You receive an income tax charitable contribution deduction for the present value of the remainder interest of the gift. The University's Native American Resource Center, the Library and other facilities are greatly enriched by gifts of personal property such as rare books, manuscripts, paintings, artifacts and other art objects. For contributing a gift of personal property, you are entitled to an income tax charitable contribution deduction amounting to the full fair market value of the object, provided the use of the object is directly related to the University's tax-exempt purposes. If the University does not use the gift, the charitable contribution deduction for tax purposes is limited to the initial cost of the object rather than the fair market value. In either case, the deduction is limited to 30 percent of your adjusted gross income, with a five-year carryover of the excess deduction.
Endowment funds are wonderful ways to support a school, department or unit on campus.
Endowments are generally funded within three years of the initial contribution, and income paid out of the fund is distributed to the benefiting area on an annual basis. The University also has minimums for establishing other types of endowed funds such as fellowships and professorships. You may also designate your life income gift to support an endowment fund at the end of your life. Popular ways to support the University are through the establishment of a scholarship or professorship. The University's investment management firm calculates the yearly payout rate for endowment funds in accordance with the policy set by the Board.