Planned Giving
Mother Eleanor O’Byrne Legacy Society
In 1841, Manhattanville College was founded by the Society of the Sacred Heart of Jesus, the pioneers of excellence in education, community service and social justice. In celebration of Manhattanville College’s rich legacy we are pleased to announce the establishment of a new giving society- the Mother Eleanor O’Byrne Legacy Society - to recognize those individuals who have made or will make charitable provisions for the College as part of their estate plans. The foresight and generosity of these important donors will help preserve and strengthen Manhattanville College for generations to come.
A legacy gift is a practical and powerful means of long-term, financial support that ensures the College’s vibrant future. Each donor’s legacy provides critical funds that enable Manhattanville to fulfill its mission that is rooted in the values of our founders.
Mother Eleanor O’Byrne, RSCJ, was Manhattanville College’s fifth President, serving from 1945-1965. She was a visionary with a warm heart. Her lasting legacy is our beautiful campus, as she was the driving force behind the purchase of the estate on which Manhattanville College still stands. Mother O’Byrne personally connected with her students and Manhattanville Alumni. She set an example for each of us through her tireless work to ensure the best possible education for a diverse and talented student body.
You too, can leave a lasting legacy for Manhattanville College. By leaving Manhattanville in your will or making a planned gift, you will leave your own legacy for the Manhattanville students of tomorrow, ensuring that they continue to receive the quality education set forth by our founders.
Join Today!
To be eligible to join this important group of benefactors, please notify us that you have made or would like to make a commitment to the future of Manhattanville through one of the following gift arrangements:
Membership is easy!
Once you decide to make an estate or planned gift to Manhattanville, inclusion in the Mother O’Byrne Legacy Society takes just three easy steps:
Document Your Gift: With the help of your professional advisors, make a planned gift to Manhattanville College -- a gift of any size qualifies you for membership.
Notify the College: Send the College Development Office a copy of your will, trust agreement or insurance policy. If you prefer, you may copy just the relevant part of your will or trust agreement or the cover and beneficiary pages of your insurance policy.
Submit your Information Form by mailing it to: the Office of Institutional Advancement, 2900 Purchase Street, Purchase, NY 10577
Legacy Society donors will receive special recognition in College publications and invitations to annual Society activities. The College will honor requests for donor anonymity and members of the Society may choose to designate their gifts to the College at large or to specific activities or programs. If no designation is made, gifts of Mother O’Byrne Society members will go into the College’s endowment to ensure fiscal strength in the future.
To share your intent of a legacy gift and become a member of the Mother O’Byrne Legacy Society at Manhattanville College please complete and mail us the enclosed form. For more information about planned gifts please call 914-323-5112.
Charitable Gift Annuities
Over age 65
Charitable Gift Annuities have become popular vehicles for philanthropic people over age 65. This may be because the interest rate on the Gift Annuity which determines the annual payment increases with the age of the beneficiary(ies).
There are other advantages offered by Charitable Gift Annuities:
Since a portion of the Gift Annuity payments is tax-free and (if appreciated securities are used to fund the gift) a portion is taxed at Capital Gains Tax rates (15%, compared to 35%, the top tax bracket for ordinary income tax rates), taxation for Charitable Gift Annuities is favorable compared to many other sources of income.
If long-term appreciated securities are used to fund the gift, no immediate Capital Gains Tax is incurred. The Capital Gains Tax owed is spread out over the life of the gift. Yet you will receive payments and a charitable income tax deduction based on the full current value of the securities. (The amount of the charitable income tax deduction is calculated by IRS formulas and is equal to the present value of the gift, usually 30 to 50% of the full current value.) The minimum for a Manhattanville Charitable Gift Annuity is $10,000.
Many areas of philanthropic interest at Manhattanville can be funded with Charitable Gift Annuities. Very popular areas are scholarships and the Campaign for Manhattanville. Please contact the Office of Institutional Advancement at 914-323-5439 to discuss your area of interest at the University.
EXAMPLES OF MANHATTANVILLE COLLEGE CHARITABLE GIFT ANNUITY RATES
AGE OF DONOR/ 1ST BENEFICIARY | PAYMENT RATE IF ONE BENEFICIARY | AGE OF 2ND BENEFICIARY | PAYMENT RATE TO BOTH BENEFICIARIES |
60 | 5.7% | 58 | 5.3% |
70 | 6.5% | 68 | 5.8% |
80 | 8.0% | 78 | 6.8% |
Bequests
Leaving a Bequest to Manhattanville
The following language may aid you and your attorney in preparing your bequest to Manhattanville College:
I give, devise and bequeath to Manhattanville College, a nonprofit corporation organized in accordance with the laws of the State of New York for the purpose of supporting Manhattanville College, an educational institution, located at 2900 Purchase Street, Purchase, New York:
a) the sum of $____________________________________________ ;
b) the following described property ___________________________ ;
c) (_________ % of) the rest, residue and remainder of my estate.
The property comprising this gift may, for investment purposes, be merged with any of the general investment assets of Manhattanville College, but the gift shall be entered in the College's records as the _________ Fund, and shall always be so designated. The distributions from the fund shall be used
a) to further the general purposes of Manhattanville College and for general use;
b) to provide scholarships for deserving students of Manhattanville College;
If you select a specific purpose for your gift, inclusion of the following sentence will ensure that the bequest remains useful through many decades.
If, in the judgment of the College Board of Trustees, changed circumstances should, at some future time, render the designated use of this fund impracticable, unwise or inappropriate, then the Board shall use the fund to further the objectives and purposes of Manhattanville College, giving consideration to my special interest as evidenced by the purpose described above.
If you choose to name Manhattanville College as a beneficiary, please let us know of your plans. This will enable us not only to show our appreciation of your generosity, but also to include your support in planning for the future of Manhattanville.
Gifts of Life Insurance Policies
Life insurance can be an easy and flexible way to make an important gift to Manhattanville. Whether it is an old policy that has outlived its original purpose (such as for a spouse who no longer needs it, a child who is financially independent, or to protect a business that no longer exists) or a new policy purchased specifically to benefit Manhattanville, a gift of life insurance can allow you to leave a much larger gift to students in need.
There are at least six different ways in which you can structure a gift of life insurance to Manhattanville:
1. You can make Manhattanville a beneficiary of an already existing life insurance policy. Upon your passing, the full face value amount of the policy will go to Manhattanville. Although the proceeds from the policy will be included in your gross estate, the full amount received by Manhattanville may be deductible as a charitable deduction. To make Manhattanville a beneficiary of an already existing life insurance policy, you can simply request a beneficiary designation form from your employer or insurance company. Most forms require the following information:
Manhattanville full legal name: Manhattanville College
Manhattanville’s permanent mailing address: 2900 Purchase Street, Purchase, NY 10577
Manhattanville’s federal tax identification number: 13-1740469
Your relationship to the beneficiary: Charity
2. You can make Manhattanville the owner and beneficiary of an already existing paid-up life insurance policy. By doing so, you may be able to deduct an amount equal to the fair market value of the policy, or your cost basis, whichever is less. Since Manhattanville becomes the owner of the policy, the proceeds will not be included in your estate for tax purposes.
3. You can make Manhattanville the owner and beneficiary of a policy on which you are still paying premiums. You may be able to deduct an amount equal to the approximate cash value of the policy or the policy's cost basis, whichever is less, in the year in which you make the gift. You may also be able to deduct any future premium payments, and the proceeds will not be included in your estate for tax purposes.
4. You can purchase a new policy and make Manhattanville the owner and beneficiary. Because Manhattanville is the owner, you may be able to deduct premium payments as charitable contributions for as long as the premiums are paid. Because Manhattanville is the owner, you may be able to deduct premiums as charitable contributions for as long as the premiums are paid, subject to state limitations. In addition, the proceeds will not be included in your estate for tax purposes.
5. If you participate in a group term life insurance policy through your workplace, you can donate your excess coverage to Manhattanville. Many employers provide generous life insurance coverage as a fringe benefit to their employees, but you may not realize that you are required to pay income tax on the cost of coverage over $50,000.00. However, a special rule excuses this tax if you donate the excess coverage to charity. Excess coverage is an excellent way to make a valuable gift to Manhattanville that not only doesn't cost you a dime in premiums, but in fact, saves you money. To make this gift, simply inform your company's benefits department.
6. Finally, if you travel, you can make Manhattanville the beneficiary of a travel insurance policy that covers your trip.
A common concern that many people raise when considering a charitable gift is that they do not want to deprive their family or loved ones of an adequate estate. However, with some planning, you can create a "wealth replacement plan" that will substitute life insurance for the assets donated to Manhattanville.
Upon making a charitable gift to Manhattanville, either outright or through a charitable remainder trust or other life income plan, you can use the tax deduction and/or other financial benefits resulting from the gift to purchase a life insurance policy to replace all or part of the assets donated to Manhattanville. When you pass away, the proceeds would then go to your chosen beneficiary or beneficiaries.
Life insurance is a flexible charitable giving tool that can be utilized to suit your individual financial needs while also substantially supporting Manhattanville.