- Cash/Outright Gifts
- Appreciated Securities
- Gifts from Donor Advised Funds and Family Foundations
- Real Estate or Tangible Personal Property
- Matching Gifts
- Planned, Deferred, and Combination Gifts
- Remainder Interest in Personal Residence
- Retirement Plan Gifts
- Life Insurance
Restricted and unrestricted gifts made by cash, check, or credit card are the most common and simplest for donors and Westfield State University. Generally tax-deductible in the year in which it is made, your cash gift can be put to work immediately. You may make your gift through any of the following ways:
- Online Giving (see form above)
- Mail a check (be sure to include your name and phone number) to Westfield State Foundation, Inc., P.O. Box 1630, Westfield, MA 01086-1630
- Call (413) 572-8489
Gifts of property made without restriction as to resale are generally accepted by Westfield State. Under tax laws, gifts of real and tangible property (including jewelry, art, antiques, gold, historical documents and equipment) deemed acceptable by the University and the Foundation receive fair market value. The donor is responsible for securing a qualified appraisal for all gifts of real estate and tangible personal property. State, federal, and IRS regulations apply.
Planned, deferred, and combination gifts offer donors excellent options to make major gifts while retaining some income from assets. Most of the previously mentioned ways of giving can also fund a charitable trust which retains income for a period of time (usually lifetime), after which the Westfield State Foundation may receive the assets. In some cases, a gift may be a combination of an outright gift and a trust to return income to the donor for a period of time.
In addition to being the most common form of planned giving, a bequest to Westfield State helps to insure the future of the university without affecting your current personal finances. Donors have many options in determining how to leave a bequest to provide for maximum estate tax charitable deductions and benefit to the university.
Your retirement assets, accumulated over many years and invested in tax-deferred accounts, could ultimately be a large portion of your estate. You may wish to explore the benefit of designating the Westfield State Foundation as a primary or secondary (after your spouse) beneficiary on your retirement plans.
Life insurance is a distinctive vehicle to use in making a planned gift. Naming Westfield State Foundation as a beneficiary assures the donor that an intended amount (or percentage) of money will go to the university. As long as the premium is paid up, the face amount will be paid. Note the difference between term insurance and whole life (universal life is another matter). Insurance can be beneficial to donors with large estates (and trusts) who wish to protect their assets for family and charity.