Message from Estate and Trust Services
Remember Creighton in your Year-end plans
2006 is rapidly drawing to a close. For many, now is when we implement our year-end charitable gift plans and, specifically, our support for Creighton. In the University’s strategic plan, Creighton President the Rev. John P. Schlegel, S.J., identified Creighton’s ability to become less tuition-dependent and more philanthropy-driven as one key to the University’s continued success. Your support of the University is integral to THE CAMPAIGN FOR CREIGHTON UNIVERSITY and realizing its “willed future” to secure its place at the forefront among the finest Jesuit, Catholic institutions of higher education in the United States. As you finalize your year-end financial plans, know that your gifts not only provide our students with a values-centered education rooted in the Jesuit tradition but also absolutely are essential to Creighton achieving its place as a pre-eminent institution of higher learning, patient care and service.
Because the IRS recognizes the value of charitable support and allows itemizers to deduct charitable gifts from their income taxes, the following are guidelines to keep in mind as you contemplate your year-end gifts. Remember, only gifts completed by Dec. 31 can be used to reduce your taxes due in April 2007.
The most popular method of supporting the University and participating in THE CAMPAIGN FOR CREIGHTON UNIVERSITY is by check. If you mail your check to Creighton, your gift is complete as of the date of postmark.
Donors increasingly use their credit cards to contribute to Creighton. Please note that these gifts are complete when the transaction is authorized by your bank, not the date of postmark as is used for checks. If you mail your signed charge authorization, please make sure that your letter is postmarked no later than Dec. 14. After the 14th, please contact the Office of Development by telephone at (402) 280-2740 or (800) 334-8794, or make your gift online at www2.creighton.edu/development.
Gifts of appreciated stocks and mutual funds are also a wonderful way to support Creighton. Gifts of stock and mutual funds owned for more than one year entitle you to deduct their fair market value without having to report the capital gains you would have realized had you sold the investment. If stock you own has decreased in value, you should consider selling it and gifting the net proceeds. Then, you may be able to claim a loss on the stock and a charitable contribution deduction from the same transaction.
For securities electronically transferred from your account to Creighton’s, your gift is complete and valued on the date it reaches the University’s account. Gifts of stock certificates that are hand-delivered to Creighton are complete on the date of delivery; stock certificates and necessary stock powers sent by mail are complete as of the date of postmark. If you ask to have shares you own reregistered in Creighton’s name, the gift is not complete until the reregistration is finalized on the corporation’s records. Because Creighton may be required to open a new account with the fund, gifts of mutual funds may take several weeks to transfer, so please plan ahead and allow extra time if you choose to donate in this manner. Please call our office at (402) 280-1143 or (800) 334-8794 for the necessary forms and guidance on how to transfer stock and mutual funds to the University.
If you are interested in converting cash, securities or land into a life income arrangement with Creighton, please call or write for a personalized proposal. Charitable remainder trusts and gift annuities may be ideal for individuals who want to explore ways to increase their annual income, realize immediate income tax benefits and also make a deferred gift to the University.
All donors will receive a formal receipt listing whether “any goods or services” were provided in exchange for their gifts. Generally speaking, the IRS requires this receipt as proof of your tax-deductible contribution for all gifts of $250 or greater.
On behalf of the students, faculty and staff of Creighton University, thank you for your continued spirit of philanthropy and willing participation in support of the University. With your help, the goals of THE CAMPAIGN FOR CREIGHTON UNIVERSITY will be realized.