Making a Gift to Mount Olive College
Your financial contribution to Mount Olive College makes a tangible difference in the lives of students. Mount Olive College is dedicated to more than helping students simply acquire an education; the College aims to see their lives transformed.
There are a number of ways that you can assist in this life transforming process. Please consider the following options, which maximize your benefit as a financial supporter of the College, and will have an immediate impact upon the students of the College.
GIFTS OF CASH
This type of giving is the simplest way to make a tax deductable gift to Mount Olive College. Cash gifts may be made by cash, check or credit card.
Checks should be payable to Mount Olive College and mailed to Mount Olive College, Office of Institutional Advancement, 634 Henderson Street, Mount Olive, NC 28365. Checks must be postmarked December 31 to receive tax credit for the current calendar year.
Gifts by credit card will soon be accepted online. Until that time, please call the gift records office during business hours, 8 am to 5 pm, at 919-658-7823. Credit card information can be accepted over the phone and American Express, Discover, Master Card and VISA are all accepted.
ELECTRONIC TRANSFER
Monthly electronic transfer gifts from a checking or savings accounts are also accepted by Mount Olive College. Many find this convenient option a way to support the College with smaller gifts that demonstrate strong support over time. Recurring gifts can be easily stopped at the time of the donor’s choosing. For information about electronic transfer gifts contact Dr. Randy Cobb at 919.658.7702 or rcobb@moc.edu.
GIVING ONLINE
Online giving will soon be available. In the interim, please call the gift records office during business hours, 8 am to 5 pm, at 919-658-7823. Credit card information can be accepted over the phone and American Express, Discover, Master Card and VISA are all accepted.
MATCHING GIFTS
It is possible to double or even triple your gift, or your spouse’s gift, to Mount Olive College if you or your spouse’s employer participates in gift matching. There are thousands of companies nationwide that will match an employee’s charitable contribution. Occasionally companies will even match gifts made by retired employees.
Contact your employer, or your spouse’s employer for more information and to obtain a Matching Gift Form and instructions. If you have questions about Matching Gifts contact Nancy Westfall at 919-658-7823 or nwestfall@moc.edu.
GIFTS OF LIFE INSURANCE
1. Designating Mount Olive College as the owner and beneficiary of an existing life insurance policy.
2. Buying a new policy and designating Mount Olive College as the owner and beneficiary.
3. Adding Mount Olive College as a charitable beneficiary to an existing policy.
For further information click here or contact Jeff Daughtry in The Planned Giving Office at 919-658-7831.
2. Buying a new policy and designating Mount Olive College as the owner and beneficiary.
3. Adding Mount Olive College as a charitable beneficiary to an existing policy.
For further information click here or contact Jeff Daughtry in The Planned Giving Office at 919-658-7831.
GIFTS OF CASH
Direct gifts of appreciated stocks, bonds or mutual funds to Mount Olive College might result in significant tax benefits. With long-term appreciated securities (those held longer than 12 months), you will receive a charitable income tax deduction for the full fair market value of your gift. You will also avoid paying capital gains tax on the appreciation of your securities. Any unused deduction may be carried forward for up to five tax years if necessary.
If you would like to make a gift of appreciated securities, please call Nancy Westfall in the Office of Gift Records during business hours at 919-658-7831.
GIFTS OF PERSONAL PROPERTY
Certain gifts of personal property including real estate, books, antiques and works of art may be accepted as gifts-in-kind if deemed to fit within the College's gifting guidelines. Gifts of property may help you avoid paying capital gains tax, lower your current income tax and reduce future federal estate taxes.
For further information, contact Jeff Daughtry in The Office of Planned Giving at 919-658-7831.
LIFE INCOME OR ESTATE GIFTS
Planned gifts, also known as life income and estate gifts, allow donors to provide for themselves and their families, leave a legacy for the future and help strengthen quality education at Mount Olive College by building the endowment. Life income gifts allow donors to receive an income during their lifetime while also benefiting Mount Olive College. Donors may also place Mount Olive College in their estates and receive tax savings.
Unlike cash gifts or gifts of real estate or tangible property, planned gifts are donations that are meant to be paid at a future date.
Types of Planned Gifts:
1. Bequests: Gifts made by a will or trust that don't take effect until death.
2. Life Income Gifts: Irrevocable gifts in which the donor reserves the right to receive cash flow for their lifetime. Donors receive income and estate tax deductions in most cases.
3. Charitable Gift Annuity: For gifts of $5,000 or more for donors who are over age 50. Donors receive cash flow based on gift annuity rates published by the American Council of Gift Annuities.
4. Deferred Gift Annuity: For gifts of $5,000 or more in which a donor is looking for a current income tax deduction but doesn't need the income until some point in the future.
5. Charitable Remainder Annuity Trust: Ideal for gifts in excess of $25,000 in which a donor makes a gift and receives a fixed percentage of cash flow based on the initial market value of the gift.
6. Charitable Remainder Unitrust: For gifts in excess of $25,000 in which a donor makes a gift and receives a fixed percentage of cash flow based on the market value as determined on the first business day of each year.
7. Charitable Lead Trust: Used to fund a gift in excess of $50,000 over time while reducing income taxes or eliminating gift and estate taxes. Mount Olive College receives payments for a period of time, and assets are returned to the donor or heirs at the end of the term.
8. Pooled Income Fund: Donors receive a pro-rata cash flow during their lifetime based on their contributions and the performance of the underlying investments.
9. Gifts of IRAs: IRAs and other Qualified Plans could be subject to both income taxes and estate taxes when given to individuals. Consider using those assets for charities while reserving your other assets for heirs.
10. Gifts of Life Insurance Policies: Where Mount Olive College is named owner and beneficiary.
To discuss a planned gift to Mount Olive College, please contact Jeff Daughtry in the Office of Planned Giving at 919-658-7831.