"The Reputation of the German Club is a glorious heritage bequeathed by those German Club men who have gone before you. This proud and honorable Reputation comes to you as a vibrant challenge out of the past and into the present to summon from this moment forward the very best that is within you.”
Each of us contribute to the good name of the German Club. We stand on the shoulders of those who have gone before us. Their passion for the German Club and their commitment of time, energy, and resources has established the strong foundation that we enjoy today. Join those who have gone before you to perpetuate the German Club into the future by making a planned gift. Below are topics that will help you understand planned giving. This information comes from the website “A Complete Guide to Planned Gifts for Nonprofits,” by DonorSource.
The German Club Alumni Foundation Executive Director is available to assist you in this process.
Planned Giving Awareness
The bequest intention is your notice of your intention to make a planned gift. It is not a legally binding commitment but a courtesy so that the GCAF can expect the future donation.
Bequest expectancy is the approximate value of future planned gifts based on the GCAF’s previous planned giving data. This information helps us visualize future revenue.
PLANNED GIFT NOTIFICATION
This is the official notification that we receive once a planned gift has come to fruition. It might take some time to determine the exact gift amount.
Types of Planned Giving Assets
NON-PROBATE TRANSFER VEHICLES
These “Transfer on Death Deeds” allow you to bypass the probate process (i.e. the process by which a will is proved in court) and give directly to the GCAF.
A gift that is not cash. These gifts often take the form of securities, life insurance policies, retirement accounts, or real property.
Real property consists of land, additional property on that land (such as buildings or machinery), and the property rights associated with that land.
Planned Gift Varities
A charitable bequest is an official statement in a will, a trust, or an estate plan that designates a gift to the GCAF.
CHARITABLE GIFT ANNUITY
A charitable gift annuity is when you make an agreement with the GCAF. You give a large amount of money to the GCAF and we then pay you an annual set income from that sum until the pay period ends (usually at your death). The GCAF then retains the leftover funds.
CHARITABLE REMAINDER TRUST
A charitable remainder trust is a trust gifted to the GCAF that pays an annual amount to the trustee(s). Once the trust is complete, the GCAF receives the remaining funds. A charitable remainder annuity trust pays an amount each year, while a charitable remainder trust pays a percentage of the remaining trust fund.
If you have a life insurance policy, you can designate the GCAF as one of your beneficiaries.
You can also designate the GCAF as a beneficiary in your retirement assets, like your IRA, 401(k), or pension.
RETAINED LIFE ESTATES
With this type of planned gift, you give the GCAF a piece of real estate that you own and can still use during your lifetime.
Planned Gift Value Assessments
Present value is the current value of a future gift. Before the gift is received, you will pledge a certain amount or percentage, which will differ from the value of the gift when it is actually received. The future value of a gift will be worth less than the present value because the value of a gift decreases over time, due to factors such as inflation.
FAIR MARKET VALUE
Fair market value is an estimate of how much an asset or a piece of property is worth, based on the price that a knowledgeable buyer and seller would agree upon in a free market.
Cost basis is an asset or property’s price at the time of the original purchase—in other words, it is what you initially paid. When you receive the item as a donation, the value that has accrued since the original purchase may be subject to taxation.
- The GCAF is a registered 501(c)(3) non-profit organization, meaning all gifts are tax deductible.
- Donors can receive discounted season football parking passes at the Manor based on the previous fiscal year (July 1 to June 30) donation amount.
- Make your gifts through the Virginia Tech Foundation to earn credit from both Virginia Tech and the GCAF.
- Leave a lasting impression by qualifying for a personally inscribed paver on the Manor's Cutchins Terrace.
Have a question?
Contact the GCAF Executive Director at firstname.lastname@example.org or by submitting the form below.