Planned Giving

Planned giving benefits both Alfred State College and the donor by providing an exceptional education to students of Alfred State while giving the donor the lasting joy of making a difference. A planned gift can also offer significant tax advantages and life income arrangements.

Planned giving includes all current or deferred gifts substantial enough to require the donor to consider personal, family, financial, tax, and philanthropic concerns. Planned giving is a powerful philanthropic tool that allows donors to both maximize the personal benefits of charitable giving and allows them to make gifts to Alfred State College that they might have thought impossible.

We invite you join the many alumni and friends who share in Alfred State’s vision. The College’s Office of Institutional Advancement can help arrange a personal giving program tailored to match your interests with Alfred State’s highest priorities. We encourage your participation and welcome the opportunity to work with you.

For more information on planned giving, please see the information below or contact Danielle White, director of Annual Giving, at (607) 587-3931.

Gifts from your estate can include:

Charitable Bequests

Your will is a meaningful way to make a gift of lasting value to Alfred State College and meet your personal, family, and financial needs. You can review and revise your will at any time, should circumstances warrant. Through a bequest provision, you can designate a specific amount of money, a percentage of your estate, or the remainder of your estate after other bequests are satisfied.

Sample Bequest Provision Wording

When designating any form of planned gift, it is important to use our correct full legal name: Alfred State College Development Fund, Inc. Our federal tax ID number is: 16-1453263.

General Bequest
A general bequest is one of the most popular ways to make a charitable gift through your will. With this bequest you simply leave a specific dollar amount to a charitable organization.
Example: I give $50,000 to the Alfred State College Development Fund, Inc., Alfred, NY, to be used for its exempt purposes.

Residuary Bequest
A residuary bequest gives an organization all (or a portion) of an estate after debts, taxes, expenses and other bequests are paid. This allows a donor to gift specific amounts to family members or friends and then leave the remainder to Alfred State College.
Example: I give the rest of the property I own at my death to the Alfred State College Development Fund, Inc., Alfred, NY, to be used for its exempt purposes.

Percentage Bequest
A bequest can be expressed as a percentage of the estate or of the residuary estate. This is the most flexible way to give. The size of the gift automatically changes with the size of the estate.
Example: I give 20% of my estate to the Alfred State College Development Fund, Inc., Alfred, NY, to be used for its exempt purposes.

Contingent Bequest
A contingent bequest takes effect only if the primary intention cannot be met.
Example: If (primary beneficiary) predeceases me or disclaims any interest in (description of property), I give such property to the Alfred State College Development Fund, Inc., Alfred, NY, to be used for its exempt purposes.

Restricted Bequest
While all of the above examples provide for unrestricted support, any of them may be designated as a restricted bequest for a specific purpose.
Example: I give $25,000 to the Alfred State College Development Fund, Inc., Alfred, NY, to create a named endowment to fund scholarships for deserving students.

For more information, contact Danielle White, director of Annual Giving, at (607) 587-3931.

Charitable Gift Annuity

A charitable gift annuity may allow you to maximize your current spendable income and enjoy the security of a fixed rate of return. In exchange for your gift of cash or marketable securities, we promise to pay you and, if you wish, another annuitant a fixed dollar amount annually for life based on your age(s). The principal remaining at your death(s) would then pass to the College.

Example: Jane, age 78, gives $25,000 in cash to the Alfred State College Development Fund, Inc. in exchange for a gift annuity. She receives an income tax deduction based on her age and will begin receiving income checks annually for the rest of her life, and a significant portion of each year’s payment will be tax-free.

For more information, contact Danielle White, director of Annual Giving, at (607) 587-3931.

Gifts of Life Insurance

You may wish to make the Alfred State College Development Fund, Inc. the beneficiary (or a contingent beneficiary) of a life insurance policy as a way to make a sizeable future gift. You may wish to retain lifetime ownership of the policy or wish to transfer ownership of a policy to the Alfred State College Development Fund or purchase a new policy with the College as owner and beneficiary. Either way, you or your estate may realize tax advantages.

For more information, contact Danielle White, director of Annual Giving, at (607) 587-3931.

Gifts of Retirement Assets

Retirement plan assets differ from most other assets you may own. Upon your death, these assets are subject to not only an estate tax, but also an income tax. This additional tax exposure makes your retirement plan assets significantly more expensive to transfer to non-spousal beneficiaries than real estate, stocks and certain other assets. However, retirement plan assets, including IRA’s, 403(B) plans, 401(K) plans and other plans, represent one of the best assets for charitable giving.

You may consider using retirement plan benefits to make a significant gift to Alfred State College and because of the tax treatment of these plan benefits, the cost of your gift to your estate and heirs is often relatively small.

For more information, contact Danielle White, director of Annual Giving, at (607) 587-3931.

Charitable Trusts

Charitable Remainder Trust
A charitable remainder trust is an individually managed trust that allows you to contribute to the Alfred State College Development Fund while retaining income for you and/or your designated beneficiary(ies) for life. A wide variety of assets, including cash, stock, and real estate can be used to establish a trust.

You receive an income tax charitable deduction based upon the value of the trust’s remainder interest, and you do not have to recognize capital gain at the time the trust is created if appreciated assets are transferred to the trust.

Charitable Lead Trust
With this gift plan, you place assets into a trust that will pay income to the Alfred State College Development Fund before the principal is passed to those whom you designate. Alfred State College receives an agreed-upon percentage or dollar amount from the lead trust for your lifetime or a specified period of years. Upon completion of that period, the trust assets, including appreciation, are passed to those whom you have designated.

For more information, contact Danielle White, director of Annual Giving, at (607) 587-3931.

Gifts of Real Estate

A gift of real property – personal residence, farm, vacation home, commercial property or parcel of undeveloped land – can be a tax-smart donation to the Alfred State College Development Fund. A present or future gift of real estate offers valuable income tax and estate tax savings. You can also free yourself of burdensome management and the problems involved in selling the property or leaving it to estate liquidation. We will be happy to work with you to maximize gift potential.

For more information on planned giving, contact Danielle White, director of Annual Giving, at (607) 587-3931.

Give to Alfred StateUse our online giving form to make your gift.