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Planned Giving

None of us will live forever.  Naming the Olympic College Foundation as a beneficiary in a will, retirement fund, insurance policy, or trust allows you to influence and touch the future by enriching the lives of generations of students.  When you create an endowment, you create a special, ongoing connection between yourself and the college.

As early as the 1500s, individuals of means began giving endowments to institutions of higher education such as Oxford and Cambridge.  One gift, given by Lady Maragaret of Richmond to fund a professorship in divinity at Oxford, has been providing financial support to that institution for over 500 years.  Similarly, Harvard and Yale have endowed accounts dating back to the 18th century.  These early endowments clearly illustrate the permanence an endowed gift can have, benefiting the chosen institution for centuries to come.

Imagine the impact that your endowment will have at Olympic College --in 5 years, 10 years, or even 50 to 100 years from now!  Your named fund could be providing scholarships for generations of nurses, musicians, engineers, teachers, or other professionals.  It could be building new facilities.  Or, your gift could ensure year after year that your favorite OC program can provide that extra measure of excellence that takes learning from ordinary to extraordinary. 

Imagine the Impact

A planned gift is a contribution intentionally designed to give the maximum benefits to you, your family, and the organization you choose to benefit.  It can be given in many forms.

Common assets used to fund endowments include cash, securities and real estate.  Gifts of retirement funds and life insurance are also sometimes used.

Creating Your Perpetual Gift

A gift of $25,000 can establish an endowment.  This creates a principal amount that is invested to earn interest.  The interest from the account creates a lasting resource to enhance the program or purpose that you value.  In addition, you will have the opportunity to name the fund, allowing you to honor someone special or to create a legacy in your family name.

Often a donor will create an endowed fund with an outright gift and then add to the fund through a bequest or through periodic giving.  This approach allows you to see the results of your giving during your lifetime plus the satisfaction of knowing that those results will increase, long into the future.  By making additional gifts to your endowed account, you may be able to spread charitable income tax deductions over many years.  Family and friends can also make gifts to your endowed account and will enjoy a charitable income tax deduction for doing so.

Making a Bequest

A bequest is a gift made through your will. 

An outright bequest allows a specific piece of property, stocks, real estate, bonds, an amount of money or a percentage of your estate to be given to support the college.  A residual bequest is chosen if you would prefer to leave the remainder of your estate to Olympic College once all outright bequests have been made.  You may also choose to remember Olympic College by way of a contingent bequest, which allows the college to receive a distribution from your estate if, and only if, one or more of your named beneficiaries does not survive you.

Choosing Other Planned Gifts

There are many other opportunities available to leave a lasting resource to Olympic College. 

Retirement funds (IRA, qualified retirement or pension plan, annuity) are typically the most taxed of any estate asset.  If a large retirement account is kept in your estate, federal income tax and state income tax may be charged.  These taxes can be avoided if you make the Olympic College Foundation a beneficiary of your retirement fund.  A gift like this can provide the greatest tax benefit to your estate.

The need for life insurance changes with time.  Children become self-sufficient, mortgages are paid and investments may provide unexpected income and security.  As a result, life insurance coverage may not be needed for the reason it was originally purchased.  Ways to use life insurance to support Olympic College include:

  • Make a gift of an existing fully paid life insurance policy
  • Establish a new whole life policy and name the Olympic College Foundation as the owner and beneficiary of the policy (the annual premium payments are tax deductive)
  • Add the Olympic College Foundation as a joint or primary beneficiary of a policy.

With life income plans you receive a charitable income tax deduction and income for life.  Often, such gift plans actually increase your income, some of which may be tax-free.  If appreciated securites or real estate is used, you can avoid or minimize capital gains tax.

Examples of life income plans are:

  • Charitable gift annuities provide a fixed payout for life determined by the age(s) of the beneficiary (ies).
  • Charitable remainder unitrust yield an income based on the annual valuation of the trust's assets.  If the trust's assets increase, you receive a larger payment, providing a hedge against inflation.
  • Charitable remainder annuity trusts pay you a fixed, guaranteed dollar amount.
  • Charitable lead trusts enable you to make an annual gift to Olympic College for a term of years.  The principle then passes to beneficiaries with substantial gift tax savings or reverts to you along with a charitable income tax deduction.
  • Remainder interest in personal residence or farm.  With a Retained Life Estate, you can deed your property to the Olympic College Foundation, receive a charitable deduction and continue to occupy the property for the rest of your life.

Why Consider Giving Appreciated Securities or Real Estate

Retaining your assets may be costing you.  Your gift of appreciated securities or real estate to the Olympic College Foundation will do more than just support Olympic College students and our educational programs.  It can provide you with financial benefits including:

  • Increased income for life
  • Avoidance of capital gains taxes
  • Charitable income tax deduction
  • Estate tax reduction
  • Unburdening yourself of investment concerns.

Endowments are gifts that truly keep on giving.  We invite you to join the many others who have assured a stronger future at Olympic College by making a powerful, lasting gift that leaves a legacy in their family name or honors a special loved one.

Prudent Investment and Sound Management

The Olympic College Foundation is a nonprofit corporation formed and existing under the laws of the State of Washington (Chapter 24.03 RCW), exempt under Section 501(c)(3) of the Internal Revenue Code. As a voluntary agency, community volunteers are elected as directors of the corporation for limited terms and have mission and fiduciary responsibility to legal authorities and contributors. Each member brings to the Board a unique combination of experiences, skills, and perspectives that assist the Foundation in meeting its goal of enhancing the educational environment and enriching the learning community of Olympic College.