Leave a Legacy
Gifts of Cash
For many people, the most convenient method of giving to the Foundation is cash. As with all gifts to the Foundation, gifts of cash are deductible for federal income tax purposes. The Foundation is a 501(c)(3) tax-exempt organization approved by the Internal Revenue Service. There may be additional state income tax benefits.
Almost any type of real property, a personal residence, a farm, a vacation home, a commercial building, or an undeveloped parcel of land can be an important gift to the College. Because of the special considerations involved with gifts of real estate, we invite you to contact the Foundation Office to explore your options.
Individuals who have enjoyed collections of art, stamps, antiques, rare books or manuscripts during their lifetime often hope that others will learn from and appreciate them well into the future. You may give an item whether or not it has increased in value since you purchased it. A gift of personal property made during your lifetime entitles you to the benefits of both an income tax deduction and a reduction in taxes on your estate.
Sometimes you may reach the point where life insurance is no longer needed because it has no financial significance for you, your family, or others. In that case, you may wish to make a gift of the policy to the Foundation. A gift of life insurance results in an immediate income tax deduction. There are also estate tax advantages because the policy proceeds are not included in your estate.
Gifts of life insurance are made in one of four ways:
- You can assign ownership of a fully paid policy to the Foundation. In return, you may take a tax deduction approximately equal to the policy’s replacement value but not more than your cost basis.
- You can assign ownership of a policy that is not fully paid. In return, you receive a charitable contribution deduction for the current cash value of a policy. You can then make annual fully deductible cash gifts to enable the Foundation to pay the premiums and continue the policy.
- You can make a gift of life insurance by purchasing a new policy, naming the Foundation as both the owner and beneficiary. The premium payments on the policy made by you to the Foundation and then to the insurance company are fully deductible as a charitable contribution.
- You can choose to turn in a policy for its current cash value and use the cash to make a gift to the Foundation. Such a gift could be made outright or could be used to set up a life income for you or another beneficiary.
The Foundation has many opportunities available for individuals, families, and businesses who are interested in naming opportunities at the College. The comprehensive naming policy is designed to help secure the College’s on-going commitment to affordable, high quality education for years to come. The policy stipulates guidelines for designation of college buildings, facilities, and specific areas on the College’s three campuses in honor of individuals or entities who have donated financially to the institution. The financial requirements for each opportunity vary.
The following guidelines have been established for existing campus facilities:
- Existing unnamed buildings: Minimum contribution of $1,000,000
- High visibility areas such as a lecture hall, auditorium, culinary arts center, conference room, library, gym, street, or athletic field: Contribution of $50,000 – $100,000 or greater depending on the area
- Classrooms and laboratories: Contribution of $15,000 – $30,000 or greater depending on the room
- Deciding how to divide your assets among your heirs and charity is usually a matter of the heart. It involves decisions about your personal financial independence, your family legacy, and the investment of your social capital.
- The easiest and most common way for you to make a gift to the Foundation is through a bequest in your will or trust. The tax laws encourage charitable bequests, so it is an excellent way to support our programs while reducing your estate taxes.
- A will is a statement about what matters most in your life. By making a will, you can clearly express your intentions on how you wish your life’s work to be distributed. Your executor will follow your wishes in administering your estate. If you die without a will in North Carolina, your assets will be divided by the state.
- After providing for family and friends, consider a meaningful gift to the Foundation. Bequest gifts can take many forms such as a specific gift amount, a specific gift type, a percentage of the estate, a percentage of the residue of an estate, or the entire residue considering all other provisions of your will.
The following is sample language for consideration by your legal counsel
for including the Foundation in your will.
- Unrestricted bequest for general purposes:
I give, devise, and bequeath to the Lenoir Community College Foundation, Kinston, North Carolina, the sum of $ ___ (or ___% of my residuary estate; or an accurate description of securities or other property given) to be used for the general purposes of Lenoir Community College.
- Restricted bequest to support a Scholarship Endowment at Lenoir Community College:
I give, devise, and bequeath to the Lenoir Community College Foundation, Kinston, North Carolina, the sum of $ ___ (or ___ % of my residuary estate; or an accurate description of securities or other property given) to be used to support the ___ endowment. This gift shall be used, both as principal and income, for (include a description of the endowment criteria here).
- Restricted bequest (general):
I give, devise, and bequeath to the Lenoir Community College Foundation, Kinston, North Carolina, the sum of $ ___ (or ___ % of my residuary estate; or an accurate description of securities or other property given). This gift shall be used, both as principal and income, for (describe in broad general terms the desired purpose here).
By working together, you, your advisors, and the Foundation can create a distinctive gift that meets your vision and the goals of Lenoir Community College.
For more information about the LCC Foundation, please contact:
Dr. Rusty Hunt
Administration (Building 003), Room 102
Phone: (252) 527-6223, ext. 320
Fax: (252) 233-6879
Director of Institutional Advancement/Assistant to the President
Administration (Building 003), Room 130
Phone: (252) 527-6223, ext. 375
Fax: (252) 233-6879