Planned Giving

How can Columbia help me with planned gifts such as life income gifts and bequests?

For general information, please consult the Planned Giving section of this site. For help in making your planned gift, please contact:

Office of Gift Planning
Columbia University
475 Riverside Drive, MC7718
New York, NY 10027
(800) 338-3294
E-mail: gift.planning@columbia.edu

I would like to remember Columbia in my will. What language should I use in my will or trust?

When planning a bequest to Columbia University, think about how you want your gift to be used. Here are some of the ways you can designate your bequest:

Unrestricted Gifts

These are especially valuable to Columbia because they allow the University to fulfill its highest priorities at the time your bequest arrives.

Restricted Purpose

Restricted gifts can support important University initiatives such as undergraduate scholarships, graduate fellowships, faculty salaries, or research priorities. You can direct your bequest to support any school or program that is a part of the University.

Current Use or Endowment

Establishing a current-use fund for a specific program or department allows Columbia the flexibility of using the full amount of your gift.

Below, you will find examples of language you can use to designate your bequest. Be sure to consult your attorney for assistance in making a bequest.

Unrestricted Bequest

I give _____________to THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK for its general purposes.

Restricted Bequest

I give______________to THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK
…to provide scholarships for undergraduate students attending Columbia College/the Fu Foundation School of Engineering and Applied Science/the School of General Studies.
or
…to provide fellowships to graduate students studying in the School of _____________ or Department of ______________.

If there is a particular area of study or program that you would like to support, please discuss your intentions with the Office of Gift Planning so that we can provide the appropriate language.

Endowed Fund

I give______________ to THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK to create a separate endowment fund to be known as the______________ Fund. The Trustees shall make distributions from the fund each year, pursuant to Columbia’s then current endowment spending policy, to support________________.

To create an endowed fund in your will, please contact the Office of Gift Planning to discuss the wording of your bequest language. This will assure that Columbia will be able to use the gift as you intend.

If I include Columbia in my will, whom do I need to tell about it?

Once you complete your estate plan, please inform the Office of Gift Planning. We would like to thank you for your generosity by inviting you to join The 1754 Society, our honorary society for alumni and friends of Columbia who have included the University in their estate planning. Your membership involves no dues, obligations or solicitations, but it does allow us to thank you and recognize you for the plans you have made, and it may inspire generosity in others.

What are the tax advantages of life income gifts and bequests?

Though some tax advantages will depend upon your unique financial situation, here is a general overview:

Life Income Gifts

The charitable deduction for payment-generating gifts, such as a charitable gift annuity or a charitable remainder trust, is the fair market value of the gift asset minus the present value of the income interest you retain.

Bequests

A bequest is deductible for federal estate tax purposes, and there is no limit on the amount of the estate tax charitable deduction your estate can take. In addition, bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings can be more than half the value of the bequest.

Please consult your tax or financial advisor for more information.

Can I accomplish more with a planned gift than an outright gift?

Carefully planned gifts can offer significant estate-tax and income benefits, while at the same time allowing donors to make larger gifts to the University than would otherwise be possible. Even though the University will not be able to use these gifts immediately, as it would with outright gifts, planned gifts are critically important to our long-term financial strength and help ensure our ability to meet the opportunities and challenges the future will present us. Please consult the Planned Giving section of this site to review the various types of planned gifts you can make to the University.

Will I need a tax advisor when I set up a planned gift?

Though the Office of Gift Planning can help you set up your gift, most estate-plan gifts will require the assistance of a professional financial or tax advisor.

How will I know my gift will be used as I intend?

The University goes to great lengths to ensure that all gifts are used for intended purposes only. For more information, contact our Office of Gift Planning at (800) 338-3294 or via e-mail at gift.planning@columbia.edu.

Can Columbia University serve as the executor of my estate?

No. Our internal policies prevent us from performing such a function.

Can I transfer my IRA to set up a life income gift, and avoid income tax on the transfer?

New legislation gives donors aged 70½ and older an opportunity to direct lifetime distributions from their IRAs to us without incurring income tax liability on the withdrawal. The provision will be in effect for just the 2006 and 2007 tax years. Distributions can total $100,000 per year, and must be made outright—they cannot fund a life income gift. Just e-mail us and we’ll be happy to give you more information about this new charitable incentive.

Donors younger than 70½ can make a withdrawal from their IRA or other type of retirement plan, pay income tax on the withdrawal, and donate the proceeds to us. These gifts can be made outright or can fund a life income gift and will generate a charitable deduction for the donor.

If I create a bequest or life income gift, will continue to ask me for annual contributions?

Yes, we will, because they address two distinct needs—the University’s long-term and immediate financial strength. But, of course, how and when you give to Columbia is always up to you.

QUESTIONS CONTACTS COLLEGE FUND VOLUNTEERS

© Columbia University 2007