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 How to Make a Gift | Contact Us GIFTS OF CASH The simplest way to make a gift to is to write a check to Hebrew Union College-Jewish Institute of Religion (HUC-JIR). Your contribution may be designated for a specific program of the College-Institute or it may be undesignated - that is, available for meeting HUC-JIR's most pressing needs at any given time. The giving form is available in HTML format or ONLINE . Gifts of cash are deductible for federal income tax purposes, subject to the giving limit determined by your annual income. Amounts exceeding this limit can be carried forward for tax purposes for five years. Your check should be made payable to Hebrew Union College-Jewish Institute of Religion (HUC-JIR). Or you may wish to make a cash gift with a credit card. STOCK GIFTS Information about transferring stock to HUC-JIR (via DTC/Wire) HUC-JIR is using US Bank as our brokerage firm for all stock gifts. To transfer stock, please provide your broker with the following information: Account Name: Hebrew Union College-Jewish Institute of Religion Account Number: 08-2915STA DTA Number: 2803 Our contact at US Bank is Rajeania Egan. She can be reached at (513) 632-4618 or Rajeania.Egan@usbank.com It is important that your broker references your name as the donor and that you notify Diane Bongard at (513) 487-3043 or dbongard@huc.edu about the stock you intend to transfer. MARKETABLE SECURITIES An outright gift of appreciated marketable securities is one of the most attractive methods of giving. Provided you have owned the securities for more than one year, a gift of listed stocks, bonds, or other publicly traded securities entitles you to a charitable income tax deduction equal to the full fair market value of the securities, which is calculated by obtaining the average of high and low selling prices on the date of the gift. In addition, you do not incur capital gains tax on the transfer of such securities to HUC-JIR. As a general rule, it is advisable not to give HUC-JIR depreciated securities. It is more advantageous to sell such securities, deduct the capital loss to offset any capital gains realized in the year the gift is made, and give the College-Institute the cash proceeds of the sale. MATCHING GIFTS More than 1,400 corporations have established programs whereby the company matches or multiplies donations made by current, and in some cases, retired employees. Many companies also match directors' gifts. You should be aware that such a program may be an opportunity for you to increase your contribution to HUC-JIR. GIFTS OF REAL ESTATE An outright gift of unencumbered real estate may enable you to make a significant gift to HUC-JIR without incurring capital gains tax on the transfer of a highly appreciated asset. You may give the entire interest or a fractional interest in the property. As long as you have owned the property for more than one year, you will be entitled to a charitable income tax deduction equal to the fair market value on the date of the transfer. The gift of real estate will need to be appraised by an independent appraiser to determine the value of the deduction. Most gifts of real estate are sold to provide funds for current College-Institute needs. You also may give HUC-JIR a remainder interest in your property and retain life use. At your death, the property automatically passes to HUC-JIR. This type of gift generates a current charitable income tax deduction equal to the fair market value of the property less the present value of the retained life estate. Real estate may also be appropriate for funding charitable remainder unitrusts or making a bequest. (See below) TANGIBLE PERSONAL PROPERTY Donations of art objects, books, equipment, and antique furniture are sometimes appropriate gifts to HUC-JIR. Before making a gift of tangible personal property, however, prior consultation is advisable to confirm that the proposed gift can be used in accordance with your wishes while also meeting the needs of the College-Institute. As long as you have owned the object(s) for more than one year, and it is related to HUC-JIR's educational purpose, gifts of tangible personal property entitle you to a deduction of the property's full fair market value, up to 30% of your adjusted gross income. If the gift is likely to be valued at more than $5,000, it must be appraised by an independent appraiser within 60 days of the gift's transfer to the College-Institute to determine the value of the deduction. LIFE INSURANCE If you own a life insurance policy and no longer require its protection, you may wish to transfer ownership of the policy to the College-Institute. Or you can purchase a new policy and transfer ownership to HUC-JIR. Either gift will generate a charitable income tax deduction roughly equal to the cash surrender value of the policy on the date of the gift. You may take additional charitable income tax deductions for the amount of any premium payments you make on the College-Institute's behalf. HUC-JIR will credit you with a gift equal to the cash surrender value in the life insurance policy. If the policy is fully paid and you are a certain age, the College-Institute will credit you with a gift based on the face value of the policy if that is greater than the cash surrender value. PLANNED GIFTS Planned gifts include bequests, trusts, gifts of life insurance, and annuities. In many cases, planned gifts have the following advantages: They may provide income for life for you and/or another beneficiary, such as a spouse or another family member. They may provide current federal income tax deductions for a portion of the gift which passes to HUC-JIR. Trusts may provide increased income because gifted property can be sold without capital gains and reinvested in higher income-producing property. They may provide professional investment management and supervision without a fee to the donor. Planned gift opportunities offered by HUC-JIR include: REMEMBERING HUC-JIR IN A WILL OR LIVING TRUST Bequests or provisions in a living trust are a major source of annual and endowment support. Just as the bequests of past alumni and friends have helped to create the HUC-JIR of today, the continuation of this tradition of remembrance will help to ensure that there will be a financially strong and academically excellent Hebrew Union College-Jewish Institute of Religion for tomorrow. A bequest in a will or provision in a living trust to HUC-JIR will qualify your estate for an estate tax charitable deduction equal to the entire amount of the bequest or provision. You may make a specific bequest to HUC-JIR of cash, securities, or other property by designating a specific dollar amount/a particular asset/or a fixed percentage of your estate. You may make a bequest of all or a portion of your residuary estate to HUC-JIR after providing for all other beneficiaries by specific bequests. You may make HUC-JIR a contingent beneficiary by stipulating that HUC-JIR will receive all or a portion of your estate if named beneficiaries do not survive you. You may make HUC-JIR the remainder beneficiary of a trust that you establish in your will to provide income to one or more beneficiaries for life. HUC-JIR would then receive the principal of the trust at the death of the last surviving beneficiary. Sample testamentary language A general bequest: "I give (________ dollars), (a specific asset) or (______ percent of the rest, residue, and remainder of my estate) to Hebrew Union College-Jewish Institute of Religion (HUC-JIR) for its general purposes." A bequest for a specific purpose: "I give (_______ dollars) (a specific asset) or (_____ percent of the rest, residue, and remainder of my estate) to Hebrew Union College-Jewish Institute of Religion (HUC-JIR) to be used for the following purpose: (state the purpose, e.g., to establish a scholarship fund, to underwrite renovations of the library building, to endow a faculty chair, or to support any other specific HUC-JIR activity or program)." HUC-JIR's educational activities change somewhat over time, and the needs of this generation of students may not be the same as those of the next. Therefore, whenever a donor indicates a particular purpose for his/her bequest it is advisable to grant HUC-JIR the authority to respond to changing needs. This can be accomplished by including the following language with your bequest "If at any time in the judgment of HUC-JIR it is impossible or impracticable to carry out exactly the designated purpose, HUC-JIR shall determine an alternative purpose as near as possible to the designated purpose." CHARITABLE REMAINDER TRUST A charitable remainder trust is an irrevocable trust you may create by designating a person or persons to receive income payments of at least 5% annually and transferring assets to a trustee that you select. The trustee may be one or more individuals, a bank, HUC-JIR, or a combination of these. You, as the donor, may be the beneficiary of the income or you may designate another person(s), such as your wife or your child. The designee(s) may receive income for their lives or for a specified term of years, not to exceed 20. At the conclusion of the income payments, the trustee pays the trust principal to HUC-JIR. A unique feature of a charitable remainder trust is that you may tailor the annual income the trustee will pay. A charitable remainder annuity trust pays a fixed dollar amount that you select when creating the trust. A charitable remainder unitrust pays an income equal to a percentage of the value of the principal; you designate the percentage when the trust is created, and the trustee revalues the principal each year to determine that year's income. A charitable remainder trust is particularly attractive if funded with appreciated property because there will be no capital gains tax when the trust is funded or at the time the trustee sells the asset(s). CHARITABLE LEAD TRUST If you would like the capital value of marketable or income-producing assets to remain in your family but would like to make a gift to HUC-JIR for a period of time, then a charitable lead trust may be appropriate to consider. A charitable lead trust is a separately invested irrevocable trust you can create by transferring cash, marketable securities, or income-producing property to a trustee that you select. The trustee may be one or more individuals, a bank, HUC-JIR, or a combination of these. You designate HUC-JIR as the beneficiary of income for a specified period of years or for a period measured by a named person's life. Upon completion of that period, the trust assets may revert back to you or pass to persons whom you designate, such as children or grandchildren. Here, too, you may tailor HUC-JIR's income interest. A charitable lead unitrust pays an annual income to HUC-JIR equal to a percentage of the value of the principal; you select that percentage when creating the trust and the trustee revalues the trust each year to determine that year's income. With a charitable lead annuity trust a fixed dollar amount that you specify when establishing the trust is paid each year. ANNUITIES A charitable gift annuity is a contract between you and HUC-JIR in which you agree to make a one-time payment to the College-Institute, and in return you and/or another named beneficiary receive a fixed income for life. The amount of the income payment is determined by your age and the annuity percentage. You may select a one or two-life annuity. The minimum gift to HUC-JIR is $10,000, and you may add annuities each year thereafter for $5,000; the minimum age for an annuity is 60. The gift annuity qualifies you for an income tax deduction in the year of the agreement. Each year a predetermined portion of your annuity is not subject to federal income tax as a tax-free return on your investment. The amount that is left at the termination of the agreement will be used for the purposes you have specified in your annuity contract. If you are younger than 60, you may choose a deferred charitable gift annuity in which your payments are deferred for several years. 1875 Society Newsletter |
