 |
 |
 |
 |
 |
 |
Simplicity and ease of delivery are the major factors that make cash (in the form of a check) the most popular type of charitable gift.
Many companies will match gifts made by employees or retirees. Please click on the matching gifts link to see if your company matches.
To send a check, please print a gift form, complete it, and mail it with a check payable to Purdue Calumet Foundation to:
Purdue University Calumet
Office of Advancement
2200 169th Street
Hammond, IN 46323-2094When you make a gift to Purdue Calumet you will receive an official receipt by mail. Please check the receipt carefully to verify the gift amount and the programs to which you designated your gift. Questions? Call (219) 989-2323 or (800) HI-PURDUE, ext. 2323; or e-mail advance@calumet.purdue.edu
Purdue Calumet Foundation accepts VISA, MasterCard, and Discover cards for payments of gifts and pledges.
Many companies will match gifts made by employees or retirees. Please click on the “Matching Gifts” link to see if your company matches.
To make a gift using a credit card, please give online or download and print a gift form, complete it and mail to:
Purdue University Calumet
Office of Advancement
2200 169th Street
Hammond, IN 46323-2094When you make a gift to Purdue Calumet you will receive an official receipt by mail. Please check the receipt carefully to verify the gift amount and the programs to which you designated your gift. Questions? Call (219) 989-2323 or (800) HI-PURDUE, ext. 2323; or e-mail advance@calumet.purdue.edu
You may make a gift to Purdue University Calumet online by accessing the Purdue West Lafayette-secured giving site and designating the gift to Purdue Calumet. In Step 1, you will need to select an account. Purdue Calumet is listed near the bottom of the pull down menu. Please use the note field for any further designation. If you select Purdue Calumet and don’t specify further in the note field, the donation will go to the Chancellor’s Strategic Fund, where it can be used as needed.
(Stocks and Mutual Funds)
You can make a gift of stock or securities to Purdue Calumet. The procedure you follow depends upon who holds your securities:
Securities Held by Your Broker
IMPORTANT NOTICE WHEN TRANSFERRING STOCKS TO PURDUE CALUMET: Due to federal, state and local privacy statutes currently enforced, often your broker may not provide us with any personal information, including your name. The only information that comes to Purdue with your transfer may be the name of the security, number of shares, and firm initiating the transfer. As you initiate your transfer, please contact the Purdue Calumet Advancement Office at 219-989-2323 and notify us of your transfer, type of stock and desired use of your gift. With this information, it is possible for us to match your gift to the broker’s transfer, and allows us to deposit your gift into the correct account and properly thank and receipt you for your gift.
If your broker holds the securities, please provide your broker with the following contact information so specific transfer instructions can be obtained:
Purdue Foundation
Mary Anne Schmidt
1281 Win Hentschel Blvd.
West Lafayette, IN 47906
(765) 588-3470
prf@purdue.eduPlease also provide your broker with your name, address, details including stock name, number of shares, and designation of your gift. The date of the gift will be the date that the securities arrive in Purdue Foundation’s account.
Securities Held by You
If you hold securities in certificate form:
- Endorse each certificate on the back to The Purdue Foundation, Inc.
- Sign your name exactly as it appears on the face of the certificate and have your signature medallion guaranteed by an officer of a bank or your stockbroker. Without this guarantee, we will be unable to process your gift.
- Mail the certificate(s) and a letter stating that the gift is to be made to Purdue University Calumet and describe how you want your gift used to:
Purdue Foundation
Mary Anne Schmidt
1281 Win Hentschel Blvd.
West Lafayette, IN 47906
(765) 588-3470
prf@purdue.eduThe date of your gift will be the date that the certificate(s) are mailed to Purdue Foundation–the postmark date.
You may prefer to hand deliver the certificate(s) to Purdue University Calumet Advancement Office, 318 Lawshe Hall, on Woodmar Avenue in Hammond. Please include a letter describing the intended use and we will forward the stock certificates to West Lafayette on your behalf. For the hand-delivered certificate(s), the date of your gift will be the date they are delivered to Purdue Calumet.
For the hand-delivered certificate(s), the date of your gift will be the date it is delivered to Purdue University Calumet.
Note: Making a gift by having the certificate(s) re-registered in Purdue Foundation’s name is not recommended because of the delay involved in the process.
Questions and Comments
If you have questions regarding a gift of securities, please call the Advancement Office at 219-989-2323.
As with gifts of securities or real estate, a donor is entitled to a charitable deduction for gifts of tangible personal property (e.g. works of art, rare books, stamp or coin collections, etc.), which are called gifts-in-kind. The extent of the allowable deduction for a gift of such property held long-term is dependent upon the standard of “related use.”
Here’s how the standard is applied: If the use of the contributed property is related to the exempt purposes of the charity (e.g., rare books to the library, a painting to the galleries, etc.), then the donor would be entitled to a charitable deduction for the full fair market value of the property, subject to the 30 percent ceiling and carry-over.
If the use of the contributed property is unrelated to the exempt purposes of the charity (e.g., stamp collection to a hospital to sell and use the proceeds), then the donor would be entitled to a charitable deduction only for his or her basis in the property.
One other note: If the donor is the creator of the contributed tangible asset (for example, the artist of a painting), then his or her deduction is limited to the actual cost in producing the asset.
Tax advantages
Gifts-in-kind (books, livestock, works of art, etc.) are deductible at the full fair-market value if they are related to educational programs or activities of the University and have been held for more than one year by the donor.
For further information concerning gifts-in-kind, contact the Advancement Office at (219) 989-2323 or (800) HI-PURDUE, ext. 2323; or e-mail advance@calumet.purdue.edu
Gifts of Real Estate
There are several options available:
Outright: If you make an outright gift of real estate to Purdue Calumet during your lifetime, you will be entitled to a federal income tax charitable contribution deduction for the full fair market value of the property on the date of your gift.
Retained life estate: This type of gift allows you to give your residence or farm to Purdue Calumet now while retaining the right for you and/or someone else to have possession of the property (and receive any income from the property) for life. You would be entitled to a current federal income tax charitable contribution deduction for the value of Purdue Calumet’s remainder interest in the property. You also will avoid tax on the property’s capital gain.
Gift with a lifetime income: You may contribute the real estate to Purdue Calumet in exchange for a lifetime income from the property. Under this option, the property is used to fund a type of charitable remainder unitrust. This arrangement will provide you and/or another beneficiary with a lifetime income from the trust. Further, you would be entitled to a current federal income tax charitable contribution deduction equal to the value of Purdue Calumet’s remainder interest in the property. Plus, it avoids tax on the property’s gain.
Testamentary: Another option is to leave the real estate to Purdue Calumet in your estate. This arrangement will not provide you with a current income tax deduction, but your estate would be entitled to a federal estate tax charitable deduction for the full fair market value of the property.
For more information on any of these options, please call the Advancement Office at (219) 989-2323 or (800) HI-PURDUE, ext. 2323; or e-mail advance@calumet.purdue.edu
Planned giving provides you with the options and opportunities to include support of Purdue Calumet in your overall financial and estate plans. Planned gifts generally are gifts or commitments made in the present with the benefit to Purdue Calumet “deferred” until a future date. However, planned gifts may include outright gifts of appreciated property (securities and real estate) or gifts of tangible personal property.Purdue recognizes individuals who have made a commitment to the future of Purdue Calumet through planned gifts, regardless of the amount, with membership in the R.B. Stewart Society. Cumulative outright and planned gifts or pledges of $100,000 or more qualify you for lifetime membership in the Chancellor’s Council.
Planned Giving Options
Bargain Sale
In this type of gift, the donor and the Purdue Research Foundation enter into a written agreement setting the terms of the sale. The donor transfers assets to the Purdue Research Foundation and receives a lump sum or installment payment of the sales price.Taxation: The donor is taxed on sale proceeds (capital gains)
Benefits: Tax deduction based on value of property and sales prices. Avoidance of capital gains tax on gift portion.Bequest
Perhaps the most common planned giving arrangement for the benefit of Purdue University Calumet is the will bequest. Charitable gifts made by will are 100 per cent tax deductible. As with current gifts, bequests may be designated either as unrestricted, giving the University the most flexibility, or restricted; that is, designated for a specific purpose. If you wish to include an unrestricted bequest to Purdue Calumet in your will, the following language is suggested:“I give, devise, and bequeath to the Purdue Research Foundation, Inc. ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located to be used for the benefit of Purdue University Calumet in such manner as the Chancellor thereof may direct.”
If you wish to provide scholarships for undergraduates at Purdue University Calumet, here is suggested language for three options:
Scholarships Based on Financial Need
“I give, devise and bequeath to The Purdue Foundation, Inc. _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University Calumet to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then The Purdue Foundation, Inc. shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University Calumet which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships, based on financial need, for undergraduates in the School of __________. The University’s Division of Financial Aid will select the recipients. In the event this purpose can no longer be carried out due to changing conditions, or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University Calumet at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University Calumet to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University Calumet.”Scholarships Based on Academic Merit
“I give, devise and bequeath to The Purdue Foundation, Inc. _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University Calumet to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then The Purdue Foundation, Inc. shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University Calumet which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships, based on academic merit, for undergraduates in the School of __________. The School shall select the recipients with scholarship administration by the University’s Division of Financial Aid. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University Calumet at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University Calumet to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University Calumet.”Scholarships With Neither Financial Need nor Academic Merit Specified
“I give, devise and bequeath to The Purdue Foundation, Inc. _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University Calumet to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then The Purdue Foundation, Inc. shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University Calumet which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships for undergraduates in the School of __________. The scholarships will be administered in accordance with University policies. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University Calumet at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University Calumet to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University Calumet.”If you wish to restrict your bequest to a specific school or purpose, the Advancement Office will be happy to assist you or your advisors in obtaining appropriate language.
Taxation: Not applicable
Benefits: Distribution of estate as intended by donor. Avoidance of estate and inheritance taxes.Charitable Gift Annuity
Under this gift option, Purdue Calumet and the donors enter into an agreement under which Purdue Calumet agrees to pay the donors or other beneficiaries a fixed income for life in exchange for a gift of cash, marketable securities or approved real estate. The minimum gift for a charitable gift annuity is $5,000. The annuity rate is based on the ages of the donors or other beneficiaries. Charitable gift annuities are issued through Purdue Research Foundation.Taxation: Portion of the annuity payment initially is tax-free. Portion may be taxed as capital gain if funded with appreciated property. Balance of the payment is taxed as ordinary income.
Benefits: Tax deduction based on the value of the assets and annuity rate. Reduced capital gain tax.Charitable Lead Trust
This arrangement provides Purdue Calumet with an income from the trust for a term of years, or for the lifetime of an individual. At the end of the payment period, the trust property reverts to the donor or, more commonly, passes to family members. The Purdue Research Foundation does not act as trustee on charitable lead trusts. Benefit: Possible estate and gift tax savingCharitable Remainder Annuity Trust
This type of trust is established when you irrevocably transfer money or securities to a trustee who invests the assets to pay an annual lifetime income to you or others chosen by you. At the end of the income beneficiaries’ lives, the remaining trust assets are distributed to Purdue Calumet. When properly established, these trusts provide federal gift and estate tax savings.Annuity trusts provide current tax benefits along with the security of a fixed, lifetime income. The agreed upon payments remain unchanged regardless of how the investments perform. Purdue Research Foundation can act as trustee. The minimum amount needed to establish a charitable remainder annuity trust is $50,000.
Taxation: The beneficiary is taxed on income received (ordinary income or capital gain).
Benefits: Tax deduction based on value of assets transferred. Avoidance of capital gains tax.Charitable Remainder Unitrust
The unitrust is very similar to the annuity trust, except that the unitrust provides a variable income. Payment is based on a fixed percentage of the net fair market value of the trust assets as valued each year. A variation of this type of unitrust provides an annual income that is the lesser of the trust’s net income or the fixed percentage amount. The Purdue Research Foundation can act as trustee. The minimum amount needed is $50,000.Taxation: The beneficiary is taxed on income received (ordinary income or capital gain).
Benefits: Tax deduction based on value of assets transferred. Avoidance of capital gains tax.Life Estate Gift
If you are considering a gift of your residence or farm to Purdue Calumet, but wish to live there during your lifetime, a gift of the real estate with a retained life interest is one solution. Transferring the property to Purdue Research Foundation, while reserving a life estate for you and/or another person, provides you with a current federal income tax charitable deduction. The deduction equals the present value of Purdue Calumet’s remainder interest. This gift also permits you to avoid any potential capital gains tax on the built-in appreciation.Taxation: The beneficiary is taxed on income, if any.
Benefits: Tax deduction based on value of property. Avoidance of capital gains tax.Life Insurance
A planned gift to Purdue Calumet may be made through a gift of life insurance. For the gift to be tax deductible, Purdue University Calumet must be the owner and beneficiary. Policies may be new, have premiums remaining to be paid, or be a fully paid policy that you have owned for years. If premiums remain to be paid on a policy for which Purdue Calumet is the owner and beneficiary, the payment will be a deductible contribution. Purdue Calumet could also be named as the beneficiary of a policy that it does not own. This provision will not provide any current tax advantages, but the money passing to Purdue Calumet at the insured’s death will qualify for the federal estate tax charitable deduction.Taxation: Not applicable
Benefits: Tax deduction for premiums paid by donor. Avoid estate taxes and probate costs.Pooled Income Fund
In this life-income arrangement, your irrevocable gifts are combined with those of others in the Purdue Research Foundation’s Pooled Income Fund. As an income beneficiary, you will receive your proportionate share of the Fund’s net income. The annual income received is based on your investment in the fund and varies with the actual earnings of the Fund. The Fund allows you to participate in a life-income plan with smaller initial gifts. The minimum amount needed is $1,000.Taxation: The beneficiary is taxed on income received.
Benefits: Tax deduction based on value of assets transferred. Avoidance of capital gains tax.Retirement Plan Beneficiary
Naming Purdue Calumet as the beneficiary of a qualified retirement plan is becoming an increasingly popular way to give. Because of the way qualified plans are taxed, at your death relatively little of the assets in the plan may end up in the hands of family members or beneficiaries. These assets not only are included in your gross estate for federal estate tax purposes, but are also taxed when received by the beneficiaries as income with respect to a decedent.Funding a charitable gift to Purdue Calumet with these assets generates an estate tax charitable deduction. Further, Purdue Calumet will not have to pay income tax on the assets when they are received. So, using plan assets for a gift to Purdue Calumet and other assets for family members can be beneficial to all.
Revocable Living Trust Provision
Another popular way to make a gift to Purdue Calumet is to include it as a beneficiary of a revocable, living trust. If you wish to include Purdue Calumet in your living trust, please contact the Advancement Office for suggested language.Taxation: The beneficiary taxed on income received
Benefits: Principal available to donor upon demand. Estate tax deduction.For further information, please contact the Advancement Office at (219) 989-2314 or (800) HI-PURDUE, ext. 2314; or e-mail advance@calumet.purdue.edu.
