BCC Foundation

Planned Gifts

Support that gives back- with gifts to reach your goals!

New: Pension Protection Act encourages IRA charitable gift giving with new tax incentives, through December 31, 2009. Consult your tax advisor-today!

Outright Gifts – make a fast and simple tax-deductible gift.

Bequests – defer a gift until after your lifetime. Become a member of our Bequest Society.

Charitable Gift Annuities – provide income for life with reduced taxes.

Living Trusts – make a revocable gift during your lifetime.

Life Insurance – make a large gift with little cost to yourself.

Retirement Plan Gifts – avoid the twofold taxation on retirement plan assets.

Real Estate Gifts - avoid capital gains tax

Planned Gifts Comparison Chart

Your Goal	Your Gift	How to Make the Gift	Your Benefits
Make a quick and easy gift	Outright gift	Donate cash, securities or personal property	Income tax deduction; avoidance of any capital gains tax
Make a revocable gift during your lifetime	Living trust	Name us beneficiary of assets in a living trust	Control of trust for lifetime; possible estate tax savings
Defer a gift until after your lifetime	Bequest in will	Name us in your will	A donation exempt from federal estate taxes
Make a large gift with little cost to yourself	Life insurance gift	Give a policy with us as owner and beneficiary	Current income tax deduction; possible future deductions
Avoid the twofold taxation on retirement plan assets	Retirement plan gift	Name us as beneficiary of the remainder of the assets after your lifetime	Avoidance of heavily taxed gift to heirs, allowing less costly gifts
Avoid capital gains tax on the sale of a home or other real estate	Real estate gift	Donate the property to us, or sell it to us at a bargain price	Immediate income tax deduction and avoidance of capital gains tax
Give your personal residence or farm, but continue to live there	Retained life estate	Designate the ownership of your home to us, but retain occupancy	Charitable income tax deduction and lifetime use of home
Secure a fixed and often increased income	Charitable remainder annuity trust	Create a charitable trust that pays you a set income annually	Immediate income tax deduction and fixed income for life
Create a hedge against inflation over the long term	Charitable remainder unitrust	Create a trust that pays a percentage of the trust’s assets, valued annually	Immediate income tax deduction, annual income for life that has potential to increase
Supplement income with fixed annual payments	Charitable gift annuity	Enter a contract with us, in which we’ll pay you fixed payments annually	Current and future savings on income taxes; fixed payments for life
Reduce gift and estate taxes on assets passing to heirs	Charitable lead trust	Create a trust that pays a fixed or variable income to us for a set term, and then passes to heirs	Reduced size of taxable estate; keeps property in family, often with reduced gift taxes

Bequests

If you plan to make a charitable gift by will, please think it through carefully. Then, meet with your attorney to discuss and update your will. Tell him or her exactly what you want to do. Be as clear as possible in describing what you want given to whom.

Let Us Know
We hope you’ll tell us when you have named the Broome Community College Foundation, Inc., in your will. We would very much like the opportunity to thank you for your generosity.

The official legal bequest language for Broome Community College Foundation, Inc., is: “I [name], of [city, state, ZIP], give, devise and bequeath to The Broome Community College Foundation, Inc. [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

If you prefer to remain anonymous, your gift will be kept completely confidential. But at the same time, recognition of your gift can encourage others to do the same. Whatever the case, we will honor your wishes, because we appreciate your support immensely. And, if you have any other specific requests for a bequest, please contact The Broome Community College Foundation at (607) 778-5182 for assistance.

Various Bequest Options
Here are eight generally accepted ways to make a bequest. You might discuss them with your attorney as you prepare to update your will.

1. Specific bequest. This is a gift of a specific item to a specific beneficiary. For example, “I give my golf clubs to my nephew John”. If that specific property has been disposed of before death, the bequest fails and no claim can be made to any other property. (In other words, John wound not receive the value of the golf clubs instead.)

2. General bequest. This is usually a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, “I give $50,000 to my daughter Mary”. If there is only $2,500 cash in the estate, other assets must be sold to meet the bequest.

3. Contingent bequest. This is a bequest made on condition that a certain event must occur before distribution to the beneficiary. For example, “I give $50,000 to my son Joe, provided he enrolls in college before age 21”. A contingent bequest is specific in nature and fails if the condition is not met. (A contingent bequest is also appropriate if you want to name a secondary beneficiary, in case the primary beneficiary does not survive you.)

4. Residuary bequest. This is a gift of all the “rest, residue and remainder” of your estate after all other bequests, debts and taxes have been paid. For example, you own property worth $500,000 and you intend to give a child $50,000 by specific bequest and leave $450,000 to a spouse through a residuary bequest. If the debts, taxes and expenses are $100,000, there would only be $350,000 left for the surviving spouse. Rather, you should divide your estate according to percentages of the residue (rather than specifying dollar amounts), to ensure that your beneficiaries receive the proportions you desire.

The previous items can apply in the case of bequests to individual heirs or bequests to charitable organizations.

The following items are special considerations when you plan a charitable bequest to help support the mission of Broome Community College through the BCC Foundation.

5. Unrestricted bequests. This is a gift for our general purposes, to be used at the discretion of our governing board. A gift like this—without conditions attached—is frequently the most useful, as it allows us to determine the wisest and most pressing need for the funds at the time of receipt.

6. Restricted bequest. This type of gift allows you to specify how the funds are to be used. Perhaps you have a special purpose or project in mind. If so, it is best to consult us when you make your will to be certain your intent can be carried out.

7. Honorary or memorial bequest. This is a gift given “in honor of” or “in memory of” someone. We are pleased to honor your request and have many ways to grant appropriate recognition.

8. Endowed bequest. This bequest allows you to restrict the principal of your gift, requiring us to hold the funds permanently and use only the investment income they generate. Creating an endowment in this manner means that your gift can continue giving indefinitely.

Please call The Foundation Office at (607) 778-5182 or email us at: foundation@sunybroome.edu for more information.

The Foundation’s Executive Director Dr. Judy Siggins is available to confidentially assist you. You are encouraged to consult with legal and tax advisors when considering a major gift to the BCC Foundation

The Foundation is not engaged in rendering legal or tax advisory service. The purpose of this information is to present information of a general nature only. Anyone interested in making a gift or bequest should consult an attorney and/or financial advisor for assistance. The BCC Foundation is a legal not-for-profit organization, incorporated in 1965 under the laws of New York State. The Federal Identification number is: 23-7075704.