One of the easiest and most common ways for you to make a gift to the University. Bequests work particularly well for those who do not wish to make an immediate outright gift, but would like to support the University in the future.
You can make the University or The University of Akron Foundation owner of the policy, or you can name the University as the beneficiary of your policy. Life insurance interacts well with other life income gift arrangements.
You transfer assets to The University of Akron Foundation, and in return, the Foundation agrees to make regular, fixed payments to you for the rest of your life. The transaction is both a purchase of an annuity and a charitable contribution.
You irrevocably transfer cash, securities or property to a trust for the University's benefit. In exchange, you and/or designated beneficiaries receive a fixed dollar amount, at least annually, for life or for a fixed term up to 20 years. At your death, the death of your beneficiaries or the end of the term, the trust terminates, and the assets are transferred to the Foundation.
You transfer assets to a trustee for the University. You retain an income interest in the property and continue to receive the income for as long as you live, for your lifetime and that of another beneficiary, or for a fixed term up to 20 years. The unitrust pays a percentage of the trust assets, as valued annually.
Your gift is comingled with those of other donors. You receive a pro rata share of dividends and interest, all of which must be paid out. As assets of the fund increase, so does the value of your shares. Your portion of the income is taxed as ordinary income.
You transfer title to a residence or farm to the University while retaining the right to live there and use the property for life.
You transfer property to a trust. The trustee may be the University, a bank, yourself or any combination thereof. The trust pays an annual amount to the University for a specific period chosen by you. After this time, the property returns to you or a noncharitable beneficiary. The property is generally appreciated and transferred with significantly reduced gift or estate taxes.
You provide gifts of real estate, cash or other property, knowing that all or part of the assets may be returned upon request during your lifetime.