Planned Giving – Make a Planned Gift

Planned giving provides you with the options and opportunities to include support of Purdue University North Central in your overall financial and estate plans. Planned gifts generally are gifts or commitments made in the present with the benefit to Purdue University North Central “deferred” until a future date. Planned gifts may even include outright gifts of appreciated property (securities and real estate) or gifts of tangible personal property.

We hope you will consider including Purdue University North Central in your estate planning and receive significant tax and financial benefits. Some common types of planned gifts are listed below.

As with current gifts, bequests may be designated either as unrestricted, giving the University the most flexibility, or restricted; that is, designated for a specific purpose.

Guide to Planning Your Gifts

There are a variety of ways to plan for your family and loved ones with a will or living trust. These presentations explain how you can protect your family from accidental disinheritance. If you have further questions about creating a will or living trust, please call us.

Are you ready to plan your will or trust? Open the “Request Wills Kit” to get started today. Use our free Wills Kit it to record your family information and your estate distribution plans. This helpful information may enable you to avoid an accidental disinheritance.

Will Bequest

Perhaps the most common planned giving arrangement for the benefit of Purdue University North Central is the will bequest. Charitable gifts made by will are 100% tax deductible. As with current gifts, bequests may be designated as unrestricted — giving the University the most flexibility — or designated as restricted for a specific purpose. will qualify for the federal estate tax charitable deduction.

Taxation: Not applicable
Benefits: Distribution of estate as intended by donor. Avoid estate taxes and probate costs.

Bequest Language

If you wish to include a bequest to Purdue University North Central in your will, the following language is suggested:

If you wish to restrict your bequest to a specific college, school, or program, the PNC Advancement Office will be happy to provide you or your advisors with suggested language. Please e-mail us at giving@pnc.edu or call (219) 785-5697.

Unrestricted Bequest to Purdue University North Central
“I give, devise, and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located to be used for the benefit of Purdue University North Central in such manner as the Chancellor thereof may direct.”

Unrestricted Bequest to a Specific College

“I give, devise and bequeath to The Purdue Foundation, Inc., West Lafayette, Indiana, _____ percent of all the rest, residue and remainder of my estate (or _____ dollars, property, securities, etc., described below) wheresoever located, to be used to for the benefit of Purdue  University North Central’s College of ________ as the Dean of the College determines. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my estate or at any time thereafter, then the Chancellor of Purdue University North Central may utilize the funds for any purpose that may be deemed proper in his/her discretion keeping in mind, however, the above described purpose.”

If you wish to provide scholarships for undergraduates in a particular college, here is suggested language for other options:

Scholarships Based on Financial Need

“I give, devise and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University North Central to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then the Purdue Foundation, Inc., West Lafayette, IN, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University North Central which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support, and maintenance of one or more annual scholarships, based on financial need, for undergraduates in the College of __________. The University’s Division of Financial Aid will select the recipients and administer the scholarships. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University North Central to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University North Central.”

Scholarships Based on Academic Merit

“I give, devise and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University North Central to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then the Purdue Foundation, Inc., shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University North Central, which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support, and maintenance of one or more annual scholarships, based on academic merit, for undergraduates in the College of __________. The College shall select the recipients with scholarship administration by the University’s Division of Financial Aid. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University North Central.”

Scholarships with Neither Financial Need nor Academic Merit Specified

“I give, devise and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University North Central to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then the Purdue Foundation, Inc., West Lafayette, IN, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University North Central, which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships for undergraduates in the College of __________. The scholarship(s) will be administered in accordance with University policies. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University North Central.”

Bargain Sale

In this type of gift, the donor and the Purdue Research Foundation enter into a written agreement setting the terms of the sale. The donor transfers assets to the Purdue Research Foundation and receives a lump sum or installment payment of the sales price

Taxation: The donor is taxed on sale proceeds (capital gains)
Benefits: Tax deduction based on value of property and sales prices. Avoidance of capital gains tax on gift portion.

Charitable Gift Annuity

Under this gift option, Purdue University North Central and the donors enter into an agreement under which Purdue University North Central agrees to pay the donors or other beneficiaries a fixed income for life in exchange for a gift of cash, marketable securities or approved real estate. The minimum gift for a charitable gift annuity is $5,000. The annuity rate is based on the ages of the donors or other beneficiaries. Charitable gift annuities are issued through Purdue Research Foundation.

Taxation: Portion of the annuity payment initially is tax-free. Portion may be taxed as capital gain if funded with appreciated property. Balance of the payment is taxed as ordinary income.
Benefits: Tax deduction based on the value of the assets and annuity rate. Reduced capital gain tax.

Charitable Remainder Annuity Trust

This type of trust is established when you irrevocably transfer money or securities to a trustee who invests the assets to pay an annual lifetime income to you or others chosen by you. At the end of the income beneficiaries’ lives, the remaining trust assets are distributed to Purdue University North Central. When properly established, these trusts provide federal gift and estate tax savings.
Annuity trusts provide current tax benefits along with the security of a fixed, lifetime income. The agreed upon payments remain unchanged regardless of how the investments perform. Purdue Research Foundation can act as trustee. The minimum amount needed to establish a charitable remainder annuity trust is $50,000.

Taxation: The beneficiary is taxed on income received (ordinary income or capital gain).
Benefits: Tax deduction based on value of assets transferred. Avoidance of capital gains tax.

Customize your own Charitable Lead Trust by using Create Your Plan.

Charitable Remainder Unitrust

The unitrust is very similar to the annuity trust, except that the unitrust provides a variable income. Payment is based on a fixed percentage of the net fair market value of the trust assets as valued each year. A variation of this type of unitrust provides an annual income that is the lesser of the trust’s net income or the fixed percentage amount. The Purdue Research Foundation can act as trustee. The minimum amount needed is $50,000.

Taxation: The beneficiary is taxed on income received (ordinary income or capital gain).
Benefits: Tax deduction based on value of assets transferred. Avoidance of capital gains tax.

Customize your own Charitable Lead Trust by using Create Your Plan.

Charitable Lead Trust

This arrangement provides Purdue University North Central with an income from the trust for a term of years, or for the lifetime of an individual. At the end of the payment period, the trust property reverts to the donor or, more commonly, passes to family members. The Purdue Research Foundation does not act as trustee on charitable lead trusts.

Benefits: Possible estate and gift tax saving

Customize your own Charitable Lead Trust by using Create Your Plan.

Revocable Living Trust Provision

Another popular way to make a gift is to include Purdue University North Central as a beneficiary of a revocable, living trust. This option may be unrestricted — giving the University the most flexibility — or designated for a specific purpose.

Taxation: The beneficiary taxed on income received
Benefits: Principal available to donor upon demand.

Living Trust Language
If you wish to include a distribution to Purdue University North Central in your trust, the following language is suggested:

If you wish to restrict your distribution to a specific college, school, or program, the PNC Advancement Office will be happy to provide you or your advisors with suggested language. Please e-mail us at giving@pnc.edu or call (219) 785-5697.

Unrestricted Distribution to Purdue University North Central

“All trust property not previously distributed under the terms of my trust shall be divided and distributed, free of the trust, as follows:   The Purdue Foundation, Inc., West Lafayette, Indiana, ________ percent to be used for the benefit of Purdue University North Central in such manner as the President thereof may direct.”

Unrestricted Distribution to a Specific College

“All trust property not previously distributed under the terms of my trust shall be divided and distributed, free of the trust, as follows: The Purdue Foundation, Inc., West Lafayette, Indiana, _______ percent to be used for the benefit of Purdue University North Central’s College of _________ as the Dean of the College determines. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my trust or at any time thereafter, then the Chancellor of Purdue University North Central may utilize this distribution for any purpose that may be deemed proper in his/her discretion keeping in mind, however, the above described purpose.”

If you wish to provide scholarships for undergraduates in a particular college, here is suggested language for other options:

Scholarships Based on Financial Need

“All trust property not previously distributed under the terms of my trust shall be divided and distributed, free of the trust, as follows:   The Purdue Foundation, Inc., West Lafayette, Indiana, ________ percent to be used for the benefit of Purdue University North Central to support undergraduate scholarships as described below.   If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then The Purdue Foundation, Inc. shall transfer the principal amount, which shall constitute a fund to be known as the ( insert name here ) Scholarship, to Purdue University North Central which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships, based on financial need, for undergraduates in the School of _______________.   The University’s Division of Financial Aid will select the recipients and administer the scholarships.   In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my trust or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University North Central to utilize this distribution for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose.  The endowment fund for the purpose of investment may be combined with other funds of Purdue University North Central.”

Scholarships Based on Academic Merit

“All trust property not previously distributed under the terms of my trust shall be divided and distributed, free of the trust, as follows:   The Purdue Foundation, Inc., West Lafayette, Indiana, ________ percent to be used for the benefit of Purdue University North Central to support undergraduate scholarships as described below.   If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then The Purdue Foundation, Inc. shall transfer the principal amount, which shall constitute a fund to be known as the ( insert name here ) Scholarship, to Purdue University North Central which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships, based on academic merit, for undergraduates in the College of _____________.   The College shall select the recipients with scholarship administration by the University’s Division of Financial Aid.   In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my trust or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University North Central to utilize this distribution for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose.   The endowment fund for the purpose of investment may be combined with other funds of Purdue University North Central.”

Scholarships with Neither Financial Need nor Academic Merit Specified

“All trust property not previously distributed under the terms of my trust shall be divided and distributed, free of the trust, as follows:   The Purdue Foundation, Inc., West Lafayette, Indiana, ________ percent to be used for the benefit of Purdue University North Central to support undergraduate scholarships as described below.   If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then The Purdue Foundation, Inc. shall transfer the principal amount, which shall constitute a fund to be known as the ( insert name here ) Scholarship, to Purdue University North Central which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships for undergraduates in the College of __________.   The scholarships will be administered in accordance with University policies.   In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University North Central at the time of the maturity of my trust or at any time thereafter, then I expressly authorize and empower the Chancellor of Purdue University North Central to utilize this distribution for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose.  The endowment fund for the purpose of investment may be combined with other funds of Purdue University North Central.”

Life Estate Gift

If you are considering a gift of your residence or farm to Purdue University North Central, but wish to live there during your lifetime, a gift of the real estate with a retained life interest is one solution. Transferring the property to Purdue Research Foundation, while reserving a life estate for you and/or another person, provides you with a current federal income tax charitable deduction. The deduction equals the present value of Purdue University North Central’s remainder interest. This gift also permits you to avoid any potential capital gains tax on the built-in appreciation.

Taxation: The beneficiary is taxed on income, if any.
Benefits: Tax deduction based on value of property. Avoidance of capital gains tax.

Life Insurance Gift

A planned gift to Purdue University North Central may be made through a gift of life insurance. For the gift to be tax deductible, Purdue University North Central must be the owner and beneficiary. Policies may be new, have premiums remaining to be paid, or be a fully paid policy that you have owned for years. If premiums remain to be paid on a policy for which Purdue University North Central is the owner and beneficiary, the payment will be a deductible contribution. Purdue University North Central could also be named as the beneficiary of a policy that it does not own. This provision will not provide any current tax advantages, but the money passing to Purdue University North Central at the insured’s death will qualify for the federal estate tax charitable deduction.

Taxation: Not applicable
Benefits: Tax deduction for premiums paid by donor. Avoid estate taxes and probate costs.

Pooled Income Fund

In this life-income arrangement, your irrevocable gifts are combined with those of others in the Purdue Research Foundation’s Pooled Income Fund. As an income beneficiary, you will receive your proportionate share of the Fund’s net income. The annual income received is based on your investment in the fund and varies with the actual earnings of the Fund. The Fund allows you to participate in a life-income plan with smaller initial gifts. The minimum amount needed is $1,000.

Taxation: The beneficiary is taxed on income received.
Benefits: Tax deduction based on value of assets transferred. Avoidance of capital gains tax.

Retirement Plan Assets

Naming Purdue University North Central as the beneficiary of a qualified retirement plan is becoming an increasingly popular way to give. Because of the way qualified plans are taxed, at your death relatively little of the assets in the plan may end up in the hands of family members or beneficiaries. These assets not only are included in your gross estate for federal estate tax purposes, but are also taxed when received by the beneficiaries as income with respect to a decedent. Funding a charitable gift to Purdue University North Central with these assets generates an estate tax charitable deduction. Further, Purdue University North Central will not have to pay income tax on the assets when they are received. So, using plan assets for a gift to Purdue University North Central and other assets for family members can be beneficial to all.