The Board turned to the Resolution to establish a Deferred — October 9, 1977
116 DEFERRED GIVING PROGRAM (Board of Trustees Meeting, October 9, 1977) The Board turned to the Resolution to establish a Deferred Giving Program for the College. Mr. Holmes introduced Mr. Ralph Jones, an attorney and consultant on deferred giving....Mr. Holmes briefed the Board about the guidelines. It was agreed to adopt the resolution but it was suggested that the guidelines be given to the executive committee of the Board for review. After this is done the College would be ready to institute the program, All voted in favor of the above. y* 119 be no less than 5% of the initial net fair market value of the assets transferred (the minimum set by law) and no more than 8% of the initial net fair market value of the assets transferred. No beneficiary shall be under the age of 50 years and the maximum number of benéficiaries shall be 2. In no event shall a transfer be accepted if the charitable contribution, computed using government tables, is less than $10,000. …
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116 DEFERRED GIVING PROGRAM (Board of Trustees Meeting, October 9, 1977) The Board turned to the Resolution to establish a Deferred Giving Program for the College. Mr. Holmes introduced Mr. Ralph Jones, an attorney and consultant on deferred giving....Mr. Holmes briefed the Board about the guidelines. It was agreed to adopt the resolution but it was suggested that the guidelines be given to the executive committee of the Board for review. After this is done the College would be ready to institute the program, All voted in favor of the above. y* 119 be no less than 5% of the initial net fair market value of the assets transferred (the minimum set by law) and no more than 8% of the initial net fair market value of the assets transferred. No beneficiary shall be under the age of 50 years and the maximum number of benéficiaries shall be 2. In no event shall a transfer be accepted if the charitable contribution, computed using government tables, is less than $10,000. Guideline 5 -- Governing Pooled Income Fund Trusts No pooled income fund trust agreement shall be entered into with a donor for a sum of less than $1,000 or for the life of any one under 50 years of age. Pooled income fund agreements shall not cover more than two lives. Guideline 6 -- Governing Charitable Gift Annuities The College of the Virgin Islands shall issue no gift annuity for an amount of less than $25,000 or for the life of an individual under 50 years of age. No gift annuity agreement shall be for more than two lives and no exception shall be made to this requirement - otherwise under law, our institution will be taxed on a large part of the gift's earnings. No gift annuity agreement shall be issued unless the charitable gift - computed using the government tables - exceeds 10% of the amount transferred for the annuity. No exception shall be made to this requirement - otherwise, our institution will be taxed on a large part of the gift's earnings. Our institution shall follow the rates recommended by the Committee on Gift Annuities, except those rates shall not be followed if the '10% test" is not met. Guideline 7 -- Governing Deferred Payment Charitable Gift Annuities No deferred payment gift annuity shall be issued for an amount of less than : $50,000 or for the life of an individual under 50 years of age; and the period of deferral between the transfer for the deferred payment annuity and the date the annuity payments start shall be no more than 20 years. No deferred payment gift annuity agreement shall be for more than two lives and no exception shall be made to this requirement - otherwise under the tax law, our institution will be taxed on a large part of the gift's earnings. No deferred payment annuity agreement shall be issued unless the charitable gift - computed using the government tables - exceeds 10% of the amount transferred for the annuity. No exception shall be made to this requirement. Otherwise, our institution will be taxed on a large part of the gift's earnings.