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waldemere hall

Planned Giving

Waldemere Society

Planned Giving is a thoughtful way to support the University of Bridgeport in the future through arrangements you make today. A planned gift is a powerful expression of your trust in UB, and allows you to make charitable gifts, continue to meet your current income needs, and take advantage of tax incentives.

With a planned gift, you create a meaningful legacy and ensure that future generations experience the wonders of a UB education. As leadership supporters, donors who make a legacy gift are invited to join the Waldemere Society.

Thank you for considering UB in your philanthropic planning. There are a wide variety of Planned Giving options for supporting future generations of Purple Knights. You can learn more in the information below. We are excited about building upon UB’s many successes, and we hope you are, too.

Waldemere House at UB

Your Legacy to Students

Planned Giving

Making a planned gift to the University of Bridgeport empowers you to achieve your charitable aspirations while staying on track with your long-term financial goals.

Download information

A donation of cash is an easy, effective way for you to make a gift. You can send a check or money order, and indicate if you prefer your gift to be used for a specific purpose by adding a note in the memo line or by including a letter.

Benefits

  • You can make an immediate impact on our mission
  • You can take a charitable income tax deduction

Did you know…?

You can mail a check on December 31, and even if the check is not received and cashed by University of Bridgeport until after the New Year, the IRS will allow you to take a deduction in the year the check was mailed. Keep this in mind for year-end tax planning.

An excellent way to support University of Bridgeport’s mission is to include a bequest in your will, living trust, or with a codicil. You can make your bequest unrestricted or direct it to a specific purpose. We will help to ensure your gift can be used as intended. You can even indicate a specific amount or percentage of the balance remaining in your estate.

Benefits

  • Your assets remain in your control during your lifetime.
  • You can modify your gift to address changing circumstances.
  • Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.

Planning Tip

If you express your gift as a percentage (e.g., “20 percent of the residue of my estate”), you can maintain the same relative gifts to charities and your heirs, regardless of changes in estate value.

Sample bequest language you may wish to share with your attorney:

(Unrestricted bequest) I give, bequeath and devise all (or ____ percent) of the rest, residue and remainder of my estate to University of Bridgeport (Tax ID#), a corporation of the State of Connecticut, located in Bridgeport, Connecticut, for the general and educational purposes of said Corporation.

(Bequest for a specific purpose) I give, bequeath, and devise to University of Bridgeport (Tax ID# ), a corporation of the State of Connecticut, Bridgeport, Connecticut, the sum of $_______, (or, ____ percent of the rest, residue and remainder of my estate) to be used to support ___________________ (name of program or academic area.) In the event the need to support _____________ no longer exists, University of Bridgeport shall be and hereby are authorized to use this bequest for a purpose in keeping with the spirit of this gift in the best interest of the University.

NOTE: If you wish to restrict your bequest to a specific purpose or program at University of Bridgeport, please contact the office of University Advancement in advance to assure that the language you include will accomplish your wishes and align with the University's needs.

Endowment funds for a restricted purpose

If your bequest will be used to establish an endowment fund for a restricted purpose, we recommend that you and your counsel consider adding a “saving clause” to your bequest provision. A “saving clause” is a way to ensure the usefulness and relevance of your bequest in the future as the University’s needs and priorities change. For example:

“If, in the future, it is the opinion of the University of Bridgeport that all or part of the income of this fund cannot be usefully applied to such purpose, it may be used for any related purpose which, in the sole opinion of the TRUSTEES/FOUNDATION BOARD, will most nearly accomplish my wishes.”

Donating appreciated real estate, such as a home, vacation property, undeveloped land, or commercial property can create a lasting and impactful legacy that benefits students for years to come. Your real property may be given to the University of Bridgeport by executing or signing a deed transferring ownership. You may deed part or all of your realty property. Your gift will generally be based on the property’s fair market value, which must be established by an independent appraisal.

Benefits

  • Avoid paying capital gains tax on the sale of the real estate
  • Receive a charitable income tax deduction based on the value of the gift

Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for you to make a gift. When you donate appreciated stocks, bonds, or mutual fund shares instead of cash, your gift costs you less than the amount the University receives. You will get a charitable deduction for the full amount of your gift and avoid the impact of capital gains taxes.

Giving publicly traded shares of stock, bonds or mutual funds to the University of Bridgeport allows you to turn an appreciated asset into support for students and faculty.

You will receive a charitable income tax deduction for the fair market value of your gift, and as a qualified non-profit; the University of Bridgeport can then sell the stock without having to pay capital gains tax. All the proceeds from the sale will be used for the charitable purposes you specify.

Benefits

  • You can designate your gift to the University of Bridgeport to start an endowed fund or to support a particular initiative. 
  • The real cost of your gift is reduced, since you’ll save on income and capital gains taxes by giving appreciated stock or mutual fund shares to the University of Bridgeport.
  • You can use your securities to make different types of gifts, including:
    • An outright gift that gives you a charitable deduction for the fair market value of the property while potentially avoiding capital gains taxes
    • A gift that gives you income back and an immediate tax deduction, while leaving the assets to the University of Bridgeport
    • A gift that gives the University of Bridgeport income for a few years, then is passed on to your heirs at the time you specify, with considerable estate and gift tax savings

To avoid the uncertainty of fluctuating stock and real estate markets, a charitable gift annuity is a gift made to our organization that can provide you with a secure source of fixed payments for life. You can turn under-performing assets such as cash, stock, CDs, or savings bonds, etc. into a gift to the University of Bridgeport that provides income to you or you and a loved one. Your gift annuity will return fixed, quarterly payments for life and provide tax benefits, too.

 Benefits

  • Receive fixed payments to you or another annuitant you designate for life
  • Receive a charitable income tax deduction for the charitable gift portion of the annuity
  • Benefit from payments that may be partially tax-free

How a charitable gift annuity works

  1. You transfer cash or property to the University of Bridgeport
  2. In exchange, we promise to pay fixed payments to you for life. The payment can be quite high depending on your age, and a portion of each payment may even be tax-free.
  3. You will receive a charitable income tax deduction for the gift portion of the annuity.

If you decide to fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. You may also make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax. 

How you benefit from a Flexible Gift Annuity

Income for life: an annuity is payable for life to one or two people age 60 or older, so you cannot outlive your annuity payments.

You control when income begins: annuity payments are deferred until you choose to start them (at age 60 or older), with a minimum required deferral period of one year.

Charitable deduction: you are entitled to a current charitable income tax deduction for a portion of your gift amount.

Capital gains benefits: if your annuity is funded with appreciated stock, you avoid paying capital gains tax on some of the appreciation, and spread the remaining capital gains over your anticipated life expectancy.

Tax-advantaged income: depending on the assets used to fund the annuity, each annuity payment typically consists of a tax-free return of principal, capital gain, and ordinary income.

The minimum for establishing a charitable gift annuity with the University of Bridgeport is $10,000.

You may be looking for a way to make a meaningful impact on furthering University of Bridgeport's mission. If you are 70½ or older, you can help through an IRA charitable rollover. An IRA charitable rollover is now permanent and is a terrific way to make a tax-free gift using your qualified retirement plan. This gift may also satisfy your required minimum distribution (RMD).

Benefits

  • Avoid taxes on transfers of up to $100,000 from your IRA to the University of Bridgeport
  • Satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions
  • Make a gift that is not subject to the deduction limits on charitable gifts

How an IRA charitable rollover gift works

  1. Contact your IRA plan administrator to make a gift from your IRA to the University of Bridgeport.
  2. Your IRA funds will be directly transferred to the University of Bridgeport to help continue our important work.

Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.

If you are looking for a way to benefit the University of Bridgeport now and in the future, whole also simplifying your annual and lifetime charitable giving, a donor advised fund (DAF) [Is this a standard term? Just asking as we haven’t done it for the other funds] might be a great solution for you. DAF is charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. With a DAF, you can make gifts to charity during your lifetime, and when you pass away, your children can carry on your legacy of giving.

A donor advised fund has several advantages when compared to a private foundation. The start-up time and cost are minimal for DAFs, and gifts to DAFs are generally deductible at fair market value. A DAF is also not subject to the distribution requirements and certain excise taxes faced by private foundations.

Benefits

  • Establish a flexible vehicle for annual charitable giving
  • Benefit from a more tax and cost efficient alternative to a private foundation
  • Receive an estate tax deduction and savings from your gift
  • Obtain a charitable income tax deduction in the year of your gift

How a donor advised fund works

  1. You make an initial, irrevocable gift of cash or stock to fund a DAF at the University of Bridgeport 
  2. The assets in your DAF grow tax-free.
  3. You make annual recommendations on gifts to be made from your DAF. 
  4. When you pass away, your children may recommend charitable gifts from your DAF.


CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act may provide valuable aid if you’re retired, still in the workforce but need to tap your retirement savings now, or looking to help others in crisis. You can find more information to help you plan at: https://www.morganstanley.com/ideas/cares-act-overview.

To learn more about Planned Giving, contact: