Planned Giving Chairs Training


PG Mailings:  Our Planned Giving brochures and PG Chair postcard appeal are in the mail.  Our phones have already started to ring with requests for annuity proposals. A thank you goes out to all our PG Chairs for their help with their class' wording.

Wellesley Fund:  To bring you up to date, there has been a change in the outright gift area of Resources:  Annual Giving (for outright unrestricted gifts) will now be called "The Wellesley Fund."  Wellesley Fund brochures were distributed to those in attendance.  You might have already received one of their fold out brochures in a recent Wellesley Fund mailing sent out to all alumnae.

Gift Crediting:  We reviewed our recent gift crediting change from remainder value (equal to a gift's charitable deduction) to 100% gift credit for all new gifts. As most of you know, prior to 7/1/2000 we gave 100% gift credit for all life income gifts.  However from 7/1/2000 to 6/30/2011 we used the calculated charitable deduction for Wellesley's gift crediting policy.  Since a donor was to receive an income back for life, we estimated the amount of income to come to the donor over their lifetime, and the difference between this amount and the total gift was the gift credit that they and their class received on Wellesley's records.  After taking a closer look at all these gifts, however, we discovered that the College received much more in the end than originally thought.  Therefore, it was decided to go back to our original gift crediting policy of 100% value for every new life income gift made on or after 7/1/2011.  This change in gift crediting, however, does not change your charitable deduction for income tax purposes.  This only has a bearing on the gift credit received on Wellesley's records for all new life income gifts that come to the College.

Durant Credit:  The change in our gift crediting will also have an effect on the level of Durant membership you will receive for a new life income gift.  Since our minimum gift is $10,000 for an annuity or new pooled fund gift, either gift would qualify you for the Sponsor's level of the President's Circle in the Durant Society during the year of your gift.  This is especially nice to hear if you are entering your Reunion year at Wellesley.

PLR:  As we have discussed before, Wellesley received a Private Letter Ruling from the IRS a number of years ago allowing us to move Charitable Remainder Trust gifts, for which Wellesley is trustee, into the endowment for investment purposes.  We intended to initiate this in 2007, but the stock markets crashed at that time, and put our plans on hold.  We are now in the process of once again looking at this investment opportunity for those trusts that are designated 100% to Wellesley.  Once the process is in place, we will share our marketing material with you.  We are hoping that this investment option will stimulate new Charitable Remainder Trust gifts for the College.

Gifts From an IRA Account:  The IRS rollover law is about to expire on 12/31/2011.  Since our lawmakers are looking for a way to close the deficit, it is predicted that the Pension Protection Act of 2006, which has been renewed over the past few years, will not be renewed at the close of 2011.  Therefore, if you are 70 1/2 years old or older, you can take advantage of this tax-free opportunity to donate an outright gift to The Wellesley Fund directly from your IRA account.  You will not have to pay income tax on the withdrawal and it will qualify as part/all of your required minimum distribution for 2011.  However, you will also not receive a charitable deduction on your federal income tax return for this gift.  Check out Wellesley's website for additional details and sample letters to your IRA administrator and to Wellesley.

Tower Society:  We now plan to relaunch the Wellesley College Tower Society (our legacy society) this coming spring.  Stay tuned for further details and for news of the additional benefits we will be offering to all our members.  If you have any suggestions as to what you expect from a legacy society, please give us your feedback.

Charitable Gift Annuity Rates:  Last but not least, our immediate payment annuity rates changed slightly as of July 1, 2011.  For those aged 60-69, the rates went down slightly (1/10-4/10 of one percent).  For those aged 70-74, the rates stayed the same; and for those aged 75 and older, the rates went up slightly (1/10-3/10 of one percent).  Since this was such a minor adjustment and difficult to market considering the age brackets, we chose not to emphasize this change at this time.

Contact Us:  As always, if you have any questions or comments, please feel free to contact the Planned Giving Office at anytime.  Our toll-free number is 800.253.8916 and our email address is:  Ann Stout, Noreen Mitchell or I would be happy to talk with you at any time.