In addition to outright gifts of cash, checks and online gifts by credit card, the Foundation offers several other ways for donors to contribute funds to benefit the University. These include convenient recurring gift options through bank draft or USM payroll deduction, multiple year commitments through pledges, and gifts of securities and property.
Bank draft provides a convenient recurring gift option with an automatic draft from the donor’s bank account initiated by the Foundation on a monthly basis. Donors that wish to set up a monthly bank draft with the Foundation should complete the Bank Draft/Payroll Deduction Authorization Form and provide a voided check to the Foundation. Bank Draft is processed near the end of each month.
USM employees may contribute through payroll deduction. Donors that wish to set up a monthly payroll deduction should complete the Bank Draft/Payroll Deduction Authorization Form and submit it to the Foundation. Deadlines for USM payroll deductions are determined by USM Payroll and generally fall around the 10th of each month. As such, donations for new payroll deductions may be delayed one month if the donor notifies the Foundation after the date of the USM Payroll deadline. Similarly, donors who wish to cancel their payroll deduction must do so by the USM Payroll deadline, or the deduction will continue an additional month. The gift date of monthly payroll donations will be listed as the last day of each month.
A donor may wish to make a multi-year commitment in support of a particular scholarship or program. Multi-year pledges are unconditional promises to transfer cash or other assets in the future and are usually five years or less. Pledges allow a donor to demonstrate an ongoing investment in the University. The amount and frequency of scheduled pledge payments is at the donor’s discretion.
Gifts of marketable securities may be an attractive option for donors who have appreciated stock. Donors may be able to claim the market value of the security as a charitable contribution and avoid paying taxes on capital gains. It is the Foundation’s policy to liquidate securities as quickly as possible upon receipt of a gift of marketable securities. The proceeds, net of gains or losses realized by the sale, brokerage fees and any income generated during the holding period, are deposited as directed by the donor.
Gifts of real property open the door to a unique giving opportunity. Donating a personal residence, second home, or vacant or undeveloped land may create a two-fold benefit: donors may be able to claim the market value of the property as a charitable contribution and avoid paying taxes on capital gains.
Each donor’s tax position is unique, and donors are encouraged to consult their tax advisors to determine their charitable contribution amounts.
For more information on these and other ways to give, please contact the USM Foundation at 601.266.5210 or email@example.com.