Other Gift Options
There are plenty of other ways to support the university through giving. Explore the additional options below.
As you think about your future, consider leaving a personal legacy to the University of West Georgia. By making a planned gift, your legacy will become part of the university's future and serve as a permanent reminder of your generosity to and love for West Georgia.
Planned gifts include bequests in a will, IRA charitable distributions, charitable remainder annuity trusts, charitable lead trusts, retirement plans and life insurance policies. They can offer financial benefits through income and estate tax savings and arrangements that provide lifetime income.
For additional information, visit our UWG Planned Giving site.
Your gift of appreciated securities – private or public stocks, bonds or mutual funds – can provide significant tax benefits that reduce the net cost of your gift when compared with an equal gift of cash. Stock not traded publicly may also be donated, although both the donor and the University of West Georgia Foundation must exercise greater care in making the gift.
Stock donations to the University of West Georgia Foundation must be made electronically through the Depository Trust Company, or DTC, and should be directed to one of the two brokerages below:
Attn: Fred O’Neal
410 College Street
Carrollton, GA 30117
Attn: Robert Kurtz
3455 Peachtree Road, NE
Atlanta, GA 30326
ACCT# EMA 29S-03625
Your gift of real estate can be almost any type of property, including a personal residence, vacation home, farm, undeveloped land or commercial property.
As a donor of real estate, you receive an income tax deduction and can avoid capital gains tax. You also can avoid maintenance costs, property taxes, insurance and other ongoing expenses. A real estate gift can also simplify your estate plan and free your heirs from the worry of raising cash for potential estate taxes.
You can even donate your personal residence or farm and continue to live there throughout your lifetime. University of West Georgia Advancement staff will guide you through the real estate gift process. At a minimum, an appraisal, an environmental review and a deed are required.
When considering this type of gift, there are a number of different options available to you:
- A paid-up policy you no longer need for its original purpose can be cashed in to benefit the University immediately to establish an endowment fund or to help fund a capital building project or other pressing need.
- A current policy (on which premiums are being paid) can be donated as well. For you to receive tax benefits, the ownership of the policy must be transferred to the University of West Georgia Foundation, Inc. Premiums you continue to pay after transferring such a policy are also tax deductible.
- If you wish to retain ownership of your policy, you can designate the University of West Georgia Foundation, Inc. as a beneficiary. While there is no immediate tax benefit, your future gift will benefit the University as you direct. You can even create a new policy with a specific purpose in mind for University of West Georgia.
For more information about giving a life insurance policy, visit our UWG Planned Giving site.
If you or your spouse works for a company with a matching gift program, the company may match your gift to University of West Georgia. Employee matches, usually ranging from a 1:1 to a 3:1 ratio, are a wonderful way for you to increase the impact of your support.
Check our Matching Gifts search to see if your company has a matching gift program or contact your employer’s human resources office who will also provide the required forms you will need to take advantage of this employee benefit.
Collectibles, artwork, equipment, supplies, services, books and other types of tangible property can be valuable gifts to University of West Georgia.
The University uses a wide range of items to carry out its educational mission. Both the value to the University and your potential tax benefits depend on the use of your gift. Donors are required to provide an appraisal for gifts in kind.
The IRA charitable distribution must be:
From a traditional IRA or a ROTH IRA;
- Direct from the IRA trustee to the charitable organization with no intervening possession or ownership by the IRA owner;
- On or after the IRA owner has reached age 70 ½; and
- A contribution to an organization that would qualify as a charitable organization under IRC Section 170(b)(1)(a), other than a private foundation or donor advised fund.
There are other great benefits to this type of gift. Please consult your tax adviser for more information
Frequently Asked Questions
- Q. I've already named UWG Foundation as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
- A. By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
- Q. I'm turning age 70½ in a few months. Can I make this gift now?
- A. No. The legislation requires you to reach age 70½ by the date you make the gift.
- Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
- A. Yes. Direct gifts to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to the University of West Georgia Foundation. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
- Q. Can my gift be used as my required minimum distribution under the law?
- A. Yes, absolutely. If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72. Contact your IRA custodian to complete the gift. (Note: The RMD requirement has been waived for 2020, per the CARES Act.)
- Q. When do I need to make my gift?
- A. We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA account, please ensure your check reaches us by December 31st mail your check by Dec. 18 in order to give us time to process your gift before the end of the year.
- Q. Do I need to give my entire IRA to be eligible for the tax benefits?
- A. No. You can give any amount under this provision, as long as it is $100,000 or less per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
- Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
- A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
- Q. My spouse and I would like to give more than $100,000. How can we do that?
- A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his/her IRA.
As always, we recommend you discuss your financial plans with your tax advisor or CPA.