could be doubled or even more. This benefit is often available to the spouse of the employee as well as to retirees and board members.
Gift credit is given to both the donor and the company when a matching gift is received. These gifts are also factored into the calculation for your placement in Chancellor’s Circle and the Lifetime Giving Societies.
Memorial or Honorary Gifts
A gift made in memory or honor of a family member, friend, student or teacher is a generous way to memorialize the individual’s life, accomplishments and association with NC State and our college.
We notify the honoree or their family of the names and the addresses of those making the gift. Please forward with your gift the name of the person being honored and their address or that of their next of kin, if possible.