The MacVittie Legacy Society recognizes donors who establish endowed funds, document their bequests, or support Geneseo through any of a variety of planned giving opportunities. Like the revered president in whose honor the society is named, its members have a vision for the College and seek to ensure that the quality and opportunity of a Geneseo education will be available to future generations of students in perpetuity. To learn more about endowing a fund, documenting a bequest, or establishing a planned gift, please click the links below.
If you would like to confidentially explore a variety of gift options, you can use our planned giving calculator.
Endowed funds give donors the opportunity to provide for the permanent funding of scholarships, faculty chairs, academic programs, prize funds, and other ongoing initiatives. Named funds provide recognition for donors or those they may wish to honor.
The College establishes minimum levels of funding to create named endowments for different purposes. Minimum funding ensures that the principal in the endowment will generate sufficient income to both support the designated need and grow the fund to sustain and increase its value. Donors may also elect to add to the principal of the College’s general endowment, income from which provides budget support where it is needed most in any given year.
Endowment funds are a vital element in the College’s budget and planning process. They relieve pressures on the annual operating budget and ensure that scholarships and endowed programs remain strong, even as other funding sources fluctuate. To learn more about creating an endowed fund, please visit our endowment page or contact our office at (585) 245-5518 firstname.lastname@example.org.
Providing for Geneseo through one’s will is a personal statement of support and appreciation and a generous means to sustain the College into the future. A bequest provides a donor the flexibility to commit to future support with no impact on current income. And bequests can be structured to fit individual, family and financial needs.
As the College seeks to build its endowment, bequests are becoming ever more significant. Donors who document their bequests aid the College in its future planning. For general guidance on planning a bequest, or to document a bequest to Geneseo, please contact our office at (585) 245-5518 or email@example.com.
Sample Wording for Bequests
Unrestricted gift: “I devise and bequeath to the Geneseo Foundation, Geneseo, New York, federal ID #23-7104179, (insert sum, percentage, or description of property), which shall be used for such University purposes as the Foundation Board may determine.”
Restricted gift: “I devise and bequeath to the Geneseo Foundation, Geneseo, New York, federal ID #23-7104179, (insert sum, percentage, or description of property), which shall be used for (specify purpose)."
Memorial fund: “I devise and bequeath to the Geneseo Foundation, Geneseo, New York, federal ID #23-7104179, (insert sum, percentage, or description of property), which shall be used to create ‘The ____________ Memorial Fund,’ (or “The ____________ Endowed Scholarship Fund”), the income therefrom to be used for its general purposes, (or describe the specific purposes).”
Depending on individual circumstances, a variety of giving mechanisms provide donors with opportunities to support the College while enjoying some tax relief and providing for themselves and their heirs.
Planned giving strategies, which should be discussed with professional counsel, include gift annuities, various trust arrangements, rollovers from retirement accounts, gifts of real estate, gifts of appreciated securities, and life insurance.
Members of the Geneseo advancement staff who are trained in the nuances of planned giving are available to consult with anyone who may be considering a planned gift and desires guidance before engaging counsel. In some cases, the College may be able to provide counsel. For more information, please contact our office at (585) 245-5518 or firstname.lastname@example.org.
Generally, these are some of the mechanisms and considerations for making a planned gift:
Charitable Gift Annuity
In exchange for a gift of cash or securities, the Geneseo College Foundation promises to pay the donor and – if the donor stipulates – another annuitant, a fixed sum each year for life, based on age. In most cases, part of each payment is tax-free, increasing the after-tax value.
Donors who own securities that have appreciated in value may prefer to contribute securities rather than cash, thus avoiding capital gains tax while allowing a tax deduction for the current fair market value.
Donors with life insurance policies they no longer need may consider naming The Geneseo Foundation as the owner and beneficiary, creating an immediate tax deduction for the accumulated cash value of the policy and a future deduction for any subsequent premiums the donor pays.
Retirement Plan Assets
Retirement plan assets may be directed to support The Geneseo Foundation at a donor’s death. Plan administrators can provide the necessary change-of-beneficiary form. For donors over the age of 70½, there may also be tax advantages to having minimum distributions from some retirement accounts assigned directly to Foundation.
Virtually any real property – a home, office building or land – can become a gift to The Geneseo Foundation. Donors can take a tax deduction of the full fair market value of the donated real estate while avoiding any penalty capital gains tax. It is also possible to retain life interest and receive a partial tax deduction while continuing to use a property.??
Various charitable trust arrangements are available that can provide significant support for the College while also securing the financial future and reducing taxes for donors and their heirs. Donors interested in discussing mechanisms such as charitable lead trusts and charitable remainder trusts – some of which require a minimum allocation – may wish to contact our office at (585) 245-5518 or email@example.com.