WHAT IS PLANNED GIVING?
It's thoughtfully choosing, from several options for gift giving, a way to make a future charitable gift that is also favorable to your estate and heirs. While the primary purpose is to support your favorite charity, a secondary purpose is the personal financial, tax or family benefits that a planned gift can provide.
PLANNED GIVING FAQs
How do I make a planned gift?
Planned gifts can be funded with cash, stock or securities, or personal property and can be revocable or irrevocable. For example, a bequest would normally be a revocable gift during your lifetime.
When does the O∆K Foundation receive the gift?
With a planned gift, the Foundation generally receives the gift at some time in the future instead of immediately.
What happens to my planned gift?
As the donor, you may choose to restrict how you want the gift to be used. For example, you can specify the gift be used for specific scholarships, educational programs, technology, headquarters preservation or a mission related purpose of interest to you.
All planned gifts not specifically donor restricted are unrestricted; each year the Foundation Board determines priority needs for the use of unrestricted funds. Typically they support leadership programs and scholarships.
What are some kinds of planned gifts?
Gifts of Stock: A gift of highly appreciated stock may have tax benefits. Please contact the O∆K Foundation for transmittal instructions.
Bequests: The Foundation can be named as a beneficiary in your will. You can specify a designated amount or a percentage of your estate. You also can name the Foundation as a remainder beneficiary to receive any remaining funds after individual beneficiaries have been paid. Here is some sample wording:
I hereby give, devise and bequeath to Omicron Delta Kappa Foundation, a non-profit corporation located at 224 McLaughlin Street, Lexington, VA 24450, (either... the sum of $ , or... percent of my estate, or... the remainder of my estate when other bequests have been paid.)
If you have already made a will, it's easy to add a binding will codicil without redrafting the original will. Contact the O∆K Foundation for more information.
Life Insurance: A gift of life insurance can provide a significant charitable deduction. You may purchase a new policy or donate a policy that you currently own but no longer need. To receive a charitable deduction for the premiums on a new policy, or for the cash value of a current policy, designate the Foundation as both owner and beneficiary. Consult your insurance agent for details. The O∆K Foundation office has further information on this kind of planned gift.
Retirement Plans: Tax consequences may make qualified retirement plans such a 401 (k) or IRA well suited for charitable gifts. By naming the Foundation as a beneficiary of your plan, the benefit may qualify for an estate tax deduction and be free of income tax obligation. Not all plans work the same way, so please consult your personal financial adviser.
Charitable Trusts: For more information about lead or remainder trusts, contact your personal adviser.
How does the Omicron Delta Kappa Foundation recognize donors of planned gifts?
The O∆K Heritage Society was established in 2006 to recognize and honor alumni who have informed O∆K of the intention to name the Foundation in an estate plan. Heritage Society donors believe strongly in the mission and values of O∆K and want to ensure its long-term financial stability.
For further information, to discuss your interest in a planned gift or notify the O∆K Foundation of your gift and be added to the list of Heritage Society donors, please email firstname.lastname@example.org or call 540-458-5335
Is the Omicron Delta Kappa Foundation Included in Your Future Plans?