Making a charitable gift to Bluegrass Community and Technical College is an important and personal decision. The satisfaction of giving comes in knowing that you are investing in the lives of individuals, businesses, and organizations that benefit each and every day from the college's history of excellence and service to students. We value your support and are committed to using private gifts wisely.
Only you can decide when and how to contribute to the College. The following information may be helpful as you consider the various ways you can support our endeavors and how you may benefit from tax advantages associated with certain types of charitable gifts. You may also review our endowment areas to determine the best place to designate a charitable planned gift.
Giving to Bluegrass Community and Technical College is an investment in the economic, cultural, and educational vitality of our communities. Your gift can assist one of the following strategic areas that are vital to the continued excellence of BCTC programming:
At Bluegrass Community and Technical College, our promise is to provide a comprehensive, professional education at an affordable price. In order to keep quality high and tuition low, we count on the generous support of alumni, friends, and community business partners.
The advantage of giving a cash gift right now is that it has an immediate impact on academic programming. Also, your actual out-of-pocket cost is less than the dollar amount of the gift because of the allowable income tax deduction. You can deduct an amount up to 50% of your adjusted gross income each year that you make a contribution. Any contributions over this percentage may be deducted over the next five years. The savings from the tax deduction of your contribution will vary due to your tax rate and other factors. Generally, the higher your tax rate is, the greater your savings will be.
There are specific types of gifts which you can plan for today that will benefit the college in the future. They also provide a way to leave a lasting legacy that strengthens those priorities you deem most important.
Through a simple bequest, you may be able to make a significant gift that will create a legacy and have a lasting impact on the students, faculty, and programs at Bluegrass Community and Technical College. A bequest may be made in the form of property such as cash and securities, a percentage of an estate, or the residue of the estate (property remaining after other bequests have been filled). The Development Office can offer recognition avenues for different levels of deferred giving.
Life insurance provides an effective way to benefit the college, and is generally easier on your pocketbook. Your gift of life insurance will provide the college with a substantial deferred gift while you pay relatively modest premium payments. A gift of an insurance policy that is paid-up or partially paid-up may be advantageous if your family responsibilities are not as substantial as they were in the past. Generally, life insurance policies with limited cash values can be purchased at a cost which does not exceed $700 annually. Charitable policies must be owned by the college.
A Charitable Remainder Trust allows the beneficiary to receive a current income tax deduction and an immediate income stream from the assets placed in the trust. At the end of the trust agreement, all of the remaining trust assets pass to Bluegrass Community and Technical College.
A Charitable Lead Trust provides a means to give to Bluegrass Community and Technical College for a specific period of time, with the remaining trust assets distributed to your designated heirs. The College receives an annual amount for the length of the trust agreement, while trust assets are distributed to your designated heirs.
With gifts of appreciated property to Bluegrass Community and Technical College, individuals may avoid paying capital gains taxes and may receive a deduction for the full value of the gift.
With gifts of depreciated property to Bluegrass Community and Technical College, there are advantages to selling the property. By selling the property and contributing the proceeds, a donor may receive the deductions for both the capital loss and the charitable gift.
With gifts of personal property, tax deductions may depend on the appraised value and how the gift will be used by Bluegrass Community and Technical College. The foregoing is not intended as legal advice. Please consult your professional advisors.