The College of Nursing could not survive through the tuition of its students alone. To maintain our nationally-recognized standards of educational excellence, keep pace iwth the constantly changing advancements in health care and instructional technologies, and fund scholarships for deserving students in need, the College relies on generous contributions from a variety of sources, including individuals who desire to support the future of nursing education.
Every gift is important to the College of Nursing, and every gift makes a difference in the ongoing operation of the College and the future of our students. The sections that follow will give you a detailed overview of the many ways to support the College of Nursing and the financial and tax advantages of each approach.
A cash gift or check can be used immediately in the areas to which it is designated, or a perpetual endowment can be established with gifts or pledges of $25,000 or more. This type of fund generates an annual income for a purpose designated by the donor -- a department or program, faculty support or student scholarships.
Publicly traded stocks or bonds make excellent gifts and easily can be transferred to the College of Nursing. If the securities have appreciated, you not only receive the benefit of the full fair market value as a charitable income tax deduction, but you also avoid the capital gains tax if you have owned the securities for more than one year. For assistance with a stock transfer, please contact the Wayne State University Fund Office at (313) 577-2263 or e-mail Fundoffice@lists.wayne.edu
A bequest in a will or trust stipulates that the entire amount or a percentage of your estate be given to the College after your lifetime. Your bequest may be designated to a specific area or program, to a faculty endowment or scholarships, or it may be unrestricted and used where needed most. Gifts from your estate to the College of Nursing are exempt from estate tax.
Life-income gifts provide income to a donor and/or another individual, such as a spouse. The donor realizes income tax savings for the year the gift is given to the College. A charitable gift annuity, for example, provides a guaranteed income for you (and a spouse or other loved one,) and a deferred income gift annuity provides you with additional retirement income. At the end of the beneficiary's lifetime(s), the remainder is transferred to Wayne State University for the College.
Retirement fund assets would be heavily taxed if given to an individual. After your lifetime, the remainder of your retirement fund can be assigned to the College of Nursing at Wayne State University as an unrestricted gift or designated for a program, faculty endowment or student scholarships.
Life insurance, in the form of an old policy no longer needed by the original beneficiary or a newly created policy to benefit the College, can be a helpful investment in the College. Small premiums now can generate a major gift in the future, and premiums for these policies may be tax deductible. Many employers provide group life insurance as a benefit, and the College of Nursing can be named for a portion of proceeds.
Charitable lead trusts provide income to the College over a set number of years and then transfer assets to children or other individual(s) named by the donor. This plan enables heirs to receive assets while minimizing taxes.
Other assets that may make helpful gifts while saving taxes include real estate (subject to university approval), closely held stock, business practices (law, medicine, etc.), partnerships, contracts, leases, royalties and patents. Please call the Planned Gifts staff for more information.
You may give your entire gift at one time, or pledge the full amount and make annual payments. A pledge of $10,000 or more, paid within five years, qualifies you for recognition in the University's prestigious Anthony Wayne Society. In addition, for a gift of any size in your estate plans, you will be invited to join The Old Main Society, a group established to recognize those who remember the University in this way. Please call Chuck Loose, Associate Director of Planned Gifts at (313) 577-6508 for assistance in planning your gift or a personalized proposal for the gift that is right for you.
