Planned giving includes bequests, annuities, trusts, insurance, and other major deferred gifts. National University has benefited from generous estate giving from many of its alumni over the years. Large gifts should be carefully planned to ensure that the intent of the donor is satisfied, that tax strategies are optimized, and that the gift is in an appropriate form.
What better way to leave a legacy than to support the education of tomorrow’s health care leaders? For more information on planned giving, please call us at 630-889-6702.
One special category of donation is the “gift-in-kind.” Gifts-in-kind (also referred to as donations-in-kind) include most non-cash personal property donations, such as works of art, furniture, equipment, books, and rare manuscripts.
Gifts-in-kind require special processing to ensure that tax regulations are satisfied and that the gift is properly recorded in the University’s financial statements. National University of Health Sciences adheres to generally recognized procedures for processing such gifts. These include:
1) Before a gift-in-kind can be accepted by the University, the University must ascertain that the type of gift is consistent with the mission and purposes of the institution. If the gift is not directly needed by the institution, the property must be readily marketable and the donor should understand that the gift might be disposed in this manner. The potential benefit of any gift must be greater than its potential cost to the University. Consideration will be given to the cost of acceptance of the gift (shipping and handling charges), the long term viability of the gift (maintenance, storage, insurance, etc.), and resale marketability.
2) The University will provide a letter of acknowledgement for the gift-in-kind donation but does not assign a value on the donation.
3) Any gift-in-kind with a value exceeding $100 but less than $5,000 will be recorded in the University’s development record software system at $1, unless independent verification of the fair market value of the gift is provided.
4) Current IRS regulations require a donor to file a Form 8283 for all non-cash gifts of $500 or more. At the request of the donor, Section B, Part I of Form 8283 will be signed by a corporate officer of the University or other agent of the University authorized to sign IRS forms. The form must be properly completed by the donor before submission to the University for signature. If the value of the gift is $5,000 or more, then the IRS requires an independent appraisal. This appraisal cannot be done by the University and the costs of the appraisal are the responsibility of the donor. For these larger gifts, the IRS form must be signed by the donor (Part II) and by the independent appraiser (Part III) prior to submission of the form to the University. After the approved agent of the University signs Part IV of Form 8283 it will be returned to the donor. It is important that the donor attach the completed Form 8283 to his or her tax return to avoid having the deduction disallowed. (Download IRS Form 8283.)
5) If the University disposes of a non-cash gift valued in excess of $5,000 within two years of the donation, it must report the disposition to the donor and IRS on Form 8282.
Memorial gifts are a special way to recognize and honor a deceased loved one or colleague. Sometimes the family asks that donations be made to National University in lieu of flowers or to show support for a person’s chosen profession.
To make a memorial gift, simply mail the donation to the NUHS Office of Development (200 E. Roosevelt Rd., Lombard, IL 60148). A list of memorial gift donors is provided to the family. Receipts are sent, along with a letter of gratitude, to the donor.
If the gift being considered is very large (in excess of $25,000), then the donor may wish to consider a named endowed scholarship or other endowed program.
For more information on memorial gifts, please email [email protected] or call 630-889-6702.
Our levels of annual giving are listed below.
Circle of Honor Club
Members pledge to give $100 per year.
Members pledge to donate the equivalent of one office call fee each month. Each donor sets his or her own level of giving. Annual giving in this club is approximately $250-499.
Members pledge to give $500-999 per year.
President’s Cabinet Internationale (PCI)
The members in this prestigious club pledge to donate at least $1,000 each year. Three levels of giving exist in the PCI:
- Bronze: $1,000-1,499 annual pledge
- Silver: $1,500-1,999 annual pledge
- Gold: $2,000 and up annual pledge
Members of the President’s Cabinet Internationale are invited to a special reception and recognition ceremony. Persons who have donated $5,000 or more to National are recognized in the Donors Recognition Center located in Janse Hall.