More Ways to Give
Read below for a brief overview of several other ways you can give to UND through the UND Alumni Association & Foundation.
Because of the complexity of the these types of gifts, we encourage you to contact us.
A Donor Advised Fund (DAF) allows you to combine the most favorable tax benefits with the flexibility to support your favorite charities, such as the UND Alumni Association & Foundation, at your convenience. Learn more about donor advised funds.
Retirement plan assets are a great way to support the University of North Dakota. Money in an employee-sponsored retirement plan or IRA has yet to be taxed. Thus, when a distribution is made, that person will owe federal income tax. Consider leaving your retirement plan assets to the UND Foundation to support a cause you care about at UND. As a non-profit, we are tax-exempt and will receive the full amount. You can take advantage of this gift opportunity in a number of ways: name us as beneficiaries, use a qualified charitable distribution, set up a charitable gift annuity, or fund a testamentary charitable remainder unitrust. Do not hesitate to contact a Development Officer to learn more about these gift strategies.
Designating the UND Alumni Association & Foundation as beneficiary of your bank accounts, certificates of deposit or brokerage accounts is a straightforward way to support UND.
Payable on Death (POD)
By placing a POD* designation on your bank account or certificate of deposit, you can name one or more persons, charities or institutions as the beneficiary of all funds once you, the account owner, pass away.
Transfer on Death (TOD)
By placing a TOD* designation on your brokerage or investment account, that account will be paid over to one or more persons or charities after your lifetime.
*State laws govern payable on death accounts and transfer on death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
Valuable antiques, stamp and coin collections, works of art, cars, boats and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our mission.
Related use property (such as artwork donated to an art museum) is deductible at the full fair market value. Any other property is deemed unrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
Please consult the UND Foundation when considering gifts of tangible personal property.
Charitable lead trusts (CLTs) enables you to make a significant gift to UND and transfer assets to one or more beneficiaries. Income payments from the trust would be directed to UND for a set number of years, after which the remaining assets transfer to your beneficiary or beneficiaries.
There are two ways CLTs make payments:
- A charitable lead annuity trust pays a fixed amount each year to UND through the UND Alumni Association & Foundation.
- A charitable lead unitrust pays a variable amount each year based on the value of the assets in the trust. With a unitrust, if the trust’s assets go up in value, the payments to UND go up as well. At the end of the trust period, the principal is transferred to you or heirs.
In addition to the annuity and unitrust variations, a CLT may be created as a “grantor” or “non-grantor” trust. In a “grantor” CLT, the trust principal is paid back to you, the grantor (or your estate), at the end of the term. A transfer to this type of trust provides a current income tax deduction. In a “non-grantor” charitable lead trust, the remainder interest in the trust typically passes to your children or other family members at the end of the term. If the non-grantor charitable lead trust is created during your life, you may receive a gift tax deduction for the value of the charitable income interest.
For gifts of mutual funds or other investments, please contact us at 800-543-8764 for further instructions.
Please note that the transfer of shares in a mutual fund may require additional paperwork between the donor, mutual fund company, and the UND Foundation. As such, the donor should initiate these transfers with sufficient time to allow for the completion of the required steps.
This information is provided as an educational service to our donors and is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. State law may further impact your individual results.