City College will close today, January 26, 2015, at 3 p.m. due to inclement weather. Only essential personnel are expected to report to or remain at work for regular business hours. The college is closed Tuesday, January 27, 2015. Only essential personnel report to work.
You can make a larger gift to the City College of New York than you would have thought possible, earn income for life, and gain tax advantages with gift planning. Planned gifts include bequests, annuities and trusts that pay income for life, and gifts of retirement plan assets, life insurance policies.
Simply add a codicil to your existing will, designating a specific dollar amount or percentage of your estate to City College. Suggested language is:
I give, devise, and bequeath the sum of $___ for the benefit of The City College of New York 21st Century Foundation, Office of Development and Institutional Advancement, Room S-154, 160 Convent Avenue, New York, NY 10031.
I give, devise, and bequeath ___% of my gross estate for the benefit of The City College of New York 21st Century Foundation, Office of Development and Institutional Advancement, Room S-154, 160 Convent Avenue, New York, NY 10031.
Gifts That Pay Income
Charitable Gift Annuities
Charitable Gift Annuities provide you with a fixed income for life. You receive an immediate tax deduction and, if you give through appreciated securities, you avoid capital gains taxes.
Charitable Remainder Trust
You can create a Charitable Remainder Trust with your attorney or financial advisor, transferring assets such as stocks, mutual funds, or real estate to City College. Your plan gives you tax advantages and income for life and will remove assets from your estate, reducing estate taxes. New legislation makes this easier and more beneficial than ever.
Retirement Plan Assets
IRAs,401(k)s, 403(b)s and other retirement plans are the most heavily taxed assets that can be left to your heirs, with the exception of your spouse. Income, estate, and excise taxes can lead to a loss of more than 75% of your plan’s assets. Naming City College your survivor beneficiary removes these highly taxed assets from your estate, and enables you to leave lesser-taxed assets to your heirs. New legislation makes this easier and more beneficial than ever before.
Life Insurance Policies
You may no longer need to cover your children’s education, your home mortgage, or other expenses you anticipated earlier in your life. If you donate a fully paid-up policy, naming City College irrevocable owner and beneficiary, you may take an income tax deduction equivalent to its cash value.