Student Impact

In its purest form, gift planning is a contract that defines the gift and how, when, and upon what terms that gift will transfer from the donor to the charity. Whether it’s a gift annuity, a charitable trust, or more complex structure, it’s all about the donor’s intent to leave a legacy and structuring that intent while they are still living. A planned gift can be as simple as a bequest in a donor’s will. But gift planning offers much more than a will, a revocable living trust, or the common irrevocable trust that many donors have. Through the use of appropriate gift planning vehicles, donors can often realize substantial benefits while they are alive.

Legacy for Your Community

A Legacy gift is given to an organization through their will or another planned giving vehicle for so many different reasons. It could be to ensure their memory lives on or a way to give back to a charity or cause that is meaningful to them and to help them continue its important work.

A common myth is people think you have to be wealthy to make a legacy gift. This is not true. Anyone can arrange to leave a charitable gift from their estate, regardless of its size. It means a great deal to a charity and provides for the future to carry on the organization’s mission.

Help secure scholarships and provide the resources necessary to support the needs of the community college and its students through a charitable gift – we’re here to help with no-obligation information.  What are the advantages? Tax savings, benefits, sharing your personal values and so much more.

Find the perfect gift that meets your financial needs and fulfills your charitable intentions:

• Bequest — A provision in a will or estate plan that allocates all or part of the individual’s estate to a designated charity.
• Charitable Remainder Trust — An irrevocable trust that pays a specified annual amount to one or more people for a fixed period of years (often the life of the individual). At the end of the term of the trust, the remaining trust assets are distributed to the charity. A charitable remainder annuity trust provides a fixed payment; a charitable remainder unitrust pays out a fixed percentage of the trust value each year.
• Charitable Lead Trust — Similar to a charitable remainder trust, but the principal reverts to the donor or his or her designated heirs at the end of the trust term. If the principal reverts to the donor, he or she gets a charitable income tax deduction; if an heir, that person gets a charitable gift tax deduction.
• Charitable Gift Annuity — An irrevocable transfer of property (e.g. securities) in exchange for a contract to pay the donor an annuity for life. Because the value of the property exceeds the value of the annuity, it is partially a gift to the institution.
• Life Insurance — An arrangement in which a donor gives a life insurance policy to the charity. The cash value of that gift is tax deductible, as are any future premiums the donor may opt to pay on that policy.
• Life Estate — An arrangement in which a donor gives her home to the nonprofit while retaining the right to live there for the remainder of her life. The donor receives an immediate income tax deduction. The charity may sell the property upon the donor’s death.
• Pooled Income Fund — An arrangement, similar to a mutual fund, in which a donor contributes to a fund and receives a share of the proceeds based on the percentage of his contribution. Donors pay no capital gains on the transfer of appreciated property. When the donor dies, his shares transfer to the charity.
• Gifts Through Your Will – Gifts through your will leave a specific dollar amount or percentage of your assets to the College that make a difference in the lives of our students and it will always continue.
• Gifts Outside Your Will – Gifts like a Charitable Lead Trust, Charitable Lead Annuity Trust, Bargain Sale and Retained Life Estate all avoid probate, as well as gifts of assets like appreciated securities, retirement plans, insurance policies and real estate, name LCCC as a beneficiary.
• Gifts That Pay You Back for Life– Gifts like a Charitable Remainder Trust and Charitable Gift Annuities will give you fixed payments back for your lifetime, income and estate tax saving benefits and probate expenses.
• Memorial Gifts – Remember loved ones with memorial gifts.  A memorial gift is any type of gift given to remember a close friend or family member who has passed.

A gift in your will shows that you value the organization for its mission and good work. A legacy gift helps the organization continue the work it is doing and ensures sustainability of core education programs and mentorship for the future.

Your financial planner, lawyer, accountant, or insurance agent can help you leave a gift. These allied professionals can inform about the best gift vehicle and tax benefits of legacy gifts.

For more information, contact the Foundation Director at foundation@xfmlsp.com.

Please be aware that IRS regulations prohibit charitable organizations from assigning a monetary value to in-kind donations.  For your convenience, you may list the estimated value of your gift in the space below for your records. No goods or services will be provided in exchange for this charitable contribution.

Scholarships and Awards are critically important to the College and to our students. Scholarships motivate students, provide incentives and create an enhanced learning environment by encouraging a greater diversity of students. Finally, these awards set an example to students of giving and support that will stay with them for a lifetime. Many people remember the scholarships and awards they received as students, and realize how much it helped them on their path to success.

Creating scholarships and awards is easy through the LCCC Foundation.
Here’s how you can do it:

1. Decide what you want to accomplish with your scholarship or award. Are you providing support for those with financial need or rewarding those who achieve above average status? Are you doing this to honor someone, remember a loved one, or for another reason?
2. Decide how much to contribute. Will you make a donation every year (a term award) or perhaps create an endowment fund that will be a legacy to you and your purposes, and generate income for the future? Endowments and larger term funds may be paid in installments for up to five years.
3. Write your check to “LCCC Foundation” and contact the Foundation to set up a fund. The paperwork is simple, short and easy to understand. And we will help you craft your fund to the particular purposes you hope to achieve.
4. Give again, and encourage others to support your fund.
5. If you choose, the LCCC Foundation can arrange for you to meet the recipients of your scholarship, so you can learn first-hand the impact you have made.

TYPES OF SCHOLARSHIPS AND AWARDS

Make A Term Award Gift.
Gifts up to $499 a year may be designated for use as awards to students. (A scholarship begins at $500.) The Foundation will add your gift to the General Scholarship Fund and make the award in the designated amount each year in which there are sufficient funds to do so. You may select a criterion for the award (merit or financial need) and even a discipline (for example, Nursing, Business or Technology.)

Make checks payable to “LCCC Foundation” and put the name of the award in the Memo section. We will complete a simple, two-page agreement that will open the award fund, to which you and anyone else may contribute throughout the year.

Make A Term Scholarship Gift.
As little as $500 given each academic year can be used to set up a term scholarship. You may choose the amount of the scholarship to be awarded and how many students will receive it each year. You may also choose the criterion (merit or financial need or both) and other details depending on the purpose and amount of your gift.

To continue the award each year, the fund will have to receive sufficient donations, from you or others, on or before a giving date that we will agree upon.

Term scholarships usually fund tuition and fees for the coming semester. Special term scholarships in larger amounts can also help with books, supplies and equipment for disciplines that require special purchases, like the healthcare and art programs. Gifts can also be made to the Foundation’s General Scholarship fund to support the $75,000 in annual scholarships provided by the Foundation to LCCC.
Make checks payable to “LCCC Foundation” and put the name of the award in the Memo section. We will complete a simple, two-page agreement that will open the award fund, to which you and anyone else may contribute throughout the year.

Make An Endowed Scholarship Gift.
An endowed scholarship is a fund that pays awards from interest income only, retaining the principal in perpetuity. Endowed scholarships support themselves. The initial gift (a minimum of $10,000) is invested, and the scholarship awards are paid each year from a set amount agreed upon when the fund is established. Depending on the value of the fund, this can either be a set amount, such as $500 on a fund of $10,000, or a set percentage of the income of the fund, such as 5% of the income form funds valued at $20,000 and over. The LCCC Foundation handles all investing and return administration and there is NEVER a fee for this service.

ALL of your contributions are used to generate scholarships either directly or through their earnings. Revenue from endowed scholarships is not available for awards until one year after the minimum investment amount has been reached, so donors usually make an additional gift of the first year’s award, although this is not required.

Meet Your Students.
The LCCC Foundation encourages scholarship donors to meet or correspond with their awardees, to learn about the people whom you have impacted with your gracious giving. Many students wish to thank their benefactors for their generosity and spirit of support.

The EITC program provides tax credits to eligible businesses contributing to an Education Improvement Organization (EIO) as defined in the PA Educational Improvement Tax Credit program (EITC).

The Lehigh Carbon Community College Foundation is an approved EIO for SHINE and Dual Enrollment program. Through the EITC program, tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.

Eligibility

Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:

• Personal Income Tax

• Capital Stock/Foreign Franchise Tax

• Corporate Net Income Tax

• Bank Shares Tax

• Title Insurance & Trust Company Shares Tax

• Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)

• Mutual Thrift Tax

• Malt Beverage Tax

• Retaliatory Fees under section 212 of the Insurance Company Law of 1921

Eligible Programs at LCCC

SHINE After School Program
The LCCC Schools and Homes in Education (SHINE) model is a nationally recognized after-school program operating in school districts in Carbon, Schuylkill and Luzerne counties. The Carbon/Schuylkill SHINE program is administered by Lehigh Carbon Community College. More than a thousand students are involved in the SHINE programs throughout northeastern Pennsylvania. SHINE’s mission lies in how a community’s grassroots prevention efforts through a quality after school program, along with effective early childhood programs are increasing educational attainment, preventing juvenile crime, and having a life-long impact on the communities and families it serves.

LCCC’s Dual Enrollment Program for high school students increases access to a high-quality college education.
Dual Enrollment Courses: Dual Enrollment students take school district-approved LCCC classes to earn college credits that can also be used towards high school graduation requirements. A wide range of Dual Enrollment classes are conveniently offered in high schools. These courses help prepare students for the workforce and give them a jumpstart towards a college degree. Credits earned through LCCC can be transferred to many other colleges and universities in the country. LCCC enrolled 1,330 Dual Enrollment Lehigh and Carbon County students in fall 2019, 1,009 in spring 2020, 1088 fall 2020, and 1097 in spring 2021.

How to Apply

Businesses
Pennsylvania businesses can begin applying for EITC credits through DCED’s electronic single application system. DCED will no longer require applicants to mail the signed signature page.

The business application guide explains the process of applying. Tax credit applications will be processed on a first-come, first-served basis by day submitted. All applications received on a specific day will be processed on a random basis before moving on to the next day’s applications. Applications will be approved until the amount of available tax credits is exhausted.

Organizations
Applicants interested in applying as an Educational Improvement Organization, Scholarship Organization can apply at DCED Center for Business Financing, Tax Credit Division, 4th Floor, Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120: 717.787.7120 or RA-EITC@pa.gov. Do not use the Single Application.

Source: Pennsylvania Department of Community and Economic Development