Knoxville, Tenn. (AP) -- The University of Tennessee Athletics Department and the Tennessee Fund is pleased to announce the establishment of Tennessee Always, a planned giving and endowment society.
Tennessee Always recognizes the generosity of donors who have left a legacy with UT athletics by including the department in their estate plans or creating a perpetual funding source through an endowment.
Membership not only supports Tennessee's student-athletes today, but can create opportunities for generations to come. Many planned gifts and endowments allow supporters to receive substantial tax advantages and other unique benefits while demonstrating generous support to the university's athletic programs.
For more information, please visit TennesseeAlways.com.
There are a variety of ways to contribute:
Gifts of Appreciated Property
You may make gifts of appreciated stock, mutual funds, or real estate and take an income tax deduction for the gift's current fair market value. When UT sells the property, all capital gains taxes that would have been owed on the sale are avoided.
Charitable Remainder Trust
You may fund the trust with cash or appreciated assets and receive income for your life and the life of a loved one after the donated asset is sold by the trust. Again, all capital gains taxes are avoided on the sale. You receive a partial income tax deduction based on age and the amount of income received from the trust. Further, the trust assets are removed from your estate.
Gifts of this nature allow donors to give a dollar amount, a percentage of their estate, or the residuary (the remainder after specified bequests are fulfilled), to UT athletics in their will or living trust.
Retained Life Estate
You may deed your home, vacation home, or farm to UT Athletics and receive an income tax deduction based on your age and the value of the property. You retain the use of the property for your lifetime, but the asset is removed from your estate. You remain responsible for maintenance, taxes, and insurance on the property.
You may make UT Athletics the full or partial beneficiary of an IRA or other tax-advantaged retirement plan and avoid income taxes that may be charged to the estate based on its account value.
Charitable Gift Annuity
In exchange for a gift of property, marketable securities, or cash, the UT Foundation will contractually guarantee to pay your or another beneficiary a specified annuity for a set number of years or a lifetime.
Life Income Gifts
Charitable remainder trusts can provide current tax advantages while providing the donor with income for a designated period of time or for life. They provide the Athletic Department with an endowed scholarship or operating fund gift upon the completion of the trust or donor's death. You also are encouraged to consult your tax advisor. Benefits for these gifts must be evaluated on an individual case basis.
Athletic endowments at the University of Tennessee provide a permanent source of income to support student-athletes and allow them to develop and compete for championships each year. These endowments assist in providing the funds for athletic scholarships across all Volunteer athletics programs.
Endowments may be established and named with a commitment of at least $25,000. These help to ensure that future generations of student-athletes will have the opportunity to become part of the Tennessee family.
Nathan Dougherty Society
Donors can fully endow a scholarship by making a leadership pledge of $250,000. This entitles them to membership in the prestigous Nathan Dougherty Society. Gifts toward this pledge can be made in equal installments over a 10-year period and are earmarked specifically for the endowment. Completion of this commitment provides five additional years of complimentary annual benefits through the Tennessee Fund.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.