Virginia State University, VA 23806 (804)524-5045
An outright gift is just what its name implies, a gift transferred immediately from you to the Virginia State University Foundation. This category can include cash, securities, tangible personal property (gifts-in-kind) or real estate.
There is no easier way to earn a charitable deduction, and support the Virginia State University Foundation at the same time, than by simply writing a check! A gift of cash (or, of course, by check) is the most popular type of charitable gift. The gift is considered made on the date it is hand-delivered or a check is mailed (postmark on envelope). A contribution on a credit card can be deducted when the charge is made even though the bill is not paid until the following year.
You can also make a gift through an automatic bank draft. Because of the availability of the income tax charitable contribution deduction, the net cost to you of a cash gift is lower than the face value of the gift.
If you itemize, your cash gift is fully deductible for federal income tax purposes up to 50% of your adjusted gross income. If your total gift should exceed this limitation, the excess may be carried forward for tax purposes for up to five additional years.
A number of businesses and corporations now have programs to match employee gifts of cash either in whole or in part. Ask your employer about it. If your employer or parent company has a matching gift program, your personal gift to the Virginia State University Foundation may be matched or in some cases doubled or more. In some cases, gifts from spouses and retired employees are also matched. We urge you to explore this possibility.
To find out about this program, simply contact your Human Resources Department and ask them if they have a matching gifts program. Then ask for the procedure and the associated forms your company uses for this purpose.
Annual giving refers to gifts that are renewed by the donor each year, or which are made yearly as part of a multi-year pledge arranged between the donor and the school.
An endowment is a permanent investment in the future of Virginia State University. Endowed funds are invested for the long-term, rather than used as cash for immediate needs, and the income produced is used to help advance the teaching, research, and service goals of the University.
Endowed Scholarships provide perpetual resources to support the advancement of the institution. Donors have two options to establish an endowed scholarship:
The minimum to establish an endowed scholarship with Virginia State University is $25,000. Donors have five years to reach the minimum level. Once the minimum level is reached, the vesting period is three years. Funds are disbursed at a rate of 4.75% per year. Administrative fees will apply.
The minimum to establish an endowed scholarship with the Virginia State University Foundation is $10,000. Donors have three years to reach the minimum level. Once the minimum level is reached, the vesting period is three years. Funds are disbursed at a rate of 4.70% per year. Administrative fees will apply. Insert list of endowments
Many of the corporations in the nation support educational causes. These organizations are an excellent source of funding for many projects and programs at the Virginia State University. If you have contacts within a corporation that is not supporting the Virginia State University or know people that do have contacts in such a corporation, we can use your help.
You can ask the corporate contact questions to determine their giving strategy and get a name of an individual we can work with to establish a relationship with the Virginia State University Foundation. Just pass the information onto us in the Foundation Office and we will follow up on the contact.
For more information contact William “Chip” Sawyer at wsawyer@vsu.edu, Director of Corporate and Foundation Relations.
Virginia State University offers several planned giving vehicles to support the University. Each offers opportunities that will have a major impact upon VSU’s excellence. Planned gifts also offer numerous tax benefits for donors and offers membership into the Powell Society, VSU’s recognition society.
Bequest in your Will or Living Trust: By including a bequest to Virginia State University in your will or living trust, you are ensuring that we can continue our mission for years to come. Sample language can be provided by contacting the Office of Institutional Advancement. Retirement Assets: Naming Virginia State University as a beneficiary of your IRA or other qualified retirement plan is a tax-effective way to support the University. The process of naming Virginia State University a beneficiary of your retirement plan is simple. Contact your plan administrator and complete a beneficiary designation form. Insurance Policy: There are three ways to give life insurance to Virginia State University:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policyholder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You may receive a federal income tax charitable deduction and reduce your future estate tax liability. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name the Virginia State University as the owner and the beneficiary of the insurance contract. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift.