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Palomar College Learning For Success

Planned Giving

You can support Palomar College by arranging for a gift through a trust bequest, charitable gift annuity, or other planned giving options. Each type of planned gift offers a distinct set of advantages. Some plans provide income for life of a donor or loved one. Others result in an immediate tax deduction or a reduction in capital gains tax.

 

Bequests

A bequest is a gift of any amount or form made to the Palomar College Foundation for the benefit of Palomar College in a donor’s will. Bequests may provide for a specific dollar amount in cash, percentage of estate, specific securities, specific articles of tangible personal property, or be established as indicated in the section on “Outright Gifts.” A gift in any amount my be accepted as a contribution to an existing fund so long as the term and conditions of the existing fund so permit.

Among donors’ options are residual and contingent bequests. A residuary bequest will give the Palomar College Foundation all or a portion of the estate after all debts, taxes, expenses, and all other bequest have been paid. A contingent bequest will ensure that, despite unforeseen circumstances, specified property will pass to the Palomar College Foundation rather than unintended beneficiaries.

In order to expedite Estate distributions, a provision in the Donor’s will or trust agreements should include the statement “To the Palomar College Foundation for the benefit of the College.”

Donors may also establish, by will, an annuity trust or unitrust. The bequest can be arranged so as to provide a life income for a designated beneficiary by directing that the bequest be used to establish a charitable remainder annuity trust or charitable remainder unitrust. If such a gift is made by will, the principal will pass to the Palomar College Foundation only after the death of the life income beneficiary.

Gifts may be made to the Palomar College Foundation for Palomar College through the execution of a new will or addition, or through a codicil to an existing will. Donors may also add either a residual or contingent gift through a codicil in their wills.

Donors are encouraged to recognize that over the many years following the establishment of an endowment, the needs, policies, and circumstances of the College can change in unforeseen ways. The Palomar College Foundation and the Palomar College administration must have the flexibility to make use of funds in the best interest of the institution and in accord with donor interest and specifications. Thus, donors are advised to describe the specific purpose of their gifts as broadly as possible and to avoid detailed limitations and restrictions.

 

Charitable Gift Annuity

When your give a cash or appreciated stock for a charitable gift annuity with the Palomar College Foundation, you will receive an annual income for the rest of your life and help support the mission of the Foundation. One of the more important benefits of a gift annuity is the attractive rates that are offered., especially for older donors.

Since a portion of a Palomar College Foundation annuity qualifies for an income charitable tax deduction, making that gift now with assets you already plan to give later may be a tax-wise idea worth considering. Gift annuities can be established with a minimum of $10,000.

 

Gifts of Real Property

Real Estate and Personal Property

Your gift of real estate or personal property, such as jewelry, artwork, collections, and antiques, can benefit students in generations to come. Proceeds from the sale of the property can be designated for scholarships, equipment, curriculum enhancement, or other purposes. Giving real property can yield a substantial tax deduction.

Real estate is often overlooked as a resource for charitable giving, but requires careful planning to execute properly. Key considerations are assessing a property’s marketability and condition. A donor must secure a property appraisal for tax purposes, and the Foundation may require an environmental review of commercial and industrial properties. There will likely be costs associated with completing the gift transaction, including legal, title and other costs. Properties subject to a mortgage are generally not ideal for charitable gifts.

 

Gifts of Stocks and Bonds

An easy and tax-wise way to make a gift to the Palomar College Foundation is to donate appreciated securities. In most cases, the out-of-pocket cost of your gift is reduced substantially due to the tax benefits you realize when you contribute appreciated securities. First, you are entitled to an income tax charitable deduction for the full fair market value if they have been held for at least one year (or for your cost basis if they have been held for less than one year). Second, you pay no capital gains tax on the transfer.

Publicly-traded securities, shares of stock in closely held companies, bonds, and government issues may be given to the Palomar College Foundation for Palomar College. It is critical that title to gifts of securities be transferred to the Palomar College Foundation, not Palomar College. Gifts of securities may be made by sending the certificate and an executed stock power for each separate issue of stock or bond to the Executive Director for the Palomar College Foundation.

Before initiated a gift of securities, please contact the Foundation at (760) 744-1150 ext. 2733 or pcfoundation@palomar.edu so that the Foundation’s broker may be notified to accept the securities.

Designating Your Gift

At Palomar College we believe all gifts are important. Major gifts serve as the impetus for many of our endowment funds, provide needed support for our student scholarship program, and assist with special capital projects. We also know that it is consistent annual giving of those who treasure Palomar College as a valued community asset that is the heart of all giving.

Your unrestricted contribution allows the Palomar College Foundation Board of Directors to direct funds to the area of greatest need and gifts designated to the Founder’s Circle directly support the work of the Foundation. Your gifts may also be designated for a specific program or fund at the College.

 

A Foundation staff member will be pleased to work with you. Please call the Foundation at
(760) 744-1150 ext. 2733 or contact us at pcfoundation@palomar.edu