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Planned Gifts Continue the Tradition of Caring

Planned Giving is one of the most powerful philanthropic tools available to you today. It's also one of the most popular. More and more people are coming to realize the impact that this sort of legacy has on the university community - its students, its teachers, its researchers, its graduates. The benefits are immediate and far-reaching.

Planned giving is, in essence, deciding in advance what happens to your estate. It puts you in control. Whether it's cash, securities, life insurance, real estate or gifts in kind, a well-planned gift ensures your legacy makes a statement about the things that are important to you.

A planned gift to the School of Nursing at Memorial University is, of course, a tremendous benefit to the school, helping our students, teachers and researchers stay well educated and competitive. It can also deliver significant advantages to you and your heirs. These include:


Benefits

There are as many reasons to give as there are givers. But whether your reasons are altruistic or simply tax-related, the benefits of planned giving are powerful ones.

  • Satisfaction - Knowing that you are giving back to your school may hold special significance for you.
  • Control - Reducing the risk that your wishes will be hindered by circumstances beyond your control.
  • Peace of mind - Ensuring that family and financial matters are resolved privately.
  • Convenience - Putting your investment in the hands of professional managers, so you don't have to worry about ongoing decisions.
  • Security - Finalizing your charitable choices now instead of later - or never. Too many people postpone or never realize theirs.
  • Financial - Lowering your current taxes and/or lowering the taxes your estate will be required to pay.

Ways of giving

Everyone benefits from the power of a planned gift - you, your family and your university. Of course, we want to ensure that each of these groups receives the maximum benefit possible. Which is why Memorial University offers a wide range of planned giving arrangements. Which way of giving best suits your goals?

  • Bequests
    The easiest way for you to assist Memorial is through your will. The university can accept and provide charitable receipts for both cash bequests and gifts in kind. We can also assist with drafting the bequest.

  • Life Insurance Policy
    A powerful gift with big benefits. Small annual installments can mean a substantial gift for the university, plus your estate is not affected and the gift is not diminished due to taxes, probate or administration fees. Choose to donate with an existing policy or a new one.

  • Charitable Remainder Trust (CRT)
    A CRT is an irrevocable trust that provides income for two sets of beneficiaries: you and the university. You receive income for a specified period (or for life) from the trust. The university receives the principal of the trust once that period ends.

  • Gifts in Kind
    The university is also able to accept donations of real property such as stocks, bonds, artwork, houses, land, books and other assets. Gifts in kind may be made as outright gifts, through a will or in trust.

  • RRSPs/RRIF's
    A high potential option - both for the amount you can give and the tax benefits you receive. You simply provide in your will for the same amount to be bequeathed to the university.

  • Real Estate
    Perhaps not the traditional way of giving, but a very effective one nonetheless. Land or buildings, commercial or private, make excellent charitable gifts. The property can either be used by the university or sold, with the proceeds used for purposes designated by the donor.

Areas of need

Now is the time to consider how your planned gift can make a difference. Memorial University - your university - is at a very exciting and innovative stage in its history. And there are many ways you can play a role in its future.

  • Scholarships and Awards - reward achievement. Establish a scholarship endowment in your name or in the name of the person you wish to memorialize. A gift of $22,000, depending on interest rates, could provide an annual scholarship of $1000 in perpetuity.
  • Fellowships - promote excellence. Recognize the continued pursuit of innovation by funding the work of full-time graduate students with high academic standing.
  • Research - support possibility. Create an endowment to help fund the ideas and advancements that are unfolding every day in School of Nursing's labs and archives. Support an area that means something to you like research that will combat disease or improve the quality of life for patients.
  • Equipment - ensure quality. Your bequest can go a long way towards the replacement and upgrading of School of Nursing equipment needed for research and teaching.
  • Library - increase resources. Designate funds to support particular portions of a library's collection (e.g., Clinical Practice or Nursing Archives) or for the discretionary use of the university librarian.
  • Discretionary - fulfill a need. Allow your gift to be directed to an area of essential and immediate need for which little or no funds are available.
  • Facilities - build, improve and expand. Bequests are always welcome for major renovations to the School of Nursing classrooms and labs, as well as the construction of new ones.

What you need to know

Taxes in Canada

Bequests are tax creditable and are not subject to estate taxes or succession duties except in the province of Quebec. Revenue Canada regards such gifts by will as having been made in the taxation year of the person's death. The taxable income of your estate can therefore be reduced by the amount of your bequest to the extent of the maximum allowable deduction for the current year.

Taxes in the U.S.

Donors in the United States should know that tax laws in that country stipulate that they must be alumni or relatives of alumni to receive tax benefits. Other contributors who wish to receive similar credit may designate their bequest to the Friends of Memorial University of Newfoundland in Washington, D.C.

Restrictions

All bequests should be given free from restrictions based on national or ethnic origin, colour, religion, sex, age or mental or physical disability.

How Funds are Handled

Endowment and bequest funds held by the university are pooled for investment purposes. The investments are professionally managed and are supervised by the Finance Committee of the Board of Regents. All pooled funds share in both capital growth and annual income from earned interest.

For more information, contact:

Darcy McMeekin
Development Officer
School of Nursing
Memorial University of Newfoundland
St. John's, NL
Canada A1C 5S7
mcmeekin@mun.ca
tel. (709) 777-8977
fax. (709) 777-7044

*All donations to Memorial University are tax deductible
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