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Gift Planning

BRI and Schoolfield in early fall Many donors find that a planned gift is an inviting option. While the gift to the College is deferred, the donor takes an action as part of estate planning to provide for this gift at a later time, usually after death. Many planned gifts provide favorable tax benefits.

Planned gifts include:

  • » Bequests- naming Ferrum in your will for a percentage of your estate or for a specific amount.

  • » Retirement Plans – naming Ferrum as a beneficiary of your 401(k), 403(b), etc.

  • » Life Insurance – naming Ferrum as a beneficiary

  • » Charitable Gift Annuities – transferring assets to Ferrum in exchange for a fixed income to yourself

  • » Charitable Remainder Trusts – giving assets to a trust to provide income to you or other beneficiaries for life, with the remainder balance coming to Ferrum at your death

  • » Charitable Lead Trusts – transferring assets to a trust to provide income to Ferrum for a fixed period of time, then reverting back to you or other beneficiaries
The best plan for you depends on your personal circumstances. Your legal or tax advisor should be consulted during the decision-making process. Also see the Estate Planning Council document (pdf), a list of attorneys, CPAs, and financial planners who volunteer counsel for Ferrum College.


Last Chance to Lock in Higher Payout Rates!

On February 1, new rates on Charitable Gift Annuities will decline throughout the United States. If you have been considering a Charitable Gift Annuity (CGA), you can lock in higher rates through January 30, but you must act now to set up your annuity.

Here are current versus new rates for a one-person annuity.
Age Current Rate After February 1
70 6.1% 5.7%
75 6.7% 6.3%
80 7.6% 7.1%
85 8.9% 8.1%
90+ 10.5% 9.5%
As an illustration, if 85-year-old Bernard wishes to set up a joint gift annuity for himself and his 81-year-old wife, Mary, with a $20,000 gift to Ferrum College, then he would receive an $8,761 tax deduction and an annual annuity of payment of $1,400 (a rate of 7%) for the duration of his and Mary's lives, if he creates the annuity by January 30. After January 30, he would be eligible to receive a tax deduction of approximately $8,676 and would receive an annual annuity payment of $1,320.

The new CGA rates will be in effect from February 1 through June 30, 2009, when they will be reevaluated by the American Council on Gift Annuities, the body that sets the suggested rates for non-profits nationally.

Please call toll-free at 1-877-337-7861, option 1, to get more information and to get a free, personalized annuity consultation.

I'm ready to make my gift. How do I get started?

Make your gift now by using our easy online form!

Other ways to send your gift

Call us to send your gift via credit card over the phone:
(540) 365-4221
or call toll-free: 877-FERRUM1 (337-7861)

Send your check (payable to Ferrum College):
Ferrum College
Office of Development
P.O. Box 1000
Ferrum, VA 24088

You can also contact us via fax: (540) 365-4203
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