Olympic College is dedicated to providing quality education and workforce training for Kitsap and Mason counties. To meet the needs of today and tomorrow, Olympic College depends on alumni, family of alumni, businesses, and other friends of the College to provide financial support to expand opportunities for students. You can give in a variety of ways, some more advantageous to you than others. However, all will benefit Olympic College, its students, and the communities it serves.
This is the simplest and most convenient way to support quality education. These gifts qualify for maximum deductibility for income tax purposes. Checks, made payable to the Olympic College Foundation, can be directed to an unrestricted or designated fund.
In kind gifts include the donation of material goods and/or professional services of benefit to Olympic College. The donation of goods or services allows the College and/or Foundation to redirect its resources from necessary purchases to other areas of need.
In Kind Gifts
A pledge is a formal statement of intent to make a gift to Olympic College Foundation. For many donors, a gift "pledge" enables them to make a larger gift possible by spreading the payments over time (tax advantages may also be extended). Most pledges begin with an initial donation, with the balance paid in installments over a period of time. The donor defines the installment amount and payment schedule. However, the Olympic College Foundation does encourage full payment of pledges within the specified timeframe of the designated Campaign (generally three years).
Many corporations have matching gift programs which may multiply the value of gifts from their employees, officers, retirees and spouses. Contributing to Olympic College Foundation may qualify for a matching gift from your employer. Inquire about the availability of a matching gift program from your company's personnel or human resources department.
Typically made from a donor's assets rather than income, planned gifts can maximize your giving potential, and can be either outright or deferred. Encompassing a wide variety of gift vehicles (securities, life insurance policies, real estate, trusts, etc.), planned giving provides a range of opportunities that generally have specific tax advantages and may have immediate or long-term financial benefits to the donor (or their beneficiary).
(Stocks and Bonds)
Gifts of securities such as stocks and bonds or real estate can be donated or willed to Olympic College Foundation. These kinds of gifts can provide important tax advantages, including offering donors the potential of making a larger gift at less cost. Gifts of property with appreciative value have the potential to offer donors a double benefit, including the income tax charitable deduction as well as capital gains tax savings. Securities are deductible to the extent of their market value on the date of the gift and subject to the usual charitable gift limitations.
Tangible Property & Real Estate
Donations of tangible property and real estate may be of great value to the College. However, consultation with the College is recommended to assure the usefulness of such a gift. Due to provisions of the Internal Revenue Code, your deduction will depend on the appraised value of the gift and how the gift will be used by the College.
Life insurance can provide the opportunity to make a substantial gift. A policy, which is no longer required for its original purpose, may be transferred by naming the Olympic College Foundation as the beneficiary or contingent beneficiary of the policy. Either way, life insurance policies are unlike anything else you can give. They are assets that expand to many times their original value because the premiums often never amount to the size of the death benefit. Thus, they afford a way for you to make a major gift at a very low cost. Continuing premium payments on existing policies with Olympic College Foundation as sole and irrevocable beneficiary are deductible contributions. New policies naming the Foundation as beneficiary may also be developed as part of a planned gift.
A gift of cash or property made through a will or living trust assures a tradition of giving that will continue after the donor's lifetime. There are several ways Olympic College Foundation may be remembered in a will, including being named as the: recipient of a stated dollar sum or certain item(s) of property; contingent beneficiary in the event another beneficiary dies before the donor or refuses the gift; residual beneficiary of a donor's estate; and, ultimate recipient of the assets of a charitable remainder trust. Bequests are deductible for estate tax purposes.
Trusts can take many forms and can be an extremely valuable financial planning and charitable giving tool. Trusts are used to guarantee that your wishes, with respect to the use of your property, are carried out during your lifetime or that of your beneficiaries. In addition to providing tax advantages, the placement of certain assets in a trust can also provide you (or your beneficiaries) with continued income now and benefit Olympic College Foundation later.
A charitable remainder trust may be established with either cash or property during your lifetime or through your will. Income produced by the trust's assets is payable to you for your lifetime or a designated number of years. At the end of the defined time, the assets are transferred to Olympic College Foundation. In addition to providing income you can depend on, these types of trusts also provide significant tax benefits. Avoidance of capital gains tax on appreciated property or securities; and an income tax deduction (for the year the trust is established and up to give years thereafter) are just two of many benefits you may receive. Significant estate tax savings may also be realized since the trust remainder passes directly to Olympic College Foundation.
Charitable Remainder Trusts
Under a charitable lead trust, Olympic College Foundation is given the income produced by a trust for a designated number of years. After the specified time, the assets revert back to you or your beneficiaries. Such an arrangement can result in a significant charitable gift, as well as estate tax savings.
Charitable Lead Trusts
Olympic College Employee Payroll Deduction
Olympic College Employees may donate through payroll deduction. Contact the OC Foundation at (360) 475-7120 or email@example.com to receive the form to begin payroll deduction.
If you choose to make a gift to Olympic College Foundation that will benefit the organization at some future date, please let us know. Not only will we be able to express our sincere appreciation now, we will also be able to better plan for the future with the knowledge of your intent.
Our Legal Name
For the transfer of gifts to Olympic College, the legal name "Olympic College Foundation, a Washington not-for-profit organization" should be used.
Please note that Olympic College and the Olympic College Foundation do not dispense legal or tax advice. The information provided here is generalized and listed to illustrate the many ways of making a gift to support Olympic College while accomplishing your personal objectives. It is recommended that legal questions be taken to an attorney specializing in gifting and/or estate planning issues and that tax questions be directed to a certified public accountant or other qualified financial consultant.
For More Information
For more information about giving opportunities or programs of Olympic College, please contact us at:
Olympic College Foundation
1600 Chester Avenue
Bremerton, WA 98337