Planned gifts make a lasting difference in the lives of our students and our community’s future. With your gift, the KVCC Foundation will continue to ensure high quality educational opportunities for generations to come.
Some individuals choose to make a gift to a specific purpose, such as a particular academic program, scholarship fund, or student resource. Whatever inspires you, whatever your circumstances are– planned gifts are very flexible and can be arranged to meet your needs and wishes.
With a planned gift, you can:
- Establish an endowment to generate scholarships for future students.
- Create a fund that will generate income to be utilized by a particular program.
- Champion the development of resources to promote research and continued learning through faculty professional development.
- Develop a fund for particular student activities or resources.
Making a charitable gift to the Kennebec Valley Community College Foundation is an important and very personal decision. The satisfaction of giving comes in knowing that an investment is being made in the lives of students who benefit each day from KVCC’s excellent educational opportunities. Your gift will make a significant impact on students and the community!
3 Simple Steps Will Ensure Your Legacy
- Let your attorney and financial advisor know you are considering a gift to the KVCC Foundation. They can assist you in determining what type of gift best suits your circumstances.
- Contact the KVCC Foundation, we will answer your questions and help you establish the gift purpose and criteria for use to ensure your wishes are met.
- Inform your family and friends about your legacy gifts while addressing family needs.
Sample Planned Giving Strategies
Charitable Gift Annuity
A charitable gift annuity is an agreement between you and the KVCC Foundation in exchange for your gift. The KVCC Foundation will pay you a fixed sum each year for the remainder of your life. Your age when you make your gift will determine the annual amount that you will receive. With this giving option, you will qualify for a federal income tax charitable deduction for a portion of the value of your gift.
Gift annuities are very flexible and can be arranged to be deferred to create a future income flow. Gift annuities can be arranged to benefit more than one beneficiary. Upon the passing of your final beneficiary, the principal will be transferred to the KVCC Foundation to be utilized in accordance with the terms of your gift.
Charitable bequests are gifts made to the KVCC Foundation through your will or other estate planning. Bequests may include gifts of cash, securities, and life insurance. Bequests are tax deductible for federal and estate purposes.
Making a bequest is the most basic planned giving options and may be arranged as simply as adding similar language to your will: I bequest ($______dollars, _______% percent, or all of the residue of my estate) to the Kennebec Valley Community College Foundation, a Maine registered non-profit organization for the benefit of the (_______________ program, purpose, fund.
Retirement Fund Designations
Retirement funds are often overlooked as sources of charitable gifts. In some cases, income and estate taxes placed on retirement plans lead to less than 30 cents on the dollar going to your non spousal beneficiaries. However, if left as a charitable gift, the KVCC Foundation could receive 100% of your retirement plan benefit. This is a powerful strategy to allow you to make a significant gift to the KVCC Foundation while providing less-taxable assets to your heirs.
Charitable Lead Trusts
Charitable lead trusts provide benefits to your heirs as well as to the KVCC Foundation.
You can also make a gift that provides special benefits to your heirs. With this form of gift, the annual income from the trust is distributed to the KVCC Foundation for a set number of years, after which the trust principal is returned to your designated beneficiaries. This gift provides KVCC with an immediate income source and can significantly reduce your gift or estate taxes.
Planned gifts are flexible and customizable to meet your needs and circumstances. If you are considering making a planned gift that is not represented above, please contact your legal and financial advisors as well as the KVCC Foundation as there are a variety of giving options that are not listed above.
This is not legal advice, we recommend that you consult your legal and tax advisors regarding your specific situation.