Charitable Giving Options Create Advantages for Donors While Helping Students
Nicholas Pettinico, Jr., Vice President for Institutional Advancement




When we think about charitable giving, we usually think about the most common form of contributions: outright gifts of cash. For most people who want to support Central Connecticut State University, writing a check to the CCSU Foundation, Inc., is the most convenient way of making a gift. As a practical benefit, a gift of cash is complete for federal income tax purposes as soon as the gift is mailed. Some donors plan cash gifts as part of their family budget. Still others choose to make multi-year pledges, payable monthly or quarterly, thus enabling them to contribute more than they would otherwise be able to do through a single outright gift.

Generally speaking, outright gifts of cash to the Foundation support current operations, or they may be placed in endowment to produce a future source of revenue.

Other CCSU donors have made contributions to the Foundation is in the form of a planned or deferred gifts such as a bequest. A person’s Last Will and Testament often plays a major role in providing for the future security of family members. Many people also use their Wills as a means of making gifts to charitable organizations. There are tax benefits which provide incentives to making charitable bequests, and these benefits vary according to the expected value of the estate at the time of death, the number of heirs, and so on. Such details can be more fully explained by an attorney who should draft a Will in legal form.

Charitable Remainder Trusts (CRTs) are another means of making a gift without sacrificing the income that the gift property will produce. CRTs set aside income producing assets which pay the donor and/or other beneficiaries a lifetime income. Upon the death of the beneficiaries, the trust’s assets pass to the institution. CRTs can result in significant tax benefits to the donor, but they are extremely complicated legal documents requiring a qualified attorney.

In the last 10 years, the Foundation has received nearly $1.5 million from bequests and CRTs benefiting a number of areas in the University: the library, fine arts, student scholarships, and athletic grants-in-aid. The future is equally promising. A number of donors have informed the Foundation that they have made provisions in Wills or CRTs to benefit CCSU. One alumnus has made provisions for a scholarship fund that will support students studying for careers in teaching. Another graduate has informed us of her intentions to support CCSU students studying nursing. One of our current faculty members has made provisions for a bequest that will support educationally underserved students, while a retired faculty member has established a trust that will support international business training.

Making a gift to the CCSU Foundation is an excellent charitable choice: it’s tax-wise, it can produce a lasting legacy of your commitment to education, and it helps ensure the excellent educational value of a great university.
 
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