Ways to Give

Your gift to New York Theological Seminary is vital to ensuring the School’s vitality into the future. It is important to choose the giving plan which best fits your financial situation. This web site provides a brief overview of the different ways you can help New York Theological Seminary through a variety of charitable gifts. We encourage you to consult your attorney or tax counsel to determine the best way for you to give under current tax legislation.

If you would like to donate to New York Theological Seminary, please send your donations to:

New York Theological Seminary
475 Riverside Drive
Suite 500
New York, NY 10115

If you would like to donate online, click here.

Cash

The most popular means of making a gift to New York Theological Seminary is the simple cash gift. You can offset up to fifty percent of your adjusted gross income with a cash gift. The amount of the cash gift can be deducted from your income tax return, if you itemize your deductions. And if you’re planning a major gift that exceeds the fifty percent limit in the current year, you may carry the extra deduction forward for up to five future years.

Some donors choose to make cash gifts over multi-year period, based on an initial written pledge that outlines the amount and payment schedule for the gift.

Securities

When donating securities that you have owned for more than twelve months, you may claim an income tax deduction based on their full market value at the time the gift is made, if you itemize. In addition, you pay no capital gains tax on the appreciation of the securities.

Such gifts are generally limited to offsetting more than thirty percent of your adjusted gross income, but may be carried forward for the succeeding five years.

Real Estate

If you own real estate that has increased significantly in value since you purchased it, you may find that capital gains tax may be a significant issue upon the sale of the property. When making a gift of real estate to New York Theological Seminary, you may qualify for a charitable income tax deduction based on the property’s full appreciated value — up to thirty percent of your adjusted gross income in the year the gift was made. Any unused charitable deduction may be carried forward for the succeeding five years. A gift of real estate will help you avoid capital gains tax.

Insurance

Insurance you no longer need to protect you or your family can be the basis of a charitable gift to New York Theological Seminary.

When donating a paid-up policy, your are eligible for an income tax deduction based on the replacement cost of the policy or the cost basis — whichever is lower.

When donating a policy that is not fully paid, you receive a charitable deduction for the approximate cash surrender value or the cost basis, if lower. If you continue paying the premiums, these payments can also be deducted.

If you wish, you may also obtain a new policy naming New York Theological Seminary as the beneficiary. A tax deduction may be claimed for the amount of premium payments, if the School is both the owner and beneficiary of the plan.

Bequest

A charitable bequest is a very simple way of making a generous gift to New York Theological Seminary. When drafting or updating your will, we encourage you to consider including NYTS as a beneficiary of your estate, creating a legacy that will help ensure excellent theological education for future generations.

Bequests can be made for general unrestricted use by the School or you may choose to restrict your bequest gift for a designated purpose. There are several kinds of bequest gifts, but whichever you choose, it’s important that your intentions be specified in writing, using appropriate language. We encourage you to review the following options with your advisors.

Specific Bequest

As its name suggests, the specific bequest provides a gift in a specific dollar amount, or of specific assets. Such a gift can be conveyed as follows:

“I give to New York Theological Seminary, located in New York, NY the sum of $________________ or ________________(name of asset) for the general uses and purposes of said institution.”

Percentage Bequest

A percentage division of your estate keeps all bequests in proportion to one another, even as specific financial circumstances may change. Such a bequest may be conveyed as follows:

“I give to New York Theological Seminary, located in New York, NY, (percentage amount) of my total estate disposed of by this will, to be used for the general uses and purposes of said institution.”

Residual Bequest

Alternatively, you may choose to designate NYTS as a residue beneficiary of your estate. In that case, the Seminary will receive the assets remaining after other bequests have been fulfilled. The following language might be used in conveying such a bequest:

“I give the residue of my estate (or you may state a percentage of the residue) to New York Theological Seminary, located in New York, NY, to be used for the general uses and purposes of said institution.”

Testamentary Bequest

Through your will, you may also establish a testamentary trust. Such a trust supports selected beneficiaries during their lifetime, after which trust assets are assigned to Claremont. Language such as the following can be used to establish a testamentary trust:

“Upon the death of (name/s), or upon my death if (she/he) fails to survive me, the entire balance then remaining of the trust estate shall be distributed to New York Theological Seminary, located in New York, NY, for the general uses and purposes of said institution.”

Note that alterations in family status, changes in the law, alterations in the value of property you own, and so on can make your estate plan obsolete. Whichever form of bequest gift you choose, we therefore encourage you to update your will and any other plan documents as your circumstances change. NYTS encourages you to have a qualified attorney prepare or revise your estate plan.

Gift Annuity

A gift annuity is a contract whereby you (and/or another beneficiary, if desired) exchange a gift of money or securities for a fixed income for life. The amount of annual income is based on your age/s at the time the annuity is established. After your income payments begin, a significant portion of each payment is exempt from income tax when you donate cash for the annuity. You are also allowed a potentially significant charitable income tax deduction in the year the gift annuity is created.

Deferred Gift Annuity

The deferred payment gift annuity differs from a regular gift annuity in that payments begin at a date in the future, such as the year you expect to retire. This gift vehicle allows you to make a gift now and use the resulting charitable deduction to lower your income taxes. Later, when you need the security of additional income, you will receive a fixed income for life.

Charitable Remainder Unitrust

The charitable remainder unitrust is ideally suited for those wanting to make a gift using highly appreciated assets currently yielding a low rate of return, while also desiring to avoid capital gains tax on the transfer of assets to New York Theological Seminary. You receive a unitrust amount for life in exchange for an irrevocable transfer of assets. The assets are managed as a separate fund paying a fixed percent (at least 5%) of the fair market value of trust assets as revalued each year. The percentage of the trust received as payment is agreed upon between you and New York Theological Seminary at the time of the gift. You receive a significant charitable income tax deduction in the year the trust is created.

Charitable Remainder Annuity Trust

The charitable remainder annuity trust guarantees you income for life at a fixed dollar amount in return for an irrevocable transfer of money or appreciated assets to the school. When the trust is created you set the dollar amount, which must be at least 5% of the value of the assets used to fund the trust. Capital gains tax is entirely avoided on the transfer of assets to the trust. Plus, you are entitled to an immediate charitable income tax deduction.

Charitable Lead Trust

Unlike the previously mentioned trusts, the charitable lead trust distributes income to New York Theological Seminary rather than you. After a specific period of time, the trust assets revert to you or are distributed to others (usually family or friends). There may be significant benefits, including possible estate and gift tax savings.

Retirement Plan Gifts

Your retirement plan will be subject to income tax after your death and may be subject to estate tax if you leave a large estate. You can avoid these taxes by naming New York Theological Seminary as a beneficiary of your qualified retirement plans, such as individual retirement accounts (IRAs), 401(K)s, 403(b)s, Keoghs or other plans. Simply ask the administrator of your plan for a death beneficiary change form, and indicate the amount or percentage of assets you wish to be transferred to New York Theological Seminary following your lifetime. Your spouse may need to consent to your designation.

It is important to choose the giving plan which best fits your financial situation. This web site provides a brief overview of the different ways you can help New York Theological Seminary through a variety of charitable gifts. We encourage you to consult your attorney or tax counsel to determine the best way for you to give under current tax legislation.

Donate

If you would like to donate to New York Theological Seminary, please send your donations to:

New York Theological Seminary
475 Riverside Drive
Suite 500
New York, NY 10115

If you would like to donate online, click here.

 

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