There are numerous ways that you may make a gift in support of our College and NC State. Everything from simply writing a check for your annual gift in support of our current needs to a major or planned gift for endowment or a capital project. The numerous options available are divided between outright gifts and planned gifts. There also are tax benefits associated with charitable giving to our College. NC State has established University-wide naming opportunities and minimum endowment levels. (Why are endowments important to the College of Agriculture and Life Sciences? Click here for more information.)
Gifts of cash are the easiest and most direct way to make a gift. Cash gifts may provide annual student or project support or fund endowment opportunities such as scholarships, fellowships, programs or support for professorships.
Cash gifts may be made by the simple act of writing a check payable to one of the College-related foundations: the North Carolina Agricultural Foundation, the North Carolina Cooperative Extension Service Foundation, the North Carolina Dairy Foundation, the North Carolina 4-H Development Fund, the North Carolina FFA Foundation, or the North Carolina Tobacco Foundation. You may also use your credit card to make a gift. Secure online giving is available here. Or, you may click here to print a pledge form to mail or fax to us. There are many initiatives creating scholarships, fellowships, professorships and program endowments for academics, research and extension. Click here for a list of some of the opportunities. Your charitable deduction is the value of the gift you make.
Another option is a gift through your will or living trust in the form of a cash bequest. Please contact Sonia Murphy (919-513-0637) for language to include in your will or trust documents. Chris Wessel (919-515-7678) can help you develop a Memorandum of Understanding that documents how your bequest will be used in perpetuity.
Using appreciated securities (stocks and bonds) is a popular method of making a gift to our College. A gift of appreciated securities provides a double tax savings: you may deduct the average of the high/low value of the securities on the date of the gift and totally avoid capital gains on the appreciation.
A gift of appreciated securities, held for more than one year, entitles you to a charitable income tax deduction in the year you complete the gift. You may use the deduction to offset up to 30% of your adjusted gross income. Any deduction exceeding the 30% limit is carried forward for up to five additional years. You may also donate securities you have held for less than one year, but your deduction will typically be based on what you paid for the securities.
Publicly traded securities may fund all types of gifts -- everything from annual gifts for current operations to major gifts or even to fund a life income gift. More and more donors are transferring publicly traded shares electronically. Mutual funds are also transferable as well, but may take much longer to complete as the transfer requirements vary significantly from fund to fund.
Gifts of property such as equipment, paintings or other art objects may be donated to NC State and entitle you to an income tax deduction. Because items of this nature are subject to estate tax, a donation, either during your lifetime or as a bequest under your will, may also produce estate tax savings.
For gifts made during your lifetime, the amount of the deduction depends on whether the gift relates directly to NC State's educational activities and purposes. This "related-use" restriction does not apply to gifts made through a bequest under your will or living trust. The donor may deduct the full fair market value of the property provided they owned the assets for at least one year and the gift satisfies the "related-use" requirement. With property owned for less than twelve months, the deduction is limited to the price paid for the property.
To learn more about donating gifts-in-kind, please contact Chris Wessel at 919-515-7678.
A gift of real estate may include a gift of a principal or vacation residence, farm, timberland, commercial buildings or unimproved land and may be for the entire property or a fractional interest. Gifts of real estate entitle you to the same tax benefits as gifts of appreciated securities, provided you have owned the real estate for more than one year and there are no liens on the property. The donor is entitled to a charitable income tax deduction of the full fair market value of the real estate, valued at the time of the gift. Additionally, the donor will avoid capital gains tax on the transfer. Gifts of real estate may also generate substantial estate tax savings by removing a high-value asset from your estate. Appreciated real property is also an excellent asset to use to establish a charitable remainder trust.
Since your home or property may be your most valuable asset, you may want to consider a gift of a remainder interest in your property instead of an outright gift. A gift of a remainder interest allows you to continue to enjoy your home for your lifetime, and the lifetime of your spouse, while providing a current charitable income tax deduction and potentially lower estate tax costs. (See the retained life estate topic under deferred gifts.)
Because the ability to market and/or utilize the property to further the mission of the College are major considerations in the our acceptance of a gift of real estate, we invite you or your advisor to call Keith Oakley (919-515-9262) to discuss such a transfer.
Naming one of our foundations as owner and irrevocable beneficiary of the policy will generate an income tax deduction for you. The charitable deduction will depend on several factors including what, if any, premiums are still to be paid. This may be a cost efficient way to provide a significant gift in support of NC State.
You may also designate NC State as the beneficiary or contingent beneficiary of your group term life insurance through your employer. This method of giving will not generate a current income tax deduction, but it will remove the value of the insurance from your estate. Your human resources division may assist you with making such a designation on your group term policy. Sonia Murphy (919-513-0637) if you are considering this type of generous gift.
An excellent way to leverage your gift to NC State is to ask your human resources department if your employer will match your gift through their matching gift program. By following the guidelines established by your employer, your gift could be doubled or even more. This benefit is often available to the spouse of the employee as well as to retirees and board members.
Gift credit is given to both the donor and the company when a matching gift is received. These gifts are also factored into the calculation for your placement in Chancellor's Circle and the Lifetime Giving Societies.
A gift made in memory or in honor of a family member, friend, student or teacher is a generous way to memorialize the individual's life, accomplishments and association with NC State and our College.
We notify the honoree or their family of the names and the addresses of those making the gift. Please forward with your gift the name of the person being honored and their address or that of their next of kin if possible.
Gifts to the College's foundations qualify for any applicable deductions on income, gift or estate tax returns.
Cash gifts qualify for a deduction equal to the amount transferred.
Publicly traded securities qualify for a deduction based on the average of the high and low trading prices for the date the stocks were either mailed or received by NC State. For mutual fund shares, the value is usually based on the closing selling price for the date of the gift. Using appreciated assets to make a gift allows the donor to avoid all capital gains tax on the asset transferred (if the property has actually declined in value since purchase, the donor should sell the property so that they may use the capital loss on their own income tax returns). Gifts of real estate, privately held securities or other capital assets having a value of $5,000 or more (the limit is $10,000 for privately held stock) require an appraisal of the fair market value of the asset and an IRS form 8283. These requirements must be met if the donor wishes to qualify for a charitable deduction.
All types of securities, tangible personal property, real estate and other specialized gifts will receive an income tax deduction equal only to the donor's cost basis. Typically, the cost basis is what the donor actually paid for the asset.
Under IRS rules, gifts in support of athletics may be deductible for only 80% of the value of the gift, unless the donor renounces any points and ticket/parking privileges before the completion of the gift.
Donors will receive a deduction based on the remainder value that will come to NC State or other charities at the conclusion of the life interest of the beneficiaries. The calculation of the deduction is based on the ages of the beneficiaries, the rate of income to be paid, the fair market value of the gift and the federal discount rate in effect for the month the gift is made or either two of the previous months.
Taxpayers are limited as to the amount of charitable deduction that may be used each tax year. The charitable income tax deduction for gifts of cash to NC State or other public charities may be used to offset up to 50% of the donor's adjusted gross income for the year of the gift. This limit also applies to those instances when a donor either chooses or must deduct the cost basis of an asset. For gifts of appreciated property held for more than one year, the deduction may be used to offset up to 30% of the donor's adjusted gross income for the year. Any excess deduction that may not be utilized in the year in which the gift is made may be carried forward for up to five additional tax years. The donor must use the deduction up as quickly as possible and may not "pick and choose" which years to use it.
For more information on making an outright or planned gift and the benefits you and your family might enjoy, please contact Chris Wessel at 919-515-7678.
Academic Programs, College of Agriculture and Life Sciences
The North Carolina Agricultural Foundation, Inc.
The North Carolina Dairy Foundation
The North Carolina Tobacco Foundation, Inc.
The JC Raulston Arboretum (JCRA) at NC State
Keith D. Oakley, Executive Director for College Advancement and President, NC Agricultural and Tobacco Foundations, Inc.
Chris Cammarene-Wessel, Donor Services and Departmental Fundraising Director
Kathy Kennel, Executive Director, NC Agricultural Foundation, Inc., Director of Development
Sonia Murphy, CALS Director of Gift Planning
Anne Porter, Director of Development, Academic Programs and the JC Raulston Arboretum
Catherine Maxwell, Dirctor of Development NCARS and Executive Director of Development, CALS
Sharon Runion Rowland, Executive Director of Development for Extension and Executive Director of NCCESF
Sarah Ray, Director of Development for Extension Programs
Maurene Rickards, Assistant Director
Michael Martin, Executive Director
Bradley Dixon, Assistant Director of Development
Beth Farrell, Assistant Director of Development
M. L. "Punk" Daniel, Director of Development for Eastern 4-H Environmental Education Center
David W. Hays, Executive Director
Joshua Starling, Director of Development