Annual fund gifts, usually made in response to a mail or telephone solicitation. Because they come with no earmark, these unrestricted contributions are put to use by the MAA Board of Directors in the areas determined most needed. Student financial aid, academic programs, and Davidge Hall restoration are among the many initiatives annual fund gifts support.
Check and credit card gifts make up the majority of donations to the annual fund. These gifts are the easiest and most direct way to give to the school and are fully deductible if you itemize on your federal income tax return. Checks should be made payable to the Medical Alumni Association of the University of Maryland, Inc. and mailed to Morton M. Krieger, M.D., Medical Alumni Center, 522 W Lombard St, Baltimore MD 21201. Or, use our on-line form here.
Honor & Homage Gifts
Commemorative gifts in honor or memory of individuals can be made through the alumni office. The gift will be acknowledged to the person being honored, or in the case of memorial gifts, to the family of the deceased. Money ordinarily spent for flowers or gifts to acknowledge important events in the lives of relatives and friends is instead channeled to the annual fund. Anniversaries, births, birthdays, graduations, weddings, promotions and get-well wishes are just a few occasions that can be acknowledged.
Giving with appreciated securities is a tax-wise way to support the school. When making a gift of appreciated stocks, bonds or stock options, the donor pays no tax on the capital gains. Furthermore, the donor can earn a charitable tax deduction for the fair-market value of the contribution up to a 30 percent limit of his or her adjusted gross income. Any excess deduction can be carried over for up to five years.
The most popular and most efficient way to transfer securities to the MAA is by electronic transfer. The following information must be relayed to your broker to insure that your gift is properly credited to our account.
MAA broker: PNC Bank
Account representative: Tonya Mitchell, 412.762.6633, [email protected]
DTC number: 2616
Our account: #: 21-46-001-5905142
Our Federal ID #: 52-0615433
If your broker has any questions, have him or her call our office at 410.706.7454.
A gift annuity is both a charitable contribution and an investment. The annuity provides guaranteed fixed income for the lifetime of the donor and/or for the lifetime of the donor’s spouse or other beneficiary. After that, the assets in the annuity become available to the school. The income may be deferred to help fund the donor’s retirement or to cover a child’s college expenses. When the annuity is created, the donor receives a charitable tax deduction that can be carried over an additional five years. If the annuity is funded with appreciated securities, the donor pays no capital gains tax at the time of the gift; any capital gains tax due is spread over the lifetime of the annuity.
For many donors, a bequest is the most significant gift they can make to the School. A bequest removes assets from the donor’s estate and reduces its exposure to federal taxes. Bequests can be revoked by the donor if financial or other personal circumstances change.
Charitable Remainder Trusts
Two basic types of charitable remainder trusts qualify for federal tax benefits. In both arrangements, a donor gives stock, cash or other assets to a trust. Those assets are invested, producing income for the donor, or other beneficiary, either for a fixed period of time or until the donor dies. The donor is allowed to claim a tax deduction for the estimated portion of the assets that will ultimately come to the Medical Alumni Association. When the donor dies, the association keeps all remaining assets.
The two types of remainder trusts are Unitrusts and Annuity Trusts. Under a basic Unitrust, the donor receives one or more yearly payments equaling a fixed percentage of the value of the asset, which is assessed each year. Under a net-income unitrust, the donor receives only the income earned by the trust, even if the trust earns less than the payout rate. However, the trust can be set up to include a “make-up provision,” which allows the donor to make up the lost income, provided the trust earns more than the payout rate in future years.
Under an Annuity Trust, the donor receives a yearly fixed payment equaling at least 5% of the value of the asset at the time the deferred-giving agreement was signed.
By making Charitable Remainder Trusts, donors can get income tax deductions and escape capital gains taxes. Many donors find the trusts an appealing way to prepare for retirement. The assets can be invested to earn a lower rate of return when the donor is younger and then shifted to earn a higher rate of return, thus providing more income during the donor’s later years.
Life insurance can be a convenient and cost-effective means of making a substantial gift for the future of the school. This simple gift opportunity allows you to name the Medical Alumni Association as the owner and beneficiary of a fully paid policy.
Gifts of personal property such as works of art, rare medical books and antique furnishings are also accepted. Such gifts must be appraised by an outside expert unless an item has an apparent value of less than $5,000.
Many companies encourage charitable giving by matching their employees’ contributions. In some cases, a company may match more than 100% of the donor’s contribution. This is an easy way to double, or even triple, the value of your gift to the school. Please check with your (or your spouse’s) personnel office at work to determine if they offer a matching gift program. Make A Gift.
For more information on any of these giving methods, please contact Larry Pitrof at 410.706.7454 or [email protected]