Ways To Give
There are many acceptable options to chose from when making a gift to the Hokie Club. Generally, giving either falls under one of two acceptable categories: Outright Gifts or Deferred Giving. Outright giving includes Gifts of Cash, Gifts of Real Estate, Gifts of Securities, and Gifts in Kind. Deferred Giving includes Bequests, Life Income Gifts, Charitable Lead Trusts, Retirement Account Gifts, Life Insurance Gifts, and Retained Life Gifts. Matching Gifts from one’s company is also an option. Details on all of the above mentioned Ways to Give are listed below. If you have a specific question on any of the various Ways to Give, please contact the Hokie Club at (540) 231-6618.
Outright Gifts
GIFTS OF CASH
Gifts of cash are the most common and often the simplest to make. Checks should be made payable to the “Virginia Tech Athletic Fund”.
When making a gift of cash to the Virginia Tech Athletic Fund, several payment schedules are available, including making monthly, quarterly, or lump sum payments. Another option involves setting up a monthly electronic transfer, called Hokie Matic.
The Hokie Matic electronic transfer option allows the member to have his or her annual donation drafted with even payments on a monthly basis from a specified banking account; either checking or savings accounts are acceptable. Click here to download a Hokie Matic form.
Drafts will occur automatically on either the 15th or 30th of each month as specified by the member. The Hokie Club will automatically renew the member’s Hokie Matic membership each year until directed otherwise by the member and therefore the member will never become inactive. To stop Hokie Matic, contact the Hokie Club office. Hokie Matic forms must be set up prior to December 1 to qualify for privileges to be awarded for the Benefits Deadline
To download a Hokie Matic form, visit the FORMS page.
GIFTS OF REAL ESTATE
Many types of real estate can be used to make a gift to Virginia Tech: a personal residence, farm, undeveloped land, or commercial property. Making a gift of real estate requires, at a minimum, an appraisal, environmental review, and deed.
As a donor of real estate, you receive an income tax deduction and avoid capital gains tax. In addition, donors of outright gifts typically avoid maintenance costs, property taxes, insurance, and other on-going expenses.
GIFTS OF SECURITIES
A gift of securities (stocks, bonds, and mutual funds) typically involves publicly traded shares, such as those traded on the major exchanges and over the counter, as well as most mutual funds. Gifts of privately held stock, though more complex, are also possible.
Supporting Virginia Tech with a gift of securities can provide significant tax benefits for the donor – bypassing capital gains taxes and providing a valuable income tax deduction – both of which effectively reduce the cost of making a gift.
To coordinate any gift of securities, please visit the Office of Investments and Debt Management website.
GIFTS-IN-KIND
Another way to support Virginia Tech is through gifts of tangible personal property. The Hokie Club will accept non-monetary donations that will be credited to your membership. All Gift-In-Kind donations must have prior approval from the Director of Development and will be handled on an individual basis.
DONOR ADVISED FUNDS, RETIREMENT ACCOUNTS, FOUNDATIONS AND TRUSTS
Certain restrictions apply regarding VTAF point priority if you are interested in making a gift through these types of gifts. Please consult with a VTAF representative for more information.
Gifts of cash are the most common and often the simplest to make. Checks should be made payable to the “Virginia Tech Athletic Fund”.
When making a gift of cash to the Virginia Tech Athletic Fund, several payment schedules are available, including making monthly, quarterly, or lump sum payments. Another option involves setting up a monthly electronic transfer, called Hokie Matic.
The Hokie Matic electronic transfer option allows the member to have his or her annual donation drafted with even payments on a monthly basis from a specified banking account; either checking or savings accounts are acceptable. Click here to download a Hokie Matic form.
Drafts will occur automatically on either the 15th or 30th of each month as specified by the member. The Hokie Club will automatically renew the member’s Hokie Matic membership each year until directed otherwise by the member and therefore the member will never become inactive. To stop Hokie Matic, contact the Hokie Club office. Hokie Matic forms must be set up prior to December 1 to qualify for privileges to be awarded for the Benefits Deadline
To download a Hokie Matic form, visit the FORMS page.
GIFTS OF REAL ESTATE
Many types of real estate can be used to make a gift to Virginia Tech: a personal residence, farm, undeveloped land, or commercial property. Making a gift of real estate requires, at a minimum, an appraisal, environmental review, and deed.
As a donor of real estate, you receive an income tax deduction and avoid capital gains tax. In addition, donors of outright gifts typically avoid maintenance costs, property taxes, insurance, and other on-going expenses.
GIFTS OF SECURITIES
A gift of securities (stocks, bonds, and mutual funds) typically involves publicly traded shares, such as those traded on the major exchanges and over the counter, as well as most mutual funds. Gifts of privately held stock, though more complex, are also possible.
Supporting Virginia Tech with a gift of securities can provide significant tax benefits for the donor – bypassing capital gains taxes and providing a valuable income tax deduction – both of which effectively reduce the cost of making a gift.
To coordinate any gift of securities, please visit the Office of Investments and Debt Management website.
- Public stock transfer instructions
- Private stock transfer instructions
- Mutual funds transfer instructions
GIFTS-IN-KIND
Another way to support Virginia Tech is through gifts of tangible personal property. The Hokie Club will accept non-monetary donations that will be credited to your membership. All Gift-In-Kind donations must have prior approval from the Director of Development and will be handled on an individual basis.
DONOR ADVISED FUNDS, RETIREMENT ACCOUNTS, FOUNDATIONS AND TRUSTS
Certain restrictions apply regarding VTAF point priority if you are interested in making a gift through these types of gifts. Please consult with a VTAF representative for more information.
Deferred Gifts
Although outright gifts provide crucial resources for current programs, deferred gifts build the foundation for the future. Giving through estate plans or life income gifts is particularly suitable for those who would like to support the Virginia Tech Athletic Fund with a significant gift that may not be possible to make outright.
BEQUESTS
The simplest way to make a deferred gift to Virginia Tech Foundation is to name the university as a beneficiary in your will or revocable trust. In doing so, you may direct that your bequest be used by the university in any manner you choose; retain complete control over your property until your death; change the amount you wish to leave Virginia Tech at any time before you pass away; provide for the care of others before Virginia Tech receives any part of your estate; and choose any portion of your property to pass to Virginia Tech upon the occurrence of a variety of events, including after the death of a survivor.
Depending on the size of your estate and the amount of your charitable bequest, you will avoid estate taxes on the bequest itself and you can place the remainder of your estate in a lower tax bracket, thereby benefiting your other estate beneficiaries.
It is important that you name "the Virginia Tech Foundation, Inc., in support of athletics," in your bequest.
Sample bequest language:
Percentage of Estate Clause: "I leave _______ percent (____%) of my estate to the Virginia Tech Foundation, Inc., in support of athletics. This bequest shall be used for (or to endow) the (named scholarship, professorship, unrestricted, etc.)."
LIFE INCOME GIFTS
Virginia Tech offers three kinds of life income gifts: charitable gift annuities, charitable remainder trusts, and a pooled income fund. In each of these plans the following happens.
CHARITABLE LEAD TRUSTS
Charitable lead trusts are often used to transfer significant assets to family members at a future date with the intent of avoiding large estate or gift tax consequences.
Through this special gift arrangement, you can use an asset to provide an income stream to Virginia Tech — beginning now and lasting for a specified number of years — and in the future, pass the remaining assets to those you name.
If the term of years is long enough, and the rate of payout high enough, it is possible to pass assets to heirs free of estate taxes.
Charitable lead trusts may also be appropriate for reducing income taxes in years when you have unusually high income that places you in a higher tax bracket, or to generate cash from immediate tax savings that can be invested in a unique opportunity.
RETIREMENT ACCOUNT GIFTS
Assets accumulated in tax deferred retirement accounts such as IRAs, 401(k)s, 403(b)s, and SEPs, can fund deferred gifts.
Since retirement accounts are subject to income taxes in addition to possible estate taxes, they are less valuable to heirs than to charities, which pay no income taxes or estate taxes. Selecting these assets for deferred charitable gifts means that your heirs inherit more valuable and tax–favored assets.
To make such a gift, simply obtain a beneficiary designation form from the company managing your retirement account and name the Virginia Tech Foundation, Inc. as a beneficiary of your account.
Because retirement accounts are important and complex assets, advice from an attorney or other advisor is encouraged to ensure consistency with other estate plans.
LIFE INSURANCE GIFTS
There are various ways to support Virginia Tech with an outright gift of life insurance. Paid up or whole life insurance policies can be used as a contribution to support the Hokie Club.
RETAINED LIFE ESTATES
A retained life estate gift can allow you and a surviving beneficiary – usually a spouse – to remain in your home or on your farm throughout your lifetime. With such a gift, you deed the property to the Virginia Tech Foundation, Inc. while you retain lifetime use. You gain an immediate charitable gift deduction and avoid capital gains taxes on appreciation.
This gift plan can simplify the administration of your estate, freeing your heirs from the burden of selling the property. When you no longer need it, your gift will be used as you specify to support Virginia Tech.
For more information on any of the above Deferred Gifts, please contact the Office of Gift Planning at (540) 231-2813.
BEQUESTS
The simplest way to make a deferred gift to Virginia Tech Foundation is to name the university as a beneficiary in your will or revocable trust. In doing so, you may direct that your bequest be used by the university in any manner you choose; retain complete control over your property until your death; change the amount you wish to leave Virginia Tech at any time before you pass away; provide for the care of others before Virginia Tech receives any part of your estate; and choose any portion of your property to pass to Virginia Tech upon the occurrence of a variety of events, including after the death of a survivor.
Depending on the size of your estate and the amount of your charitable bequest, you will avoid estate taxes on the bequest itself and you can place the remainder of your estate in a lower tax bracket, thereby benefiting your other estate beneficiaries.
It is important that you name "the Virginia Tech Foundation, Inc., in support of athletics," in your bequest.
Sample bequest language:
Percentage of Estate Clause: "I leave _______ percent (____%) of my estate to the Virginia Tech Foundation, Inc., in support of athletics. This bequest shall be used for (or to endow) the (named scholarship, professorship, unrestricted, etc.)."
LIFE INCOME GIFTS
Virginia Tech offers three kinds of life income gifts: charitable gift annuities, charitable remainder trusts, and a pooled income fund. In each of these plans the following happens.
- Assets are transferred to the Virginia Tech Foundation, Inc.
- During your lifetime, you receive a predefined income stream. If desired, income can continue during a spouse's lifetime. Other individuals may be named as beneficiaries.
- When the plan ends, the university uses the gift remainder as you have specified.
- Fixed or Variable Payments: Payments may be a fixed dollar amount (often preferred by those wishing to use the payment for a fixed expense such as a mortgage) or a variable dollar amount (often used by those wishing to provide a hedge against inflation). Variable amounts are a stated percentage of the annual value of the account or the income (interest, dividends, and rent) earned by the gift.
- Immediate or Deferred Income: Payments may begin immediately or you may choose to defer them, receiving either minimal or no payments until a specified future time. The future date could be a retirement date or until the sale of a liquid asset that will fund the gift.
CHARITABLE LEAD TRUSTS
Charitable lead trusts are often used to transfer significant assets to family members at a future date with the intent of avoiding large estate or gift tax consequences.
Through this special gift arrangement, you can use an asset to provide an income stream to Virginia Tech — beginning now and lasting for a specified number of years — and in the future, pass the remaining assets to those you name.
If the term of years is long enough, and the rate of payout high enough, it is possible to pass assets to heirs free of estate taxes.
Charitable lead trusts may also be appropriate for reducing income taxes in years when you have unusually high income that places you in a higher tax bracket, or to generate cash from immediate tax savings that can be invested in a unique opportunity.
RETIREMENT ACCOUNT GIFTS
Assets accumulated in tax deferred retirement accounts such as IRAs, 401(k)s, 403(b)s, and SEPs, can fund deferred gifts.
Since retirement accounts are subject to income taxes in addition to possible estate taxes, they are less valuable to heirs than to charities, which pay no income taxes or estate taxes. Selecting these assets for deferred charitable gifts means that your heirs inherit more valuable and tax–favored assets.
To make such a gift, simply obtain a beneficiary designation form from the company managing your retirement account and name the Virginia Tech Foundation, Inc. as a beneficiary of your account.
Because retirement accounts are important and complex assets, advice from an attorney or other advisor is encouraged to ensure consistency with other estate plans.
LIFE INSURANCE GIFTS
There are various ways to support Virginia Tech with an outright gift of life insurance. Paid up or whole life insurance policies can be used as a contribution to support the Hokie Club.
RETAINED LIFE ESTATES
A retained life estate gift can allow you and a surviving beneficiary – usually a spouse – to remain in your home or on your farm throughout your lifetime. With such a gift, you deed the property to the Virginia Tech Foundation, Inc. while you retain lifetime use. You gain an immediate charitable gift deduction and avoid capital gains taxes on appreciation.
This gift plan can simplify the administration of your estate, freeing your heirs from the burden of selling the property. When you no longer need it, your gift will be used as you specify to support Virginia Tech.
For more information on any of the above Deferred Gifts, please contact the Office of Gift Planning at (540) 231-2813.
Matching Gifts
CORPORATE MATCHING GIFTS
You may be able to multiply the value of your gift by participating in a matching gift program provided through an employer or board membership. Companies may match charitable contributions at a 1:1, 2:1, or sometimes even a 3:1 ratio. Your employer’s personnel office can provide information and forms to take advantage of this unique leveraging opportunity. Gifts from retirees and spouses may also qualify for a match. There is a simple rule for donors who are not sure whether their employer matches charitable gifts- “when in doubt, ask!”
Frequently Asked Questions about Matching Gifts
When should you submit a matching gift form?
You should have your prospective contributor obtain a form from his/her employer and submit it to the Virginia Tech Athletic Fund at the time he/she makes their gift. If your prospect makes their contribution by bank draft or with quarterly payments we will process the matching gift form with the final payment for that calendar year.
When will I be given credit for my matching gift?
If you submit a matching gift form,it is your responsibility to follow up with your company to make sure the gift has been matched--it could affect your point total. The matching amount will not be included in your point total until it is received.
What if your prospect has already made their gift and just realized that their company will match? Is it too late?
Probably not. Policies vary, but for the most part, companies allow anywhere from six months to a year after the gift is made for their employees to request matching funds. Go ahead and send the form to us and we will handle it for you.
What companies match gifts?
Many companies match gifts. We recommend that you ask your prospect to check with their employer to see if they match contributions and if they do to ask for their specific matching gift form.
My company does not match, but my spouse’s company does. How does this affect my giving?
When you submit your gift, make sure the spouse eligible for matching completes the gift form and signs the check. We will take it from there and see that the matching gift is properly applied.
My company has always matched my gifts - why have they changed their policy now?
Most companies, as well as the University, have required audits to ensure that all matching gifts were issued according to company policy.
You may be able to multiply the value of your gift by participating in a matching gift program provided through an employer or board membership. Companies may match charitable contributions at a 1:1, 2:1, or sometimes even a 3:1 ratio. Your employer’s personnel office can provide information and forms to take advantage of this unique leveraging opportunity. Gifts from retirees and spouses may also qualify for a match. There is a simple rule for donors who are not sure whether their employer matches charitable gifts- “when in doubt, ask!”
Frequently Asked Questions about Matching Gifts
When should you submit a matching gift form?
You should have your prospective contributor obtain a form from his/her employer and submit it to the Virginia Tech Athletic Fund at the time he/she makes their gift. If your prospect makes their contribution by bank draft or with quarterly payments we will process the matching gift form with the final payment for that calendar year.
When will I be given credit for my matching gift?
If you submit a matching gift form,it is your responsibility to follow up with your company to make sure the gift has been matched--it could affect your point total. The matching amount will not be included in your point total until it is received.
What if your prospect has already made their gift and just realized that their company will match? Is it too late?
Probably not. Policies vary, but for the most part, companies allow anywhere from six months to a year after the gift is made for their employees to request matching funds. Go ahead and send the form to us and we will handle it for you.
What companies match gifts?
Many companies match gifts. We recommend that you ask your prospect to check with their employer to see if they match contributions and if they do to ask for their specific matching gift form.
My company does not match, but my spouse’s company does. How does this affect my giving?
When you submit your gift, make sure the spouse eligible for matching completes the gift form and signs the check. We will take it from there and see that the matching gift is properly applied.
My company has always matched my gifts - why have they changed their policy now?
Most companies, as well as the University, have required audits to ensure that all matching gifts were issued according to company policy.