Private funds are important to the people who study, teach and conduct research at Nevada State College (NSC). Gifts of all sizes enable the college to respond to faculty, students and the community, to undertake opportunities for partnerships, collaborations and entrepreneurial steps forward, adjust to needs, opportunities and changing circumstances and to deal with special circumstances.
Your gift to Nevada State College Foundation pays extraordinary academic and societal dividends. Whether it’s in the classroom, the laboratory or the library, NSC students, faculty and alumni share high ideals and a powerful commitment to make a difference in the lives of those around us.
We invite our friends and supporters to join us in enhancing the margin of excellence that we are building at NSC, knowing that as the newest public institution of higher education in Nevada, we are focused on being exceptional stewards of the funds entrusted to us, and faithful to the high purposes that the College brings to Clark County, Southern Nevada and Nevada as a whole.
Below is a list of ways in which individuals can assist the College with special funding opportunities.
Cash gifts, which can be made using a check or credit card, are simple and the most common.. These gifts allow Nevada State College through the Foundation to put the contribution to use immediately for the benefit of students and faculty. Cash gifts are also fully deductible for federal income tax purposes.
Gifts of appreciated securities – stocks and bonds – provide important tax advantages to the donor. The full fair market value of the donation is fully deductible as a charitable contribution for federal income tax purposes.
Gifting a residence, vacation home, commercial building, land or vacant property may provide many tax advantages. Real estate can also be a source of lifetime income for Nevada State College.
Donors can contribute a residence, vacation home or farm, while retaining the right to live in and use the property. Donors may also receive an income tax deduction.
Charitable Donations from IRAs for 2012 and 2013
The American Taxpayer Relief Act of 2012 (ATRA) extended the qualified charitable distribution (QCD) provisions for 2012 and 2013. Several special transition rules were included in ATRA to enable taxpayers to have a donation made before February 1, 2013, treated as a 2012 QCD.
A QCD is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. An IRA owner can exclude from gross income up to $100,000 of a QCD made for a year, and a QCD can be used to satisfy any IRA required minimum distributions (RMDs) for the year. Also, the amount of a QCD excluded from gross income is not taken into account in determining any deduction for charitable contributions.
2012 QCDs Made in January 2013
An IRA owner can treat a contribution made to a qualified charity in January 2013 as a 2012 QCD in either of the following circumstances:
IRA owners should keep records to substantiate the timing of contributions and distributions regarding any 2012 QCD made in January 2013.
A QCD made in January 2013 that is treated as a 2012 QCD will satisfy the IRA owner’s unmade 2012 RMD if the amount of the QCD equals or exceeds the 2012 RMD. However, no part of such a QCD can be used to satisfy the 2013 RMD, even if the 2012 RMD had already been made. In determining the RMD for 2013, the 2012 QCD must be subtracted from the December 31, 2012, IRA account balance(s).
If a 2012 Form 8606 must be filed, the instructions to the form will describe how to report any 2012 QCD made in January 2013.
If the Nevada State College Foundation and/or members of its Board of Trustees can be of service to you, your friends and/or clients, please call (702) 992-2356.
Material received from IRS, Stelter & Company (IA), and Campbell & Company (IL)
Setting up an endowment to benefit Nevada State College students in your family’s name, by means of a bequest in your will or living trust, is a wonderful way to support your philanthropic priorities in perpetuity.
Using retirement plan assets to make a charitable contribution gives donors financial and tax advantages. Naming Nevada State College through the Foundation as a beneficiary of a retirement plan – including IRA’s, 401(k)s and profit-sharing plans – may eliminate estate and income taxes.
By assigning ownership of life insurance to the Foundation, donors may receive tax deductions for the cash value of the policy and the yearly premiums.
All gifts are formally acknowledged to the extent allowable by state and federal laws and Internal Revenue Service (IRS) regulations. As a prospective donor, you should consult your accountant, attorney and/or other financial advisers to help you choose the donation methods that make the most financial sense for you and your family.
Philanthropy is based on the voluntary action of you and others for the common good. To ensure that you have full confidence in any organization you support, you have the right:
(The Foundation’s Board of Trustees abides by the Donor Bill of Rights adopted by the Association of Fundraising Professionals, Association of Healthcare Philanthropy and the Council for Advancement & Support to Education.)