Planned Gifts

• A simple bequest to Pima Foundation is the most common type of planned gift and is usually done through either a Last Will and Testament or a Trust. Those making such a gift who already have a Will in place can simply add a “codicil” to the Will designating the gift.
• Bequests can be made for a specific dollar amount or as a percentage of what remains in the estate after the family’s needs have been met.
• The recommended language for a bequest to the Foundation to benefit Pima Community College is, “I hereby give and bequeath to the Pima Community College Foundation, a non-profit Arizona corporation located at 4905C E Broadway #246, Tucson, AZ 85709, tax ID#86-0345089 the sum of $___ (or, “I give ___ percent”) of the remainder of my estate to be used for general purposes.”
• Arizona residents are permitted to hand-write their own Last Will and Testament; however, we recommend creating legal documents with the assistance of an Estate Law attorney.
• Bequests may be modified at any time.

• Several types of Charitable Trusts that can be established during one’s lifetime that all have the same objectives:
o Providing an income stream (or a lump sum) to an individual
o Providing an income stream (or a lump sum) to a charitable organization
• These Trusts are of two general types:
o Charitable Remainder Trusts* - Provide an income stream over several years (possibly the donor’s lifetime) to one of two beneficiaries, with the “remainder” (that which remains in the Trust after the death of the beneficiary(s) passing) going to a charitable organization(s).
o Charitable Lead Trusts* - Provide an income stream over several years (possibly the donor’s lifetime) to a charitable organization(s), with the “remainder” (that which remains in the Trust after a pre-determined number of years) going to a beneficiary or beneficiaries. Charitable Lead Trusts are especially attractive to high net-worth individuals who wish to pass a portion of their estates to children or grandchildren while minimizing taxes.
*There are several ways in which Trusts can be established; any Trust should be created in consultation with a qualified estate-planning attorney

• Donor-Advised Funds (DAF) are like charitable investment accounts, but they are used solely to support charitable organizations like Pima Community College Foundation. They are a superb way to make a lasting contribution.
• DAF are generally established with community foundations or through a non-profit subsidiary of a banking institution. They are simple and flexible vehicles through which donors can make their charitable donations.
• A DAF generally specifies what is to be done with funds remaining in the DAF upon the donor’s death.

• There are two ways in which life insurance policies can be used to make a gift:
o Pima Community College (or Pima Community College Foundation) can be named as a beneficiary, co-beneficiary, or contingent beneficiary of the policy; changing a beneficiary is often as simple as requesting a Change of Beneficiary form from the insurance provider.
o Certain policies, such as Whole Life and Universal Life, have a value in-and-of themselves, and can be gifted to Pima Foundation. It is best to talk with your insurance agent about gifting a policy.

• Real estate gifts are a way for some individuals to make a significant gift to the Foundation. Gifts of real estate should ideally be reviewed prior to placing the gift in one’s estate. Gifts of real estate require approval by Pima Foundation’s board prior to acceptance. The board prefers to have the real property sold and the proceeds directed to the Foundation.

• Many people invest a high percentage of their assets are invested in a retirement plan such as an Individual Retirement Account (IRA), 401(K), 403(b) or another plan. There are two ways to make a gift to Pima Foundation through those plans:
o Pima Community College (or PCC Foundation) can be named as a beneficiary, co-beneficiary, or contingent beneficiary of the policy; changing a beneficiary is often as simple as requesting a Change of Beneficiary form from the insurance provider.
o For individuals 73 years of age or older and who are required to take an annual distribution (“Required Minimum Distribution” or RMD) from their IRA, may be able to make a gift using the Qualified Charitable Deduction (QCD). Doing so does not result in a tax-deductible gift for the donor but it eliminates the need to pay income tax on the distribution. Avoiding the payment of income tax on the distribution is generally more advantageous for the donor than taking the charitable deduction.
• A few essential things to remember:
o The transfer must be made directly from the IRA administrator to Pima Foundation (the check cannot be made out to the donor)
o The gift should be made in place of taking the RMD. If the RMD has already been taken for the year, it is best to wait until the next year to make the QCD.
o Gifts to more than one charitable organization can be made but should be made simultaneously

Contact Us:

520.206.4646 (Monday through Friday 8:30am – 5:00pm)
PimaFoundation.org