Other Ways to Give
Support the College of Business in your own way. Find a giving option that's right for you and represents your commitment to current and future College of Business students.
Gifting appreciated assets allows you to avoid capital gains taxes and receive a federal income tax deduction for the full fair market value, subject to limitations. Note the shares of appreciated assets must be given to the college, not the proceeds from selling the shares.
Real estate that has been held long term (over one year) is generally tax deductible at full fair market value, with no tax on the appreciation above original cost. Restrictions and limitations apply. Discuss with your advisor and the college before proceeding with any real estate gift.
The IRS requires that donated personal property must have "a related use" by the institution, i.e., it must relate to the college's mission. Items such as computer hardware or software, educational technology, books related to college course work or works of art are potential examples. Restrictions and limitations apply. Discuss with your advisor and the college before proceeding with any gift of this type.
Life insurance can be a liquid tool with many purposes. An old policy with cash value may be contributed to the college, or a new policy may be purchased, naming the College of Business as a beneficiary. Another way in which donors use life insurance is as "wealth replacement," by replacing for heirs the amount of a bequest or other estate gift to charity.
One of the simplest ways to remember the college is through a bequest. Bequests may take the form of a specific amount, a percentage of the total estate or the residual of an estate after disbursements to heirs.
Any distribution from an IRA or other retirement account while you're living is considered taxable income to the donor. If the distribution is a gift to a charity, such as NIU, the charitable income tax deduction may offset the income, resulting in little, if any, tax.
($1,000 minimum) A CGA is a legal agreement between an individual(s) and the NIU Foundation in which you give money, securities or real estate, and in return, the foundation agrees to pay you a fixed income for life.
There are two types of charitable trusts: a charitable remainder unitrust and a charitable lead trust. A charitable remainder unitrust allows you to provide income to yourself or others for an agreed-upon timeframe, with the remainder of the trust going to the college after that timeframe. A charitable lead trust allows you to retain an asset, with the income from that asset going to the college for a specific timeframe.
Please note there is a $50,000 minimum for endowment funds.