Ways to Give
GIFTS OF CASH, CHECK, OR CREDIT CARD
Gifts of this type provide immediate funds to the Foundation for the purpose specified. Gifts should be made in U.S. currency and payable to the Oakton Community College Educational Foundation. If you wish to make a gift via wire transfer, please contact the Foundation Office. We accept Visa, MasterCard, and Discover. Please complete the downloadable credit card form. All checks and completed credit card forms should be mailed to:
Oakton Community College Educational Foundation
1600 East Golf Road
Des Plaines, IL 60016
GIFTS OF PROPERTY
With careful planning, charitable gifts of certain types of assets will provide even greater tax benefits to a donor than a gift of the equivalent value in cash. The most favorable tax benefits derive from contributions of appreciated, long-term, capital gain securities, and real estate. In addition to receiving a charitable deduction for the fair market value of such a gift, the donor avoids any potential tax on the capital gain element of the gifted property.
Gifts of Securities
While gifts of appreciated securities are excellent ways to fund life income gifts (such as gift annuities or trusts), many donors transfer stock directly to the Foundation as an outright gift. This transaction enables them to receive an income tax deduction equal to the fair market value of the stock on the effective date of their gift - and avoid capital gains tax on the transfer.
Gifts of Art and Other Collections
Many Oakton friends have donated artworks and other collections to the Foundation. An independent appraisal secured by the donor establishes the fair market value of the gift for income tax purposes.
The Educational Foundation can accept planned gifts and will serve as sole trustee of any deferred gift that requires the appointment of a fiduciary. Depending on the choice of giving arrangements, donors can expect some or all of the following benefits:
- Income-tax savings through the charitable deduction for the value of the gift.
- Avoidance of the capital gains tax on contributions of certain kinds of property that have appreciated over time.
- Income for life for the donor and/or other beneficiaries.
- The possibility of increased spendable income with certain arrangements.
- Elimination of estate tax on the value of a gift passing to charity upon the donor’s death.
- Reduced estate settlement costs.
The Educational Foundation accepts the following types of planned gifts: Bequests, Charitable Gift Annuities, Charitable Lead Trusts, and Charitable Remainder Trusts.
A bequest is a gift of any amount or form made to the Educational Foundation in a donor’s will. The following is recommended language that may be used to make a gift to the Educational Foundation through your will:
“I give, devise and bequeath to the Oakton Community College Educational Foundation the sum of _________ dollars (and/or ___ shares of ____________________ Corporation and/or the following real property) to be used for general support purposes as determined by the Foundation’s Board.”
Bequests may be made in the following ways:
- Specific Bequest. Stipulates an amount, a percentage, or particular securities or other assets.
- Residuary Bequest. States that all or a portion of your estate be given after specific amounts are distributed to other beneficiaries.
- Contingent Bequest. Directs that your assets be distributed if your primary heirs do not survive you.
The type of bequest most appropriate for your situation can be determined by consulting with your attorney and/or financial advisor. Bequests play a vital role in Oakton’s future. Although the Foundation will not receive your gift for many years, sharing your plans will enable us to acknowledge your thoughtfulness and generosity. You also will have the assurance that your gift and its designated use are understood by the College. Contact the Foundation Office for further information regarding charitable bequests.
Charitable Gift Annuities
A charitable gift annuity is a contract between the donor and the Educational Foundation. The donor transfers assets, and in return, the Foundation agrees to make quarterly, fixed payments to the donor (and a beneficiary) for life. The minimum age for establishing an annuity is 55, and the minimum amount for the annuity is $10,000.
A deferred charitable gift annuity allows the donor to take a charitable tax deduction to the extent permitted by law while deferring the receipt of income for a term of years. Deferred gift annuities are ideal for younger donors who do not have the need for immediate payments from their annuities, as well as parents or grandparents who wish to provide for the education of their children or grandchildren. This plan allows funds to be given now with payments beginning at a future date. Payments are fixed and therefore not subject to fluctuations of investments.
Charitable Lead Trusts
With a charitable lead trust, the Foundation receives the “lead interest” payments annually, and the donor or their family members receive the assets (remainders) of the trust when the trust is terminated. As a specialized estate planning tool, the charitable lead trust offers effective benefits if the donor has substantial estate and gift tax liabilities. By establishing a charitable lead trust, the donor is able to make a significant gift to the Foundation, derive satisfaction from seeing the Foundation use the gift, enjoy tax savings, and transfer the trust assets to subsequent generations with reduced estate, inheritance, and gift taxes. Another important feature of this trust is avoiding probate on remaining assets. Most importantly, a donor can choose the form these trusts may take, can be the trustee, and can stipulate the amount to be paid to the Foundation. Additional contributions can be made to charitable lead trusts without having to create a new trust.
Charitable Remainder Trust
One of the most effective estate planning tools is the charitable remainder trust (CRT). An irrevocable tax-exempt trust, a CRT comprises two parts: income interest and remainder interest. For a designated period (e.g., the joint lives of the grantor and spouse), the income from the trust is paid to the grantor or the grantor’s heirs. At the conclusion of the designated period, the remaining trust assets become the property of the named charity or charities. Although the trust is irrevocable, the charitable beneficiary/beneficiaries of the trust can be changed by the donor during the term of the trust. CRTs have many advantages and are highly flexible. Some of the benefits of a CRT include:
- Current income tax deduction
- Reduced estate taxes
- Avoidance of capital gains
- Increase of current income
- Increased value of assets transferred to heirs
- Creation of a charitable legacy
OTHER GIVING OPTIONS
Endowments established with the Educational Foundation provide ongoing, predictable revenue for scholarships, faculty development, instructional enrichment, library support, and campus improvements. Providing perpetual funding to the College, endowments supplement curricula, enhance academic programs, and increase learning opportunities for Oakton’s students.
The fund’s name is chosen by the donor. A Named Endowment Fund Agreement is executed between the donor and the Oakton Community College Educational Foundation. This agreement details all terms, conditions, and guidelines for the Endowment. All funds are used for the intended purpose as defined by the donor.
Allocation of funds from the endowment is based on a percentage of a three-year moving market value of the endowment. The Foundation’s Investment Committee reviews the allocation rate at the close of each fiscal year.
Endowed Chairs, which carry the name(s) selected by the donor, provide flexibility for the College to respond to challenges and changing needs in academic disciplines, degree and career programs, and special issues. Funding an Endowed Chair requires a minimum commitment of $35,000 that is matched with a contribution of $15,000 from the Oakton Community College Educational Foundation for a total of $50,000.
The College’s current Named Endowments include:
- Lynne Adams Library Endowment
- Butler Family Foundation — Health Chair
- Footlik Foundation — Technology Chair
- Frederick Quellmalz Photography Endowment
- United Stationers — Business Chair
Donors may dedicate a tree at the Des Plaines and Skokie campuses to honor or remember their family, friends, or organization. Special occasions - graduations, weddings, anniversaries, retirements, births, and other milestones - provide the opportunity to make a living tribute and support Oakton Community College at the same time with a tax-deductible gift.
Donors can select a tree that will be tagged with a nameplate indicating the honoree and/or sponsor. All trees at the Ray Hartstein Campus are 10-foot Heritage Birch. The cost to dedicate a tree is $500, which includes the nameplate.
Trees at the Des Plaines campus vary in type and height. Prices per tree are $500 or $1000, depending upon the size and tree type.
For additional assistance in planned giving options, the Educational Foundation provides a link to www.giftlaw.com.
For more information, call 847.635.1893.