Gifts to the College of Computer, Mathematical, and Natural Sciences can be made in a variety of ways. There are many types of assets that can be donated, multi-year payment schedules, and tax benefiting structures for major gifts.
This page summarizes a few options. Please contact Veronica Meinhard, interim assistant dean for external relations, to discuss your individual interests and situation. Additionally, please consult your own personal financial and tax professionals to fully understand your individual situation.
What types of assets can you give?
Providing funds in the form of a check, money order, or credit card to the college is an easy way to help students, faculty, and programs. Many people provide unrestricted support to the Dean’s Fund or to their home department to meet day-to-day needs. These funds allow for the “extras” that are needed to run large educational and research programs beyond what the state and tuition provides. It is also the most flexible and immediate gift for the college to use.
Gifts of non-cash assets are becoming increasingly popular because they do not affect cash flow. Often, people inherit assets and use non-cash donations to reduce their tax burden. The University of Maryland is able to efficiently and quickly process non-cash gifts and they can provide long-term financial planning benefits while providing the college a long-term revenue source.
Common non-cash assets are:
- Securities and Stocks: Stocks are a convenient non-cash gift. The transactions can be handled by you directly or by a financial representative. Donating securities and stocks have multiple benefits that vary with each individual's portfolio.
- Land, real estate and personal property: Gifts of property can result in important tax savings. When you make gifts of property, certain value appraisals are required. These transactions will be handled by you in conjunction with your legal representative. University of Maryland staff members can assist you with these arrangements, clarifying the options and honoring the intentions with your gift.
Current Use vs. Endowments
Current use accounts are set up for gifts that will be spent upon their arrival. An example of this is the college’s General Scholarship Fund. The Fund is evaluated twice a year by the Scholarships/Fellowships committee that disperses whatever funds are available in the account, an accumulation of the past six month’s donations. Cash in by donors, cash out to students. Replenishing these funds is critical as support is only provided as it is available and varies year to year.
Endowments are bound by legal parameters that are governed by the University of Maryland College Park Foundation. Many donors have chosen to form endowments because it allows their generous gifts to grow over time. Imagine knowing that long after you are gone, the legacy of your generosity is still providing scholarships for students at the University of Maryland.
Endowment gifts are placed in a University of Maryland College Park Foundation account dedicated to the individual donor’s scholarship (or other project based on the donor’s intent) and invested. The percentage of return varies from year to year reflecting the flux of the investment performance.
Estate or Planned Gifts
Many people develop a personal philanthropic dream over the course of their lifetime. By setting up an estate gift, donors can provide for a major charitable donation that may have been impossible during their lives. Knowing that your life’s work will result in a significant positive impact on your alma mater instills tremendous pride in many of the members of the University’s Founders Society.
The Founders Society honors all benefactors, living and deceased, whose gifts through will, trust, or through other planned gifts—such as a charitable gift annuity, charitable remainder trust, charitable lead trust, and life estate—help to ensure the future excellence and impact of the University of Maryland and its students.
Estate gifts to the college can be structured to provide income streams immediately. Bequests, charitable gift annuities, charitable lead trusts, charitable remainder trusts and pooled income funds are all types of planned gifts. You may also name the College of Computer, Mathematical, and Natural Sciences as a beneficiary of an IRA, 401k, or insurance policy. The University of Maryland has people in the Office of Planned Giving that can work with you and your financial advisor to maximize the benefits to you and the college.
Please contact your financial and tax professionals to further discuss which option best suits your needs.
The Social Dimension
Giving to the College of Computer, Mathematical, and Natural Sciences should be a joyful experience. The college is committed to reaching out to all alumni and friends with an interest in building our programs and helping our amazing students. There are many, many ways to get involved beyond giving a gift of money. For example, many alumni donors play an active and very positive role in the lives of their scholarship recipients by serving as mentors and in other leadership capacities.