Planned Giving Opportunities
The Dordt College Heritage Society is made up of individuals who have indicated to our staff that they have made a planned gift that includes the college. Any of the following done for the benefit of Dordt College qualifies for membership in the Heritage Society:
- remembering Dordt College in your estate plan
- setting up a gift annuity or trust with Dordt College
- naming the college as beneficiary of a life insurance policy
If you have remembered Dordt College in your estate plan, please send us a copy of the page of your estate plan that names the college as a beneficiary, and we will include you as member of the Heritage Society.
Gift annuities with Dordt College pay the donor a fixed lifetime income based on the age of the donor at the time of the gift. A portion of the income is tax free. In addition, the donor receives an income tax deduction at the time of the gift. Gift annuities can be funded with cash, securities, land, or almost any appreciated asset. Gift annuity rates for our older friends are much higher than traditional certificates of deposit.
|Age||Joint Rate||Single Rate|
Deferred Gift Annuities
Deferred gift annuities with Dordt College function very similarly to traditional gift annuities except the payments to the donors can be deferred to a later time—sometimes years later. This is a benefit to donors who desire a tax deduction now but won't need the income for some time. Cash, appreciated assets, securities, or land are ways to fund a deferred gift annuity.
Charitable Remainder Trusts
When Dordt College serves as the trustee for a charitable remainder trust donors have many options. Charitable remainder trusts can be funded with cash, appreciated assets, securities, or land. Donors also receive a tax deduction when the trust is established. Payments can be paid to the donors, a spouse, children, or grandchildren. Payments can be made for a term of years or over a lifetime. There are two types of charitable trusts:
- Charitable remainder annuity trusts. Payment rates are at a fixed rate established at the time the trust is initiated.
- Charitable remainder unitrusts. Payments rates are variable based on the value of the trust.
Life insurance can be used in a variety of ways to make deferred gifts to Dordt College. By naming Dordt College as a beneficiary of a life insurance policy you will be able to make a wonderful lifetime gift which will be used by the college as we continue striving to provide quality Christian higher education to covenant youth.
Retirement Plan Assets
Retirement plans such as IRAs, Keoghs, and 401Ks are subject to large tax burdens if left to loved ones. The tax rate can be up to 60 percent. Donating these retirement plan assets to Dordt College can eliminate the tax.
For donors who wish to benefit current students at Dordt College a scholarship is a great option. A named scholarship is a wonderful way to help ease the tuition burden for qualified students. Donors are able to benefit a student or students in an area of study which may be of special interest to the donor, while at the same time receiving a tax deduction when the gift is made.
Dordt College offers two types of scholarships for donors to consider, endowed and annual. Endowed scholarships require initial funding of at least $40,000 and are awarded to a qualified student or students every year. Dordt awards five percent of the scholarship fund's earnings every year while reinvesting the balance back into the fund to allow for yearly growth. Annual scholarships require the donor to make a gift each year of $2,000 or more to fund the scholarship.
Dordt College is a member of the Barnabas Foundation. The Barnabas Foundation helps supporters of member organizations to exercise good Christian stewardship through estate planning and planned giving. The Barnabas Foundation website contains additional helpful information.
For More Information
Dave Vander Werf
Director of planned giving
(800) 343-6738 (option 3)