Because insurance policy gifts are complex, a prospective donor should consult the IRS rules, the insurance representative, and the ISU Foundation planned giving staff. The donor may provide for a future gift to the ISU Foundation through designation of life insurance beneficiary, trusts, will bequests, joint ownership arrangements, and similar methods that the donor may revoke. To be counted as gifts, revocable deferred gifts must be accompanied by a Statement of Testamentary Provision obtained from the Foundation or letter from the donor. The donor receives no current charitable tax deduction for revocable gifts. Named endowments may be structured with current gifts or pledges at the recommended levels below.
Additional opportunities exist to name buildings, centers, institutes, colleges.
The actual amount of a deferred gift needed to establish an endowment is based on such factors as a donor's age.