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Frequently Asked Questions About Giving
- Does my gift really make a difference?
- How can I make a contribution to UMUC?
- Are there tax benefits to making a gift to UMUC?
- What are UMUC's primary program initiatives?
- Does UMUC publish an annual report? If so, how can I get a copy?
- What is the deadline for making a gift for this fiscal year?
- How much control do I have over how my gift is used?
- How can I update my address?
- What are life income gifts and do they have additional tax benefits?
- Can UMUC help me with planned gifts, life income gifts, and bequests?
- Will I need a tax advisor to help me set up a planned gift?
- If I include UMUC in my will, whom do I need to notify?
- How can a planned gift help me accomplish more than an outright gift?
1. Does my gift really make a difference?
Yes, every gift makes a difference. As a result of alumni contributions, the university has been able to provide scholarship support to more than 350 needy students this year alone. Alumni donations have helped build a sound foundation for the UMUC Career and Cooperative Education Center, which was launched in September 2000. The virtual university continues to grow through support from alumni and friends, enabling us to reach out to more students in need of a quality education.
2. How can I make a contribution to UMUC?
Cash contributions can be submitted online, by phone, or by mail. When making a gift, you may specify where you would like to direct your gift. See Gift Designations for a detailed explanation of our primary program initiatives.
Please note that all checks should be made payable to The UMUC Foundation.
Gifts of securities can be made in three ways:
You may fill out a securities transfer form and send it to your banker or broker; you should also fax a copy to Institutional Advancement at 240-684-5123. Be sure to tell us where you wish your gift to be directed.
If the stock certificates are in your possession, you may simply sign them over to The UMUC Foundation on the back and mail them via certified mail to the Office of Institutional Advancement, 3501 University Boulevard East UC-310, Adelphi, MD 20783.
Or, you can sign a stock power form (available from your bank or brokerage or from Institutional Advancement), and send it to the Office of Institutional Advancement under separate cover from the stock certificate.
For additional questions regarding securities, please phone the Office of Institutional Advancement at 240-684-5100. Bequests and trusts gifts can be made in consultation with the Office of Development and your financial advisor. For more information, see Planned Giving.
3. Are there tax benefits for making a gift to UMUC?
Gifts to UMUC are tax deductible. Receipts are sent via first class mail for all charitable contributions. You should keep this receipt for your individual tax purposes.
Please note when making a gift to UMUC that all funds are administered through The UM Foundation. All checks should be made payable to The UMUC Foundation.
More significant tax benefits are available through bequests and trusts For more information, see Planned Giving.
4. What are UMUC's primary program initiatives?
Scholarships for deserving students and funding for technology infrastructure are the university's highest priorities. See Gift Designations for a complete description of the university's greatest needs.
5. Does UMUC publish an annual report? If so, how can I get a copy?
The university publishes an annual report each fiscal year (July 1 through June 30). If you would like to receive a copy, please e-mail your request to Institutional Advancement.
6. What is the deadline for making a gift for this fiscal year?
UMUC's fiscal year runs from July 1 through June 30. In order to be counted in this fiscal year, your gift must be received no later than midnight eastern time on June 30.
7. How much control do I have over how my gift is used?
Whether you give online, by phone, or by mail, you can direct your gift to where you feel your money would do the most good. Please make a note of your wishes with all forms and/or checks submitted. You may also designate your gift for where the need is greatest.
The online giving form offers several options for gifts, starting at $25. If you wish to support a specific department or program, please select the appropriate designation from the options shown.
8. How can I update my address?
You can update your address information online, by phone at 240-684-5100, by e-mail, or by mail to the following address:
University of Maryland University College
Attention: Dharma Selva
3501 University Boulevard East, UC-310
Adelphi, MD 20783
9. What are life income gifts and do they have additional tax benefits?
Life income gifts in the form of a gift annuity are made by irrevocably transferring securities, money, or other property to UMUC. The university then manages the assets and pays an income to you, your designated beneficiaries, or both. These payments continue for the life of the beneficiary or up to 20 years. At the end of the term, UMUC receives the fund principal.
In a charitable remainder trust, securities, money, or other property is transferred to a trust established by the donor and trust may be managed by the donor. The trust pays an income to you, your designated beneficiaries, or both. UMUC acquires the proceeds after the trust terminates.
Donors of life income gifts are eligible for a current tax deduction based on the present value of the gift.
10. Can UMUC help me with planned gifts, life income gifts, and bequests?
Please contact Melvin Hardy to discuss way UMUC can help plan a bequest or life income gifts (240) 684-5127.
11. Will I need a tax advisor to help me set up a planned gift?
UMUC's Office of Gift Planning can provide detailed information, for your attorney or other advisor regarding charitable contributions to the university. It is recommended that you involve your personal tax or legal advisor in the process.
12. If I include UMUC in my will, whom do I need to notify?
While you need not tell UMUC of your plans, the university appreciates knowing when it is included in an individual's estate plans to ensure that the gift will be used in accordance to the donor's wishes. We also like to show our appreciation to those donors who include us in their estate plans. Such donors become honorary members of the Heritage Society, which recognizes these supporters of the university. Contact Melvin Hardy in Institutional Advancement at 240-684-5127.
13. How can a planned gift help me accomplish more than an outright gift?
You may have funds available in retirement accounts, real property, securities, insurance policies, or other assets you have accumulated over time. These assets could be designated through a planned gift, which gives you the opportunity to make a larger gift in the future. Planned gifts often achieve more estate and tax benefits than outright gifts.