Don’t miss out on tax benefits of giving before Dec. 31
In this season of giving, don’t forget the tax benefits of giving to the College before Dec. 31. You can help keep a world-class liberal arts education within reach of deserving students and lighten your burden come next April 15.
Here are several ways to give, all with tax benefits:
You can make a general donation, and the College will utilize your gift for the greatest current need. Be sure to date your check and postmark the envelope before Jan. 1 2014. Or give online right now. Either way you can designate your gift for a specific purpose.
Gifts of appreciated stocks and mutual funds
Stocks or other investments that have grown in value and that you have held for more than one year can become a substantial gift to the College at a low net cost to you. You still receive a charitable deduction for the donation of these assets, and it’s based on their fair market value on the date of the gift. But there’s a bonus — you avoid all federal capital gains tax that would otherwise be due on a sale of the assets. Don’t wait until the last minute — your brokerage firm will likely need several days to process the transfer, which must be complete before Dec. 31.
Give your IRA distribution
If you are 70½ or older you still have time — until Dec. 31— to give all or part of your Required Minimum Distribution (RMD) to the College. Although the College treats the transfer as a gift, you do not need to report the IRA distribution as taxable income on your federal tax return. Even if you don’t itemize your deductions, this method is still a tax saver because you will have avoided recognizing income from the RMD.
For more information, contact Ken Dolbashian, senior planned giving officer, at email@example.com
Fitness Center named for Higdons
The campus Fitness Center, which opened in 2009, is now the Ann & Lee Higdon Fitness Center, named for the College’s retiring president and his wife.
Speaking at the dedication ceremony Dec. 11, Board of Trustees Chair Pamela D. Zilly ’75 said the tribute was fitting for the Higdons, who enhanced the excellence and reputation of the College with great improvements to the facilities, including a new science center, new student social spaces and renovated student residences, classrooms and athletics facilities.
The trustees also voted to award President Higdon an honorary doctorate.
CELS to host investment research CEO Cohen
Trustee Jonathan H. Cohen ’87, CEO of TICC Captial Corp. and Oxford Lane Capital Corp., will be on campus in January to talk about “Careers on Wall Street for Liberal Arts Graduates.”
His talk, at 1 p.m. Jan. 26 in a location yet to be determined, is sponsored by the Career Enhancing Life Skills (CELS) program.
Williams, Berrien to offer career prep advice to seniors
Diane Y. Williams ’59, who was the first woman vice president of Merrill Lynch, and Jim Berrien ’74, former chair of the College’s Board of Trustees and partner in the executive search firm of Bentley, Farrell, Ahl and Berrien, will speak at the closing dinner of “Now Hiring!” a new intensive college-to-career preparation workshop for seniors January 13-17.
The program is offered through the College’s Academic Resource Center and sponsored by Diane Y. Williams.