Endowed funds and gifts are invested rather than used as cash for immediate needs. An endowment is a permanent investment in the future of Thomas More University and an important source of revenue. Endowed funds create a foundation for fiscal growth and stability while generating a reliable portion of income for scholarships, professorships, and programs.
A donor-advised fund (DAF) is a common type of giving program sponsored and administered by community foundations and investment companies. It allows you to combine favorable tax benefits with the flexibility to conveniently support Thomas More University.
How does it work?
- You establish a DAF through an investment advisor or broker (e.g., Fidelity Investments or Charles Schwab) or a local community foundation (e.g. The Greater Cincinnati Foundation).
- You fund your DAF with cash and/or securities and choose an investment program (any investment growth is tax-free). You can make additional transfers to your DAF at any time.
- When you choose, you recommend grants from your DAF to the nonprofit of your choice. All you have to do is contact your DAF sponsor.
What are the advantages of a DAF?
Simplicity – The DAF sponsor handles all record-keeping, disbursements and tax receipts.
Tax Efficiency – Contributions you make to your DAF are tax-deductible to the extent allowed by federal law and any investment growth in the DAF is tax-free. (Consult your tax advisor for details specific to you.)
Family Legacy – The DAF is a powerful way to build or continue a tradition of family philanthropy.
When you initiate a gift from your DAF to Thomas More University, you can choose to be recognized or remain anonymous. This is an increasingly popular charitable vehicle to help donors like you simplify your charitable giving and facilitate your strategic philanthropic goals!
If you have questions or would like more information, please contact the Office of Institutional Advancement at 859.344.3344.
IRA Charitable Rollover/RMD
The IRA charitable rollover has been made permanent with the recent tax law change. If you are 70 ½ or older, you are required to take a minimum IRA distribution. Normally, these distributions are subject to income taxes. However, for persons aged 70 ½ and older, the IRA Charitable Rollover provision allows you to transfer up to $100,000 to charitable organizations each year directly from your IRA, without treating the distribution as taxable income. In order to qualify, contributions must go directly from your IRA to a public charity and be made from traditional IRAs or Roth IRAs. Donors may receive no goods or services in return for their contributions and must obtain written documentation of their contribution from each recipient charity.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to Thomas More University
- Satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to us.
- Your IRA funds will be directly transferred to Thomas More University to help advance our mission.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
Thomas More University’s Employer Identification Number (EIN) is 61-0448560. If you have further questions, please contact the Office of Institutional Advancement at 859-344-3344 or firstname.lastname@example.org
Transferring or purchasing securities are particularly attractive ways to contribute to the University, as you are entitled to tax deductions for the full market value of the security while benefiting from not paying sales fees or income tax on the gain. For instructions on how to donate securities to Thomas More University download this form.
Many companies and organizations will match investments you make to Thomas More University. To find out if your company has a matching gift policy, click here.
There are a number of ways the Office of Institutional Advancement can assist in aligning your financial and estate planning with the Thomas More University’s educational mission. Click here to learn more.