Ways to Give
Harnessing the energy of future entrepreneurs and business managers, training accountants to be trusted advisors and eagle-eyed auditors, educating insightful economists and financial professionals, and grooming those who will formulate marketing messages for American and international businesses are the mission of the College of Business & Economics. It's a crucial role, as we all know.
Continuing this mission and even improving its various aspects is truly important. We each have the opportunity to assist with this valuable mission in a special way.
Make a gift online or by mail
Make an outright gift online or by check mailed to:
WVU College of Business and Economics
Attn: Kimberly Becker
PO Box 6025
Morgantown, WV 26506
Add a gift provision to your will
Adding a gift provision to your will or revocable trust "to the West Virginia University Foundation, Inc. for the benefit of the College of Business & Economics" will create your gift. Your attorney can add language about the specific use of your gift also.
Your gift may be directed for scholarships, student enrichment funds, faculty development, technology support, start-up funds for focused initiatives, or the Dean's Fund for Excellence. All will aid the College in a valued way.
Create an endowment
You may also specify that your fund be endowed, which means that it will benefit the College on a permanent basis and will earn the amounts to be used for the stated purpose. The endowment fund may be named for anyone you wish to honor.
Retirement asset beneficiary
Another way to accomplish any of these useful gifts is to change the after-death beneficiary of your retirement asset account (using the same wording as for a will). It's easy to do by contacting the account's administrator and completing a change of beneficiary form. Using a paid-up life insurance policy to provide a gift also works well.
Rollover from an IRA
The American Taxpayer Relief Act of 2012 enacted in to law included a number of provisions that apply to the use of IRA funds by those 70 ½ and older for charitable support. An annual upper limit of $100,000 applies to this type of gift, but any portion of that amount can be used to benefit West Virginia University as you specify.
For all of 2012, if you made a direct transfer from an IRA to the WVU Foundation, you may now classify that as a rollover gift. That matters in those states, such as West Virginia, that do not recognize deductions for charitable gifts. By characterizing the amount as a rollover gift, the amount will not be included in the taxable income section of your federal return.
If you would like an additional 2012 tax deduction, a charitable gift made from an IRA between January 1, 2013 and January 31, 2013 can be treated as a 2012 deductible amount. Contact your plan administrator to work out the details.
Another option - if any of your 2012 IRA distributions were withdrawn and paid to you between December 1, 2012 and December 31, 2012, you may use that amount (up to $100,000 remember) as a 2012 charitable gift by sending the amount to the WVU Foundation by January 31, 2013.
Last but not least, any distribution from your IRA in 2013 can be a 2013 charitable gift by having it sent to the WVU Foundation to benefit WVU as you specify.
And as before, the IRA funds cannot be used for any personal benefit for the donor such as football tickets or gifts that provide income to the donor or others. Please consult with your tax advisor to determine how this new law can impact your financial situation and charitable gift plans.
Helping improve the caliber of the educational offerings of the College can be a very satisfying choice — and one that will benefit many!