The 1885 Society was created to recognize and honor donors who include Springfield College in their financial and estate plans.
The 1885 Society recognizes and honors donors who have included Springfield College in their financial and/or estate plans. These gifts can be made through bequests, trusts, or a wide variety of other planned gift arrangements. Members of The 1885 Society are committed to action in supporting the integrity of education and philanthropy.
They understand the critical need to assure the financial future of Springfield College. Society members are dedicated to ensuring that future generations of youth will have the opportunity to know the Humanics tradition of a Springfield College education.
Past gifts have helped create the excellent educational programs that Springfield College offers today. They enable scholarships for dedicated students, allow us the means to attract outstanding educators to do their life’s work on our campus, and elevate architectural plans from the drawing board to reality.
You can make a significant difference with your thoughtful gift to Springfield College. The office of development staff is available to assist you as you plan an outright gift, a bequest, a trust, a gift of real estate, or some other form of planned gift. Although the type of gift may vary, the spirit is the same.
"I wish I could do more," is something we often hear from many alumni and friends. A planned gift may present an excellent opportunity to "do more" without impacting assets you may need during your lifetime. For more information, contact Al Carrano, Director of Gift Planning at (800) 622-6072.
Ways to Give
- A bequest is one of the easiest gifts to make with the help of an advisor, you can include language in your will or trust specifying a gift to be made to family, friends, or Springfield College as part of your estate plan.
- The most common ways to make a bequest are made by a gift of a specific dollar amount or asset, or a gift of a percentage of your estate.
- Making a bequest to Springfield College will allow you to receive an estate tax charitable deduction, will lessen the burden of taxes on your family, and enable you to leave a lasting legacy.
- Download our sample bequest working document.
- A gift of your retirement assets, such as your IRA, 401k, 403b, or pension, is an excellent way to make a gift to Springfield College.
- Your retirement assets may be taxed if you leave them to your heirs, however as a charity, Springfield College will not be taxed upon receiving an IRA or other retirement plan assets.
- Your retirement assets may be transferred to Springfield College by completing a beneficiary designation form provided by your plan custodian. Your estate will benefit from an estate tax charitable deduction for the gift.
- A gift of your life insurance policy is a great way to make a gift to Springfield College.
- You can give your life insurance policy to Springfield College today and receive a charitable income tax deduction.
- You can also designate Springfield College as the beneficiary of your life insurance policy.
Types of Life Income Gifts
There are several principal types of life income gifts, giving you a range of choice in your investment and estate planning. They typically provide an attractive annual income for life, while offering tax benefits as well. One of them may be ideally suited to your particular circumstances. These gifts are described briefly below. You may also use our Planned Gift Calculator that can be an invaluable tool in helping you to determine the variety of financial and tax consequences in making your best financial plan.
In exchange for a gift of money or property to the College, Springfield promises to pay a fixed amount each year to you or your designated beneficiary for life.
Gift annuity contracts can be thought of as consisting of two parts:
- A current tax deductible gift to Springfield.
- The right to receive a fixed dollar amount of income each year for the life of one or two beneficiaries.
- The annuity distributed will depend upon the beneficiary's age at the time of the gift and the value of the property donated. If the gift is funded with cash, a substantial part of the annual payments may be entirely tax-free. Springfield College is responsible for managing the annuity.
Deferred Gift Annuity
- This is an excellent way to plan for definite retirement income.
- In addition to the benefits of a gift annuity, described above, deferring the date on which annuity payments begin, allows you to receive a larger income tax charitable deduction in the year of the transfer.
Charitable Remainder Unitrust--Percentage Unitrust
- The annual income is not fixed to a specific dollar amount, but rather is a percentage of the asset value, usually between five and seven percent.
- Provides for income growth as the trust assets appreciate.
- If required payments exceed income, a portion of the principal (including accumulated gain) will be distributed.
- Counters the effects of future inflation on a fixed dollar income.
- If the trust income exceeds the required payment, the excess is added to the principal.
Charitable Remainder Unitrust--Net Income Unitrust
- Provides greater income flexibility as it provides for payments of either: (1) a fixed percentage (at least five percent) of the trust's annual value or (2) the net income of the trust, whichever is less.
- Particularly suited to the younger donor who does not need large income payments now but who wants a means of building a fund for later years.
- Avoids the necessity of distributing principal while the property is held and builds up income credits for the future.
Charitable Remainder Annuity Trust
- Provides you a fixed income for life and then supports the Springfield College educational program of your choice.
- You and Springfield mutually agree upon the annual dollar amount paid when the trust is established. It usually varies between five and seven percent of the initial fair market value of the property transferred to the trust.
- Payments of the stated amount are made each year regardless of the income earned by the trust, and they are backed by the total amount of the assets in your trust.
For more information about Springfield College's life income gift plans, please send an e-mail to the Office of Development. You can also call the Office of Development at 1.800.622.6072.
Contact the Office of DevelopmentCall the Office of Development at 800.622.6072.