WAYS TO GIVE
There are many ways to support Wayland. Gifts may be unrestricted in use, or you may specify that your gift be targeted to a particular program, project, or endowment.
Wayland Baptist University is a non-profit, 501(c)(3) organization. Each gift is as tax deductible as the law allows. As with all financial considerations, the development staff encourages you to discuss potential tax advantages and other aspects of charitable giving with your attorney, tax advisor or financial consultant. Wayland's development staff will be happy to assist you instructuring your charitable gift to meet your philanthropic goals.
Outright Gifts
Outright gifts of cash, securities or other property provide the University with much-needed financial assistance. Outright gifts have an immediate impact on Wayland's programs and projects because they can be used to support a variety of current needs. When you do not restrict the use of your gift, Wayland gains flexibility not otherwise available. Unrestricted gifts, including annual fund gifts, can be used at the discretion of the administration to meet changing or urgent needs of the University.
Bequests
Naming Wayland Baptist University as a beneficiary in your will is an efficient and thoughtful way to express your charitable intent. You may use the wording below to include Wayland in your will. (The following sample language may be inserted after any specific bequest to named individuals).
ARTICLE _______
In the event my (husband/wife) fails to survive me, I hereby give, devise and bequeath the [(1) the rest and residue of my estate or, (2)_______ percent of the rest and residue of my estate or (3), sum of _______ ] to WAYLAND BAPTIST UNIVERSITY, Plainview, Texas, to be used [(1) without restriction in any manner or (2), to establish the ______________________ Endowed Scholarship Fund or (3), to fund the ______________________ capital project or (4), to fund the school or division of _______________ ].
Gifts with Retained Interest
Your gift to WBU can allow you to hold an interest in that gift for your lifetime or for a specified term of years. After that time, the funds become available to the University. For example, you can set up various types of charitable trusts which allows you to receive income from that trust for a specified period, or for life. You can donate your home to Wayland while retaining the right to live in it for life. When you make your gift, you have the satisfaction of knowing that plans you make today will help support the University for decades to come.
Gifts in Kind
A gift-in-kind is a personal possession of special worth or a personal service that may hold marketable value to the University. Wayland receives a wide variety of such gifts, including rare books, works of art, coin collections, collectibles, equipment and other items. A gift worth more than $5000 requires a qualified appraisal at the donor's expense. Services such as plumbing, landscaping, electrical work or other contract jobs the University would normally pay to complete may also qualify. To determine Wayland's interest in the object or service you would like to donate, please contact a member of the development staff.
Gifts of Real Estate
When you give a gift of your home, farm or other real property to Wayland, you may claim an income-tax charitable deduction based on the full appraised value of the gift, avoid capital gains taxes, and eliminate certain costs associated with the transfer of real property. Gifts of real estate can also provide income to you.
Gifts of Life Insurance
Some of Wayland's supporters no longer need the life insurance they purchased year's ago to protect their families, and name Wayland as the owner and beneficiary of their policy. Others purchase life insurance with the intent to provide a charitable gift to the University.
Mutual Funds
The procedure for giving units of a mutual fund vary from one fund to another. Please contact your mutual fund representative for the correct procedures.
Appreciated Securities
A gift of long-term appreciated marketable securities helps you save taxes twice! Such a gift will provide an income-tax charitable deduction and capital gains tax savings.
Donors who desire to make gifts of stock to Wayland will enjoy the benefits:
- All capital gains are eliminated.
- A charitable tax deduction of up to 30% of your adjusted gross income in the year the stock is given can be claimed with the option to carry the deduction forward for up to 5 additional years if the deduction cannot be fully utilized.
Transferring stock is a relatively easy process:- If the stock is held by your brokerage firm, mail a simple letter of instruction to your broker stating your desire to "transfer # of shares of ABC stock to Wayland Baptist University account number: APW-843873 as a gift to the University." The transaction will be handled electronically. Should you wish to have your broker send the shares, your broker will need the information:
Raymond James Financial Services
880 Carillon Parkway
St. Petersburg, Florida 33733-2749
DTC# 0725
Acc# 83787432
Through courtesy of:
Frank Gabriel, CFS
6703 Hillier Court
Colleyville, Texas 76034
Toll free: 877-577-7033
- If you have the stock certificate in your possession, you should:
- Mail the UNSIGNED stock certificate in one envelope
- Mail the SIGNED Irrevocable Stock or Bond Power (available from your broker) in a separate envelope to
WBU Development Office
1900 W. 7th St. # 621
Plainview, TX 79072
- If you do not have the stock certificates in hand, and wish to "order out" the shares of stock from your broker. You should receive the stock certificates in 2-4 weeks. Upon receipt, follow the directions specified in number (2).
- You must include a brief cover letter to your broker (copy to Wayland) noting the designation of this gift; i.e. general fund, endowment, scholarship, or capital project.
- If the stock is held by your brokerage firm, mail a simple letter of instruction to your broker stating your desire to "transfer # of shares of ABC stock to Wayland Baptist University account number: APW-843873 as a gift to the University." The transaction will be handled electronically. Should you wish to have your broker send the shares, your broker will need the information:
Value of Your Stock Transfer
The I.R.S. states that the value for the charitable deduction is to be the average value of the stock on the date the transfer occurs. Therefore, if the stock is transferred electronically from one brokerage firm to another, the value would be the average price on that date. If the stock is transferred by mailing the unsigned certificate and the stock power in separate envelopes, the value is determined by the average price on the date shown on the latest envelope that is mailed (Post Office mark).
For example: Ms. Ima Donor mailed her stock certificate on August 20th and her stock power on August 21st. The value given would be assigned on the 21st since she effectively lost full control of the stock on that date. Whatever the stock price does up or down after that date does not effect the value of the donor's charitable gift.
On August 21st, Ms. Donor gives 100 shares of XYZ, Inc. High = 100.25; Low = 98.50; Today's average price = 99.375. The average price (or the price allowable for the charitable deduction) multiplied by the number of shares equals the value of the charitable deduction (closing price not relevant for this purpose).
99.375 x 100 shares = $9,937.50 charitable deduction
Wayland can obtain the stock price by contacting a local brokerage firm for the donor or the donor my contact a broker directly.
All fees and brokerage costs are the responsibility of Wayland, not the donor. Wayland assumes the handling fees through the brokerage firm and you receive the benefit of your stock donation at its full value.
Wayland's development office will send an official "receipt letter" thanking you for your gift, stating the value of your gift, and verifying that "no goods or services were received in exchange for this gift." An IRS Form 8283 with instructions will be attached which will help you finalize the transaction for your income tax charitable deduction.
Gifts of Endowment
A gift of endowment demonstrates your farsighted, long-term commitment to the University. An endowment is a fund that is maintained in perpetuity, and only a portion of the annual investment return is used for the purpose specified by the donor. The rest of the investment yield is returned to principal. Thus, over the years, the fund can grow and hopefully keep pace with inflation. Such endowments, which typically bear the name of the donor or donors, reflect your interests and serve as an enduring testament to your generosity.
Matching Gifts
Many corporations have demonstrated their support for Wayland, by matching, or multiplying, their employee's gifts up to a set amount. Before you make a gift, you may want to ask whether your employer participates in such a program. Certain restrictions apply to matching gifts; please consult your company's personnel office for further information.
Gift Pledges
A pledge is a formal statement of intention to make a gift to Wayland. It may be followed by an immediate gift, or it may simply confirm your intention to make a gift in the near future. Many donors choose to complete their gift pledge by making regular payments over a period of time. This method often allows donors to give more generously than they may have originally considered. Whenever, possible, the University encourages full payment of pledges with three years of the original commitment.
Planned Giving and Estates
Planned gifts are gift arrangements that have special tax advantages and often include lifetime income to a beneficiary or beneficiaries named by the donor. Many WBU donors have utilized planned giving methods and are enjoying the benefits today: capital gains tax savings, increased income and income-tax savings, to name a few. A planned gift maximizes your giving potential and can even allow you to ensure your future security or that of a loved one.
Various retirement plans can be transferred into charitable remainder trusts that will provide life income for the donor, and then an eventual gift to Wayland. For further information about making a planned gift, contact Wayland's development staff.