Ways to Give

The easiest way to make a legacy bequest is to include SKYCTC in your will or living trust, which can be done with a specific gift amount, a percentage of your estate or a residual bequest. This gift is not payable during your lifetime and gives you the flexibility to change your plans in the future should your circumstances change. Bequests allow you to retain your assets for use during your lifetime and are fully deductible for federal estate taxes.

Donations of appreciated securities can provide donors with a tax deduction while eliminating capital gains taxes. 

By making a gift of closely-held stock, you can receive a tax deduction for the fair market value of the stock and eliminate capital gains taxes on the appreciated value.

If you are age 70½ or older, you can take advantage of a simple way to support our students while potentially reducing your taxable income. Through a Qualified Charitable Distribution (QCD), you can direct up to the annual IRS limit from your IRA directly to a qualified charity without including the distribution in your taxable income.

Life insurance is a great way to make a larger impact through a series of smaller gifts. The gift of a life insurance policy will provide you with a charitable contribution for the present cash value. Contributions made for premiums paid after the transfer are also tax-deductible. This can be done by listing the SKYCTC Foundation as the beneficiary of your life insurance policy. Life insurance gifts are typically not part of the probate process and are not taxed, which means SKYCTC would immediately receive the full amount of your intended gift.

Donors may choose to make the SKYCTC Foundation a partial or total beneficiary of your retirement account, such as a 401(k) or IRA, which may reduce the amount of your estate and lower the tax liability for your heirs. Simply name the Foundation as your beneficiary on a form that your plan administrator can provide.  

Another method of giving for a term of years or for the life of an individual is through a Charitable Lead Trust, which pays income to the Foundation each year during the life of the trust. When the trust terminates, the assets revert to you or another beneficiary. Charitable Lead Trusts offer the advantage of giving income from an asset for years but allowing you to retain the asset for yourself or your heirs.

An irrevocable trust may be used to provide you or your loved one with a fixed annual income or an income which varies with the value of the trust. A portion of the trust qualifies for a tax deduction. At the passing of the last income beneficiary, the assets in the trust are distributed to the Foundation to be used as the donor has designated.

A Charitable Gift Annuity is a simple way to plan for retirement while supporting SKYCTC. These gifts involve a contract between you and the college Foundation, where you’ll transfer cash or property in exchange for a partial tax deduction and a lifetime stream of annual income. When you pass away, the SKYCTC Foundation keeps your gift. The amount of income stream is determined by many factors including your age and the policy of the Foundation.

You can donate a residence, land, building, or other real property as an outright gift or with the right to occupy the property for life. A gift of a remainder interest on a personal property provides the donor with a tax deduction for the present value of the remainder interest and also lets you eliminate capital gains taxes on the appreciation. As with gifts of highly appreciated securities or real estate, a gift of tangible personal property can be tax-deductible. The allowable deduction for this type of gift is dependent upon an appraisal. Tangible personal property gifts include artwork, rare books, or antiques.

These are examples only; donors should consult with their attorney to determine what best fits their intentions.

General Bequest

"I hereby give, devise, and bequeath [dollar amount, percentage, or description of asset] to the Southcentral Kentucky Community and Technical College Foundation, a nonprofit organization located in Bowling Green, Kentucky (EIN: 02-0738080), for its general use and purpose."

Bequest to Establish or Support a Scholarship

"I give [dollar amount, percentage, or description of asset] to the Southcentral Kentucky Community and Technical College Foundation (EIN:02-0738080) to establish or support the [Name of Scholarship] Scholarship. If circumstances change so that the purpose of this gift becomes impractical or impossible, the Foundation may use the funds in a manner that most closely aligns with my original intent."