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Planned Giving

Bequests

Donors and supporters of the Foundation will be encouraged to make bequests to the Foundation in their wills and trusts. The following is sample language that can be shared with your attorney:

Specific Bequest to the Community College of Philadelphia Foundation
A specific bequest gives a specific item or piece of property to the Foundation. If the donor disposes of the specified item during his or her lifetime, there will be no bequest to the Foundation. I give ______________________ (describe asset) to the Community College of Philadelphia Foundation, a non-profit organization, 1700 Spring Garden Street, to further the objectives and purposes of the Foundation (or specify Division or Department).

Cash Bequest to the Community College of Philadelphia Foundation
A cash bequest provides the Foundation with a specified sum of money from a donor's estate. I give _____ Dollars ($______) to the Community College of Philadelphia Foundation, a non-profit organization, 1700 Spring Garden Street, to further the objectives and purposes of the Foundation (or specify Division or Department).

Residuary Bequest to the Community College of Philadelphia Foundation
A residuary bequest is made from the residue, or what remains in a donor's estate after specific and cash bequests, taxes, settlement costs and debts are satisfied. I give the residue (or _____ percent of the residue) to the Community College of Philadelphia Foundation, a non-profit organization, 1700 Spring Garden Street, to further the objectives and purposes of the Foundation (or specify Division or Department).

Charitable Gift Annuities

(Income-Producing Gift)

An ideal way to receive a life income, you make an irrevocable gift of cash, stock, or securities to the Foundation and in turn, the Foundation provides you with a guaranteed fixed income for life. The charitable gift annuity benefits you in many ways:

  • You can increase your income.
  • You can receive an immediate charitable income tax reduction.
  • You can save future taxes.
  • You can avoid some capital gains taxes.
  • You can avoid probate cost and estate taxes.


Life Insurance

The Foundation must be named as both beneficiary and irrevocable owner of an insurance policy before a life insurance policy can be recorded as a gift. The gift is valued at its interpolated terminal reserve value, or cash surrender value, upon receipt. If the donor contributes future premium payments, the Foundation will include the entire amount of the additional premium payment as a gift in the year that it is made.

Life Insurance Beneficiary Designations
Donors and supporters of the Foundation will be encouraged to name the Foundation as beneficiary or contingent beneficiary of their life insurance policies. Such designations shall not be recorded as gifts to the Foundation until such time as the gift is irrevocable. Where the gift is irrevocable, but is not due until a future date, the present value of that gift may be recorded at the time the gift.

Retirement Plan Beneficiary Designations

Donors and supporters of the Foundation will be encouraged to name the Foundation as beneficiary of their retirement plans. Such designations will not be recorded as gifts to the Foundation until such time as the gift is irrevocable. When the gift is irrevocable, but is not due until a future date, the present value for that gift may be recorded at the time the gift becomes irrevocable.

For personal assistance on any planned gift, please contact Susan Piergallini in the Office of Institutional Advancement at (215) 751-8205 or e-mail spiergallini@ccp.edu.