Alphabet Soup
DAF
What is Donor Advised Fund?
The most commonly used way to fund a planned gift.
What is a Will or Trust?
If you have an IRA and you are 73 or older, you must take a RMD each year – RMD stands for what?
What is Required Minimum Distribution?
Donors can avoid paying capital gains tax when they give this commonly appreciated asset directly to charity instead of selling it first.
What is stock (or publicly traded securities)?
If a donor uses a will to donate to the OU Foundation what type of gift is this?
What is a Bequest (or planned gift)?
QCD
What is a Qualified Charitable Distribution?
Gifts that include a combination of cash today and a planned gift for the future.
What is a blended gift?
Is an RMD a Taxable Event?
Yes
To maximize tax benefits, donors should generally contribute appreciated assets they have owned for more than this length of time.
What is more than one year (long-term)?
When leaving a gift in your will, some donors choose to leave a specific dollar amount while others choose to leave a _______ , of their estate.
What is Percentage or Portion?
CGA
What is a Charitable Gift Annuity?
These supersede a will or a trust, so it's important to make sure they are updated. They also do not go through probate.
What are Beneficiary Designations?
True or False: A QCD can be made from any type of retirement account (IRAs, 401k, 403b, etc.)?
What is False.
This type of appreciated asset often requires a qualified appraisal before a donor can claim a charitable deduction.
What is Real Estate (or mineral rights)?
How would one designate the OU Foundation to receive under their will if their designated beneficiaries are no longer alive or decline the bequest?
What is designate OUF as an alternative beneficiary or contingent beneficiary?
CRUT
What is a Charitable Remainder Unitrust?
Savings that you accumulate through your professional career, such as a 401K, are referred to as these types of assets.
What are Retirement Assets?
True or False? Qualified Charitable Distributions (QCDs) and Required Minimum Distributions (RMDs) are the same things.
What is False
Planned giving professionals often encourage donors to consider these assets first when making a major gift because they can be more tax-wise than cash.
What are Appreciated Assets?
The donor has passed away but they have a gift in their estate. Who do you involve?
What is OU Foundation Legal (Kim Hopper). Do Not Pass Go!
CLAT
What is a Charitable Lead Annuity Trust?
Donors who notify and document a planned gift to the OU Foundation are included in what society?
What is the George Lynn Cross Heritage Society?
Donors who gift via QCD receive what in return from the OU Foundation?
What is a tax acknowledgment letter?
Unlike publicly traded stock, gifts of these ownership interests in a private company often require additional due diligence before a charity can accept them.
What are closely held business interests?
To accept a gift of business interest, real estate, or artwork what is the proper procedure prior to telling the donor yes?
What is call the planned giving team and go through the gift acceptance committee?