Planned Giving
The University of Guelph/OAC Alumni Foundation welcomes gifts for the future. Planned gifts are charitable donations that are arranged during the donor's lifetime to become available at a future time. While planned gifts can be undesignated in support of the University of Guelph/OAC greatest need, many gifts create specified terms for student, teaching and college requirements. Alumni Affairs and Development personnel can help you direct your gift for the future. Alumni and friends who plan gifts for the future may be eligible to join the J. D. MacLachlan Society.
When you create a planned gift please let us know so that we can foresee the gift and ensure that it is correctly designated and directed.
Bequests
A gift bequest can be made through a will, and should name the University of Guelph or the OAC Alumni Foundation, Guelph, Ontario as beneficiary. This bequest can be directed as you choose: to the College, research, library, athletics, the Arboretum, or to student scholarships and bursaries. Alternatively, bequests may be unrestricted, and will be directed to University/OAC's greatest need. Bequests over $30,000 may be added to the University's/Foundation's endowment to create a permanent legacy from you, your family or designated contributor.
Please be aware that the will should be drafted with legal counsel: the Director of OAC Advancement can assist you in creating your legacy.
An income tax receipt will be issued to your estate that can be applied to 100% of final taxes arising from income, deemed disposition of assets and/or capital gains. This receipt may be used in the final tax return, and may be carried back to the previous year.
There are different types of bequests. Contact us for more information.
Charitable Remainder Trust (CRT)
Through this trust agreement a gift of assets is irrevocably transferred to a professionally managed trust. The income from the trust is distributed to the donor or designate on a regular basis for life, after which time the University of Guelph/OAC Alumni Foundation will receive the remaining principal from the trust. A charitable tax receipt for the present value of the assets transferred to the trust will be issued when the trust is established.
The CRT provides a way for you to give a substantial gift to education without losing the income that your capital is creating. When the trust is established, you will receive a tax receipt that can be used immediately to offset income. Reserve capital and liquidity must be available before establishing a CRT for two reasons: because the trust is professionally managed an initial investment of $200,000 is suggested to ensure cost efficiency and because the assets are transferred irrevocably, reserve capital and liquidity must be available.
Gift Annuities
A charitable annuity makes it possible for senior donors to make a gift to the University of Guelph or the OAC Alumni Foundation without loss of investment income. When you purchase a charitable gift annuity you make an irrevocable transfer of capital in return for a guarantee of income payments for your life, or the life of another.
For older donors the income will be tax-free, and you receive a charitable tax receipt for a portion of the purchase price of the annuity. The gift annuity provides you with the opportunity to make a significant contribution to the future of education at the University of Guelph.
Gift of Shares
A gift of shares can provide you with significantly enhanced benefits
while supporting the initiative of your choice. The most advantageous
and efficient means of transferring shares to the University is electronically
'in-kind'. When you transfer shares 'in-kind' directly to the University's
securities account, you are not required to pay any capital gains
taxes on the donated shares. There is no limit on the maximum or minimum
value of a share transfer.
Insurance
You can make a significant gift for the future through a relatively modest investment with a gift of life insurance. When you make the University/OAC Foundation the owner and beneficiary of a life insurance policy, you are eligible to receive a charitable tax receipt for each premium payment that you make. This will save tax dollars today for a planned gift for the future.
You may plan to create a new policy with the help of your financial advisor and OAC Director of Advancement. Each year premiums are paid you will receive a tax receipt when the University/OAC Alumni Foundation is both the owner and beneficiary of the policy.
You may choose to transfer an existing policy to the University/OAC Alumni Foundation by designating it owner and beneficiary. Premium payments made in the year of transfer and subsequent premium payments will result in charitable tax receipts equal to the payment values. Also, you will receive an immediate tax receipt for the cash value of the policy.
International Gifts
The Friends of University of Guelph was created to aid residents of the United States to make charitable contributions to the University of Guelph and its Colleges. Bequests, legacies, stock transfers and other charitable gifts to the Friends of University of Guelph are deductible for Federal estate and gift tax purposes. Friends of University of Guelph is a certified and registered non-profit corporation in the United States.
Residual Interest Trust
In the residual interest trust agreement, assets such as real estate, land, works of art or books are irrevocably transferred to a trust. The donor retains the use of the property, or the income from the property, for life. A tax receipt for the present value of the residual interest is issued at the time the trust is created. While the donor cannot recover the ownership of the trust assets, there are defined guidelines and restrictions on the disposition and management of the trust assets during the donor's lifetime.
Gift Combinations
Many charitable giving opportunities may be used together to create financial planning benefits. Life insurance is often combined with gifts of cash, stock or other assets to replenish the donor's estate. Endowment opportunities that provide gifts in perpetuity can be combined with charitable annuity purchases and other planned gifts.
Direct enquiries to:
| Ross Butler Director for Planned Giving University of Guelph Guelph, Ontario, N1G 2W1 Phone: 519-824-4120 ext. 56196 rbutler@ uoguelph.ca |
Paul Klosler |
