Otterbein College Class of 58 Golden Reunion


Legacy Gift FAQs

The following are commonly asked questions regarding your 50th Reunion Legacy Gift. If you have further questions, please call Carolyn Williams at 888-614-2600 or 614-823-1400. We’ll be glad to help you find a way to make a gift that is meaningful for both the College and you.

What counts toward our Legacy Gift?
		All outright gifts and qualified deferred gifts made in the five years leading up to your Golden Reunion count toward your class’s Legacy.
What is a "qualified deferred gift"?
	This refers to a gift promised, but not yet delivered, by June 30 of your reunion year, that meets certain criteria:
		Pledge: Pledges from $5,000 to $25,000 can be paid over three years, and pledges of more than $25,000 can be paid over five years. Signed pledges accompanied by the first pledge payment received by June 30 of your reunion year will be counted, with the remainder of the pledge being paid off in the agreed upon time frame. The entire amount will be counted toward your class’s Legacy gift. (Click here to download a pledge card.) Insurance policy: Have a life insurance policy you really don’t need anymore? Make Otterbein College both owner and beneficiary. The present cash value will count toward your Legacy gift. Plus, you can take a tax deduction for the present value, as well as for all future premium payments, if applicable. Your insurance company has the necessary forms for you to fill out. Bequest: You can leave the College a bequest in your will or trust document. This can be a specific amount, a percentage of your residual estate – your lawyer can help you figure out what makes the most sense for you. If you already have a will, you may be able to add Otterbein as a beneficiary with a codicil rather than drawing up an entire new document. For a bequest commitment to count toward your Legacy gift, we need to receive from you a signed “Declaration of Intent” (DOI), and/or a copy of the section of your will or trust containing the reference to your Otterbein gift, by June 30 of your reunion year. Contact us for sample bequest language and a DOI form. Note: When you execute these documents, you become a part of Otterbein’s Futures Club, which honors those who have remembered the College in their estate plans.

I’d like to give a significant gift, but still need to supplement my retirement. What can I do?
	A Charitable Gift Annuity (CGA) might be the answer for you. This works similar to commercial annuities. You give Otterbein X amount of dollars, and we agree to pay you and/or another annuitant an income for life. The College gets what’s left. The rate determining your payout is calculated based on your age(s). There are both income tax and capital gains tax advantages to this arrangement. In fact, this can be a great way to turn stocks that aren’t producing much in the way of dividends, or low-performing CDs, into a source of income. Minimum annuity amount is $10,000, and again, the paperwork must be completed by June 30 to count for your class gift.

My spouse is also an OC graduate, but from a different year. Whose class gets credit for our gifts?
	Both spouses’ classes get credit for gifts made during their Legacy years. Marrying a fellow Otterbein graduate does have its perks!

Tip:
	When you give to charity, you not only receive an income tax deduction, you also can avoid capital gains tax when you donate securities. Even if it’s a stock you want to hold onto, it makes good sense to donate it, and then buy new shares. You avoid capital gains taxes on the donated stock, and now have a higher basis for the new stock you hold, lowering future capital gains taxes. These tax breaks are our government’s way of saying, “give to charity! We’ll make it worth your while!” Your broker can make the transaction for you – just give him or her our number and we can send our account information.

Note:
	It’s not a good idea to donate depreciated securities. You will not be able to take advantage of the loss on your income taxes. Sell it yourself to take advantage of the loss.





	Thank you for considering a special Legacy gift to Otterbein. Please don't hesitate to call Carolyn Williams with any questions at: 614-823-1400 or 1-888-614-2600.